Theft of Equifax data could lead to years of grief for home buyers and mortgage applicantsWashington Post, Sept. 13, 2017–Kenneth Harney The catastrophic theft of 143 million consumers’ personal data from national credit bureau Equifax could cause financial grief for years for home buyers and mortgage applicants.
Category: Top National News
MBA White Paper Considers Changes to CFPB Operating Procedures
National Mortgage Professional, Sept. 13, 2017–Phil HallThe Mortgage Bankers Association is considering the future of the Consumer Financial Protection Bureau with a new white paper, “CFPB 2.0: Advancing Consumer Protection,” which was prepared for the trade group by law firm Covington and Burling.
Harvey’s Hit to Mortgages Could Be Four Times Worse than Predicted–And then There’s Irma
CNBC, Sept. 13, 2017–Diana OlickNew estimates suggest as many as 300,000 borrowers could become delinquent on their loans and 160,000 could become seriously delinquent, that is, more than 90 days past due, when banks initiate foreclosure proceedings.
Low Demand for Homes Creating Excess Supply in Some Markets
National Mortgage News, Sept. 13, 2017–Brad Finkelstein (subscription)Not every housing market is dealing with an inventory shortage, as over one-third of respondents said there was excess supply in their local area, according to a First American Financial survey.
Fannie Mae Selling $2.43 Billion in Re-Performing Loans to Goldman Sachs Subsidiary
HousingWire, Sept. 13, 2017–Ben LaneFannie Mae initially announced the sale last month, originally stating that the sale would include a pool of about 11,000 loans totaling nearly $2.5 billion in unpaid principal balance.
Pandit Says 30% of Bank Jobs May Disappear in Next Five Years
Bloomberg, Sept. 13, 2017 (updated)–Chanyporn ChanjaroenVikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years.
Surging Gasoline Prices Boost U.S. Producer Inflation
Reuters, Sept. 13, 2017–Lucia MutikaniThe Labor Department said on Wednesday its producer price index for final demand increased 0.2 percent last month after slipping 0.1 percent in July.
Refinance Outlook Raised by Mortgage Bankers
Mortgage Daily, Sept. 13, 2017The Mortgage Bankers Association said single-family loan originations are expected to reach $465 billion. Lending activity is then expected to fall to $370 billion in the fourth quarter.
Guaranteed Rate Adding 100 California Jobs
Mortgage Daily, Sept. 12, 2017Following a successful recruiting campaign in its home town, Guaranteed Rate will run the same campaign in Southern California.
U.S. Probing High-Pressure Mortgage Sales That Target Veterans
Bloomberg, Sept. 14, 2017–Joe LightGinnie Mae is investigating lenders for allegedly pressuring veterans and members of the military into unneeded mortgage refinances–unsavory conduct that not only leads to higher consumer costs but has consequences for one of the world’s largest bond markets.