Washington Post, Oct. 5–Kathy Orton Mortgage rates barely budged this week as the impact of the recent hurricanes began weighing on the economy. “As purchase applications picked up, we saw the ARM share increase to its highest level since January of this year,” said Mortgage Bankers Association economist Joel Kan.
Category: Top National News
Why Commercial Real Estate Lending by Big Apple’s Home-Grown Banks Is Down
National Real Estate Investor, Oct. 5, 2017–Ely RazinWhy are these Big Apple lenders cutting back on their commercial real estate financing activity?
SPS Grew its Servicing Rights 14% by Targeting Nonagency Market
National Mortgage News, Oct, 5 2017–Brad Finkelstein (subscription)Select Portfolio Servicing grew its mortgage servicing rights portfolio by over 14% in the second quarter by targeting opportunities in the nonagency loan market.
Mortgage Company President Pleads Guilty to $2.5M Fraud
Associated Press, Oct. 5, 2017The U.S. attorney’s office says 68-year-old Robert Pena, of Falmouth, pleaded guilty to one count of conspiracy and six counts of wire fraud on Wednesday. He is scheduled to be sentenced on Jan. 5.
Randal Quarles, Trump’s First Fed Nominee, Wins Senate Approval
Wall Street Journal, Oct. 5, 2017–Ryan Tracy (subscription)The Senate on Thursday approved Randal Quarles for a key banking oversight post on the Federal Reserve Board, marking President Donald Trump’s first imprint on the central bank and his first full-time appointment of a banking regulator.
Home Affordability Remains a Serious Challenge
National Mortgage Professional, Oct. 5, 2017–Phil HallThere is good news and bad news on the home affordability, according to new research from ATTOM Data Solutions. The good news is that home affordability in the third quarter improved compared to the previous quarter in 60 percent of 406 counties analyzed by the company. The bad news, unfortunately, is that affordability was worse off than a year ago in 79 percent of those counties.
CFPB OIG Outlines Areas of Improvement for the Regulator
HousingWire, Oct. 5, 2017–Brena SwansonAs the Consumer Financial Protection Bureau continues to develop, a report from the Office of Inspector General for the Consumer Financial Protection Bureau found some areas the bureau could work on.
In Defense of Adjustable-Rate Mortgages
Bloomberg, Oct. 5, 2017–Megan McArdleThere’s nothing wrong with adjustable-rate mortgages. There, I said it. They’re a perfectly fine financial product. In fact, they’re probably not much better or worse than a fixed-rate loan.
Wells Fargo Executives, Board Must Facee Lawsuit over Fake Accounts, Judge Says
Reuters, Oct. 5, 2017–Jonathan StempelU.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts and misled the public about fraudulent practices at the nation’s third-largest bank.
$50 Million in Mortgages Sold
Mortgage Daily, Oct. 5, 2017The deal was announced Thursday by Mortgage Industry Advisory Corp. New York-based MIAC noted that its whole-loan desk placed the $50 million pool of mortgages.