Scotsman Guide, Oct. 12, 2017–Victor WhitmanThe House Financial Services Committee moved forward two bills on Thursday aimed at providing clarity and regulatory relief for real estate lenders. H.R. 2148, which was supported by major trade associations like the Mortgage Bankers Association, did not alter the capital standards.
Category: Top National News
Manhattan’s Skyscrapers, Now Yours to Call Home
Wall Street Journal, Oct. 12, 2017–Katherine Clarke (subscription)Developers are turning century-old New York office buildings into residential condos, hoping to dazzle buyers with a slice of history.
GOP Sharpens Focus on Credit Bureau Fixes
National Mortgage News, Oct. 12, 2017–Kate Berry (subscription)The bipartisan congressional response to the Equifax breach took another step forward Thursday when two key Republicans sharpened their focus on regulatory gaps in the oversight of credit bureaus.
Ocwen Shutting Down Largest Origination Channel; Exiting Wholesale Forward Lending
HousingWire, Oct. 12, 2017–Ben LaneOcwen disclosed its plans in a filing with the Securities and Exchange Commission that was mostly focused on Ocwen settling with two more states to remove some of restrictions that were placed on their mortgage business as part of a multi-state regulatory action against the nonbank earlier this year.
Small Portfolio of GSE MSRs On the Market
Mortgage Daily, Oct. 12, 2017Investors hungry for servicing have an opportunity to buy mortgage servicing rights on nearly $200 million in government-sponsored enterprise loans with a Golden State concentration.
Mortgage Application Activity Slows Down
National Mortgage Professional, Oct. 11, 2017–Phil HallFewer people were seeking out mortgage applications, according to data from the Mortgage Bankers Association that covered the week ending Oct. 6.
How Trump Tax Plan would Alter Mortgage Interest Deduction
Associated Press, Oct. 11, 2017Under President Trump’s tax proposal, some Americans would likely be steered away from this tax break. The plan would also eliminate many existing itemized deductions, so that some people who now itemize might end up paying more.
Fed on Track to Raise Rates Despite Weak Inflation, Minutes Show
Wall Street Journal, Oct. 11, 2017–David Harrison (subscription)Most Federal Reserve officials believed at their meeting last month that they likely would raise short-term interest rates again this year, though some said their decision would hinge on whether inflation picks up in coming months.
Over 172,000 Homes at Risk from Wildfires in Napa and Santa Rosa
National Mortgage News, Oct. 11, 2017–Elina Tarkazikis (subscription)More than 172,117 homes with a combined reconstruction cost value of over $65 billion are at some level of risk from the California wildfires blazing through the metropolitan areas of Napa and Santa Rosa, according to CoreLogic’s hazard risk analysis.
Rising Prices Narrow Home Value Perception Gap in September
National Mortgage News, Oct. 11, 2017–Brad Finkelstein (subscription)The gap between what consumers think a home is worth and its appraised value narrowed in September because of rising prices due to the continued inventory shortage, Quicken Loans said.