Category: Top National News

National Mortgage News, Oct. 20, 2017–Bonnie Sinnock (subscription)Equifax continues work to add new security features and restore full access to The Work Number following a report highlighting potential security vulnerabilities in a browser-based portal of its employment verification service. The Work Number employee portal was taken offline for servicing on Oct. 8.

Bloomberg, Oct. 20, 2017–Christopher CondonFederal Reserve Chair Janet Yellen defended the central bank’s use of unconventional and often unpopular monetary policy tools after the Great Recession, highlighting some of her achievements at the helm as President Donald Trump weighs her reappointment.

Reuters, Oct. 20, 2017–Amanda BeckerTrump’s drive to overhaul the U.S. tax code cleared a critical hurdle on Thursday when the Senate approved a budget measure that will allow Republicans to pursue a tax-cut package without Democratic party support.

Mortgage Daily, Oct. 23, 2017Among individual originators, Wells Fargo held on to its standing as the nation’s largest residential loan originator with $56 billion in second-quarter production.

Mortgage Daily, Oct. 20, 2017Well over a hundred mortgage jobs are being eliminated by Stearns Lending LLC. The impacted employees are located in the Golden State.

Reuters, Oct. 20, 2017–Lindsay DunsmuirThe U.S. budget deficit widened to $666 billion for the fiscal year 2017 as record spending more than offset record receipts, the Treasury Department said on Friday.

Mortgage Orb, Oct. 23, 2017–Nora CaleyBanks and other financial entities are increasingly announcing that they are opening call centers in the U.S. and creating domestic instead of offshore jobs. Some industry experts say this has been a trend for several years and is due to several factors, from regulatory pressure to cost savings to bad publicity.

Servicing Management, Oct. 23, 2017–Sandra JareshAlthough the impact of hurricanes Harvey and Irma on the national mortgage default rate has yet to be fully realized, unforeseen events such as these can result in a wave of defaults that can challenge a servicing shop.

American Banker, Oct. 23, 2017–Elina Tarkazikis (subscription)The Consumer Financial Protection Bureau’s practice of “regulation by enforcement” forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, according to David Motley, the new chairman of the Mortgage Bankers Association.

MoneyWatch, Oct. 23, 2017–Aimee PicchiEvery year, millions of Americans use the mortgage interest deduction as a way to save on their taxes. Less clear, however, is whether this perk actually spurs homeownership and benefits the middle-class.