Category: Top National News

Reverse Mortgage Daily, Aug. 22, 2017–Alex SpankoThe Lone Star State’s Department of Savings & Mortgage Lending found no enforcement actions against reverse mortgage originators in the state over the past 10 years.

CNBC, Aug. 22, 2017–Diana OlickAs recently as Monday, Senate Majority Leader Mitch McConnell said if you’re worried about the mortgage interest deduction, “you can breathe easy.”

HousingWire, Aug. 22, 2017–Ben LaneAccording to the U.S. Attorney’s Office for the Eastern District of New York, Edward Bohm, Edward Sypher, Jr., and Matthew Voss, who are senior executives at Vanguard Funding, were charged with conspiracy to commit wire and bank fraud for allegedly misusing the warehouse funds to pay for personal expenses and compensation.

Bloomberg, Aug. 23, 2017–Yalman OnaranThe deregulation winds blowing through Washington could add $27 billion of gross profit at the six largest U.S. banks, lifting their annual pretax income by about 20 percent.

Bloomberg, Aug. 23, 2017–Christopher FlavelleBrock Long, who was confirmed in June as the administrator at the Federal Emergency Management Agency, said taxpayers shouldn’t be on the hook for homes that keep flooding, and the threshold for triggering federal public assistance after a disaster might be too low. He also expressed support for an Obama administration idea to make local governments pay more when a hurricane or flood hits.

HousingWire, Aug. 21, 2017–Ben LaneMr. Cooper, the nonbank that officially left the name Nationstar behind on Monday, is already the most unique name in the mortgage business. When using the Mr. Cooper Home Rewards credit card, customers can earn cash back that will be applied to the principal balance on their mortgage.

Orange County Register (Calif.), Aug. 21, 2017–Jonathan LansnerLending industry logic suggests the more money any borrower puts into a loan the more likely they’ll make the house payments. So why is Orange County’s Credit Union offering to finance homebuyers who put nothing down?

Boston Globe, Aug. 21, 2017–Katheleen Conti”In the months after the election there was an expectation the Trump administration would be able to enact tax cuts and infrastructure spending,” said Aaron Terrazas, senior economist at the real estate website Zillow. “If they had done that, it would have boosted growth, which would have made the [Federal Reserve] more confident in raising interest rates. But the growth prospects are slower than expected.”

National Mortgage Professional, Aug. 21, 2017–Vic LanceThe New York State Department of Financial Services recently re-adopted a registration procedure for mortgage loan servicers. As a part of the process, professionals need to meet bonding requirements and provide appropriate errors and omissions insurance coverage.

Bloomberg, Aug. 21, 2017–Rich Miller, Sally BakewellStocks and corporate bonds may be the surprise big losers once the Federal Reserve starts reducing its $4.5 trillion balance sheet.