HousingWire, Dec. 4, 2017–Jacob GaffneyWells Fargo Securities analysts Vipul Jain, Philip Hong, and Samuel Cecil keep a close eye on the secondary mortgage markets for their clients. In their latest email, the analysts note that November was jam-packed with non-performing loan trading volume.
Category: Top National News
Ocwen Settlement-Palooza Sees $36 Million Going Out, $30 Million Coming Back In
HousingWire, Dec. 4, 2017–Ben LaneOn Monday, Ocwen disclosed that it reached more settlements in various matters, including an additional settlement with investors related to the company’s previously restated earnings, and a settlement with CIT Bank over a 2013 MSR deal.
U.S. Factory Orders Slip; Business Spending Robust
Reuters, Dec. 4, 2017–Lucia MutikaniNew orders for U.S.-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy.
Pacific Union Adding Hundreds of Texas Jobs
Mortgage Daily, Dec. 4, 2017–Vic KolencPacific Union Financial LLC, a Dallas area-based mortgage firm, plans to open a mortgage-fulfillment center in El Paso, Texas, with 699 good-paying jobs created over five years, according to city information.
Wave of Mortgage Executive Appointments
Mortgage Daily, Dec. 4, 2017–Sam GarciaFrom the board room to the C-Suites to the executive suites, home lending organizations have recently been busy appointing, recruiting and promoting new leaders and directors.
Fed’s Bullard Warns Yield Curve May Invert in a ‘Bearish’ Sign
Bloomberg, Dec. 1, 2017–Steve MatthewsFederal Reserve Bank of St. Louis President James Bullard cautioned that short-term interest rates may exceed long-term rates by late 2018, creating a so-called inversion of the yield curve that would bode poorly for the U.S. economy.
U.S. States Gird for Fight as Trump Targets Consumer Finance Watchdog
Reuters, Dec. 1, 2017–Lisa LambertPennsylvania’s Attorney General is leading the charge among his Democratic peers preparing to shore up protections for borrowers and savers while President Donald Trump follows through on a pledge to defang a powerful consumer finance watchdog.
U.S. Factory Activity Cools, with Employment Index Edging Lower
Reuters, Dec. 1, 2017–Jason LangeThe Institute for Supply Management Manufacturing Index fell more than expected in November as a gauge of employment cooled, but the index continued to point to strengthening manufacturing conditions.
Tax Reform Could Hit Certain States Harder than Others
CNBC, Dec. 2, 2017–Lorie KonishNow that the Senate passed a sweeping tax reform bill, proposed changes to state and local tax and mortgage deductions could be especially damaging to those residents in states with higher tax rates.
Guaranteed Rate Alleges former Exec Planned Exodus to Rival Mortgage Lender, Lawsuit Says
Chicago Tribune, Dec. 1, 2017–Ally MarottiMortgage lender Guaranteed Rate alleges that while still employed at the company, one of its “most highly compensated executives” planned and participated in an exodus of more than 20 employees to a newly formed rival, according to a lawsuit filed by the Chicago-based company.