Scotsman Guide, Aug. 28, 2017–Victor WhitmanConsumer groups have long said that the old FICO model disqualifies many first-time buyers with thinner profiles, who could be accurately modeled with later versions of the FICO model or new scoring formulas, which would also help boost the low levels of homeownership, particularly among minorities. (MBA mention)
Category: Top National News
How Harvey Could Speed Short-Term Flood Insurance Fix
National Mortgage News, Aug. 28, 2017–Ian McKendry (subscription)The massive flooding in Texas from Hurricane Harvey is sure to put pressure on lawmakers to resolve differences over the National Flood Insurance Program, but observers say a short-term reauthorization of the program before a Sept. 30 deadline is still the most likely scenario.
The Ocwen Connection: New Residential, Altisource Portfolio Solutions Ink REO Agreement
HousingWire, Aug. 28, 2017–Ben LaneOver the past few months, New Residential Investment significantly increased its mortgage servicing rights portfolio through deals with PHH and Ocwen Financial.
There’s One Mortgage Monopoly the U.S. Government Wants to Keep
Bloomberg, Aug. 25, 2017–Joe LightRivals are pressing hard to break FICO’s lock on scoring credit risk but Fannie Mae and Freddie Mac are skeptical of what benefits the change would bring.
Wells Fargo, U.S. Bancorp Look to Tech Start-up to Speed Up Mortgage Applications
The Real Deal South Florida, Aug. 25, 2017–Grace GuarnieriTo compete with online lenders such as Quicken Loans and Rocket Mortgage, big banks are looking for help from a tech start-up to speed up the mortgage application process.
Here’s How Housing’s Woes Could Get Worse
CNBC, Aug. 25, 2017–Diana OlickThe Federal Reserve is about to shed much of its investment in mortgage-backed bonds. Homebuyers could also be facing a change in the mortgage interest tax deduction.
Fed Can Be Patient About Lifting Interest Rates: Powell
Reuters, Aug. 25, 2017Low inflation and a strong labor market in the United States are allowing the Federal Reserve to be “patient” about when it next raises interest rates, Fed Governor Jerome Powell said Friday.
More Seniors are Taking Loans Against Their Homes–And It’s Costing Them
Washington Post, Aug. 25, 2017–Jennifer McKimAcross the nation, an increasing number of seniors are facing foreclosure after taking out reverse mortgages, either because they fell behind on property charges or failed to meet other requirements of the complex mortgage loans, according to federal data and interviews with consumer and housing specialists.
If GOP Scales Back the Mortgage Interest Deduction, Californians Would be Hit Hardest
Los Angeles Times, Aug. 27, 2017–Jim PuzzangheraRepublicans crafting legislation to overhaul the federal tax system and cut rates are considering placing new limits on the home mortgage interest deduction. And thousands of Californians could feel the pain.
Tapping Your Home Equity for Cash Is Big Again
Wall Street Journal, Aug. 27, 2017–Christina Rexrode (subscription)Home-equity lines of credit and cash-out mortgage refinances, two products that let consumers spend the windfall of home ownership, are back in vogue with consumers. That reflects growing confidence and is a potential benefit to the U.S. economy as homeowners have more money to spend.