DSNews, Sept. 9, 2017–Brianna GilpinTo combat storm damage, President Trump signed a $15.3 billion disaster relief package into law Friday that will suspend the U.S. borrowing limit and extend the National Flood Insurance Program through December 8.
Category: Top National News
Fixed Mortgage Rates Keep Falling, Sinking to Yearly Lows
Washington Post, Sept. 7, 2017–Kathy Orton (MBA Mention)Fixed mortgage rates sank to new lows for the year this week, Freddie Mac reported.
Wells Fargo Acquires $51 Billion in Mortgage Servicing Rights
Bloomberg, Sept. 7, 2017–Laura J KellerThe underlying mortgages are all guaranteed by Fannie Mae or Freddie Mac, San Francisco-based Wells Fargo said Thursday in a statement that didn’t include terms. The serving rights will be reflected in third-quarter results.
The Next Hurricane-Related Shortage: Construction Workers
Wall Street Journal, Sept. 7, 2017–Laura Kusisto, Douglas Belkin (subscription)A severe shortage of construction workers is expected to cause widespread delays and push labor costs sharply higher as Texas begins to rebuild from Hurricane Harvey. The labor squeeze could get worse still if Hurricane Irma slams the Southeastern U.S. this weekend as expected.
Houston-Area Mortgages, Auto Loans Expected to Take Big Hits
National Mortgage News, Sept. 7, 2017–Kevin Wack (subscription)Lenders in Houston and other flood-ravaged parts of Texas are bracing for a wave of missed payments–particularly on auto loans and residential mortgages–as distressed borrowers use any available cash to get back on their feet.
Ted Tozer Joins New Milken Institute Housing Finance Policy Team
National Mortgage News, Sept. 7, 2017–Bonnie Sinnock (subscription)Former Ginnie Mae President Ted Tozer, securitization pioneer Lewis Ranieri and other private and public sector leaders are forming a new housing finance policy team at The Milken Institute.
Ocwen Fined $1 Million for Force-Placed Insurance Issues
HousingWire, Sept. 7, 2017–Ben LaneOcwen Financial will pay a fine of $1 million for running afoul of the terms of the National Mortgage Settlement by not properly refunding force-placed insurance premiums to certain borrowers during the first quarter.
Rebrand: Black Knight, Minus the ‘Financial Services Inc.’
Mortgage Orb, Sept. 7, 2017–Michael BatesOne of the mortgage industry’s most prominent technology and analytics providers, Black Knight Financial Services Inc., is rebranding itself a bit following planned shareholder activity on Wall Street.
Berkshire Unit Acquires Former Employer of MBA CEO
Mortgage Daily, Sept. 7, 2017Berkshire-affiliate HomeServices of America Inc. announced Thursday that it has acquired The Long & Foster Companies Inc. and its family of companies.
Massive MSR Portfolio Trading Hands
Mortgage Daily, Sept. 7, 2017Ownership of mortgage servicing rights on a large portfolio of government-sponsored enterprise single-family loans is trading hands.