Reuters, Oct. 6, 2017–Jessica DiNapoli, Tracy RucinskiAn unexpected helping hand from creditors, landlords and vendors is allowing more U.S. retailers to stay in business following bankruptcy with most of their stores and employees in the fold.
Category: Top National News
Weekly Mortgage Applications Stall Along with Rates and Home Sales
CNBC, Oct. 4, 2017–Diana OlickMortgage application volume slipped 0.4 percent last week, the Mortgage Bankers Association said. Volume now stands 24 percent lower than a year ago.
Three Things New Loan Officers Need in Order to Launch a Career
Mortgage Orb, Oct. 4, 2017–Chris BackeBetween 2014 and 2024, the industry is expected to add more than 24,000 loan officers. For most of these mortgage sales rookies, the biggest challenge will be getting business and learning how to communicate with borrowers.
Wells Fargo to Refund Fees Charged for Mortgage Delays that Were Primarily Its Own Fault
Los Angeles Times, Oct. 4, 2017–Lauren RaabAs it looks to win back trust after a scandal over its sales practices, the San Francisco bank said it will reach out to customers who paid so-called “rate-lock extension” fees from Sept. 16, 2013, through Feb. 28, 2017, and give refunds to customers who don’t think they should have paid.
Senators Rip Credit-Reporting Model in Wake of Equifax Breach
Wall Street Journal, Oct. 4, 2017–AnnaMaria Andriotis, Michael Rapoport, Christina Rexrode (subscription)Senators questioning Equifax Inc.’s former chief on Wednesday attacked the business model of the credit-reporting industry, asking why consumers shouldn’t have power over the data that the companies collect on them.
Millennial Market Share Grows in Top Cities for Young Borrowers
National Mortgage News, Oct. 4, 2017–Elina Tarkazikis (subscription)In housing markets dominated by young borrowers, millennials took an even bigger share of overall mortgage activity in August.
Ocwen Dodges SEC Investigations; Settles with 3 More States
HousingWire, Oct. 4, 2017–Ben LaneOcwen announced the Securities and Exchange Commission concluded two different examinations of the nonbank’s business, and said that the agency will not be seeking enforcement actions in either matter.
Hurricanes Hit U.S. Hiring in September; Services Sector Resilient
Reuters, Oct. 4, 2017–Richard LeongU.S. companies scaled back their hiring to an 11-month low in September after two powerful hurricanes disrupted some business activities, while the vast domestic services sector overcame those snags to expand at its fastest pace in 12 years.
Investors Look for Bargains in Undervalued Markets
National Real Estate Investor, Oct. 4, 2017–Beth Mattson-TeigProperty values have surged steadily higher in the prolonged recovery. But that high tide isn’t raising all boats as some metros are still falling short of 2007 pricing.
MSRs Being Auctioned on Over $300 Mil in GSE Loans
Mortgage Daily, Oct. 4, 2017MSRs on 1,415 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $339 million have been put up for auction. California properties secure 52 percent of the loans in the offering.