National Mortgage News, July 31, 2017–Thomas P. Vartanian (subscription)There can realistically be only muted hope that today’s Congress, nine years after the conservatorships started, will agree on a feasible strategy to unwind Fannie and Freddie and replace them with a viable alternative. Washington is too divided; the chances of a bipartisan bill are still in question.
Category: Top National News
Who Will Lead the CFPB if Director Cordray Leaves Top Spot?
HousingWire, July 31, 2017–Brena SwansonIndustry rumors are nearing a boiling point on whether or not Consumer Financial Protection Bureau Director Richard Cordray will leave the bureau to run for Ohio governor; be it through resignation or termination.
Los Angeles Reaches Deal With Olympic Leaders for 2028 Games
Associated Press, July 31, 2017–Rob HarrisLos Angeles has reached an agreement with international Olympic leaders that will open the way for the city to host the 2028 Summer Games.
The Fed Holds the Line
Scotsman Guide, July 31, 2017–Victor Whitman”Having given the market plenty of notice that they would begin shrinking their balance-sheet holdings of Treasurys and MBS this year, … they have now indicated their intention to slow reinvestments in their securities portfolio ‘relatively soon,'” said Mike Fratantoni, chief economist for the Mortgage Bankers Association.
Servicing Portfolio Continues to Grow at Quicken
Mortgage Daily, July 31, 2017Mortgage servicing continued to expand at Quicken, growing from $251.0 billion as of March 31 and $215.0 billion from a year ago. During the three months ended June 30, Quicken closed $19.6 billion in residential loans.
Mortgage Demand Up as Standards Little Changed
Mortgage Daily, July 31, 2017Over the past three months, customer demand for agency mortgages was stronger, according to the Federal Reserve.
Five GOP Senators to Watch in CFPB Arbitration Rule Appeal Fight
National Mortgage News, July 31, 2017–Ian McKendry (subscription)After a grueling defeat for their health care bill last week, Senate Republicans are expected to turn to other priorities, including attempting to repeal the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses.
Flagstar Breaks into RMBS Market with ‘High Quality’ First Offering
HousingWire, July 31, 2017–Ben LaneAccording to details provided by the bank, the $444 million offering is backed by 668 jumbo prime (75%) and high-balance conforming (25%) mortgages.
Commercial Property Prices Expected to Moderate
Scotsman Guide, July 28, 2017–Victor WhitmanThe Mortgage Bankers Association recently released its first-quarter data book, which charts trends in commercial real estate.
When Snapchat and Instagram Stories Meet Mortgages
National Mortgage News, July 28, 2017–Elina Tarkazikis (subscription)Savvy loan officers are joining an increasing number of real estate agents who post daily, short-term content on Snapchat and Instagram–so-called disappearing stories–to raise their profiles in their communities.