Associated Press, Aug. 29, 2017–Bernard Condon, Ken Sweet”There’s going to be a huge uninsured economic loss here,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
Category: Top National News
Per-Loan Profit Rises Back Above $1,000
National Mortgage News, Aug. 29, 2017–Bonnie Sinnock (subscription)Mortgage companies’ net gain for each loan they originated between April and June rose to $1,122 from $224, according to the Mortgage Bankers Association.
Huge Housing Trade Groups Push FHFA for FICO Alternatives
HousingWire, Aug. 29, 2017–Ben LaneIn a letter sent last week to Federal Housing Finance Agency Director Mel Watt, the Mortgage Bankers Association, National Association of Realtors, the National Association of Home Builders and other groups express their disappointment in Watt, who recently threw cold water on the idea that Fannie and Freddie would begin using alternative credit scoring models at any point in the next two years.
Homeowner’s Lawsuit Says Wells Fargo Charged Improper Mortgage Fees
Reuters, Aug. 29, 2017–Dena AubinFiled on Monday in San Francisco federal court, the lawsuit said Wells Fargo managers pressured employees to blame homeowners for the delays, sometimes by falsely stating that paperwork was missing, so homeowners could be stuck with extra fees.
HUD Announces Changes to Reverse Mortgage Program to Lower Taxpayer Risk
HousingWire, Aug. 29, 2017–Brena SwansonHUD is changing the requirements around its reverse mortgage program, announcing plans on Tuesday to raise premiums and place tighter loan limits.
Mortgage Industry Supports Hurricane Victims
Mortgage Daily, Aug. 29, 2017–Sam GarciaAll around the mortgage industry, primary and secondary lenders are coming to the aid of borrowers impacted by the severe devastation from Hurricane Harvey.
Nearly $1 Billion in GSE Reperforming Loans For Sale
Mortgage Daily, Aug. 29, 2017Nearly $1 billion in government-sponsored enterprise residential loans are being marketed for sale. The mortgages are either slightly past due or reperforming.
MBA Calls on Senate to Confirm Pam Patenaude as HUD Deputy Secretary
HousingWire, Aug. 29, 2017–Ben LaneCiting the important role that HUD plays, especially in times of tragedy, the Mortgage Bankers Association is urging the members of the Senate to confirm Pam Patenaude as deputy secretary of HUD.
Appraisal-Free Home Sales Cut Costs, But May Come with Risks
Washington Post Writers Group, Aug. 29, 2017–Kenneth R. HarneyDavid Stevens, president and CEO of the Mortgage Bankers Association, says automated valuations might satisfy a lender’s purposes but they “may not necessarily be the best assessment” of “the right price to pay for a property.”
HUD Raises Costs on Reverse Mortgages
Scotsman Guide, Aug. 29, 2017–Victor WhitmanThe Trump administration announced Tuesday that it was raising the premiums for most reverse mortgages and lowering the maximum amount that can be borrowed in an effort to stem the tide of losses to the Federal Housing Administration insurance fund. The nation’s largest mortgage trade group, the Mortgage Bankers Association, praised the move as a way for the program to remain financially viable.