Mortgage Daily, July 17, 2017Pittsburgh-based PNC disclosed in its second-quarter earnings report $1.5 billion in income prior to income taxes and non controlling interests.
Category: Top National News
Opinion: MBA’s Reform Plan Works
Scotsman Guide, July 17, 2017–James S. MacLeodThe author, chairman and CEO of CoastalSouth Bancshares, says MBA plan for GSE reform protects and provides opportunitiets for both large and small lenders.
Freddie Mac Joins Fannie Mae in Reducing Mortgage Modification Interest Rate
HousingWire, July 17, 2017–Ben LaneThe standard modification program is “designed to help those borrowers who are ineligible for the Home Affordable Modification Program,” Freddie Mac said.
CFPB Suffers Setback in RESPA Case
National Mortgage News, July 17, 2017–Kate Berry (subscription)A district court judge has ruled in favor of a Louisville, Ky., law firm that was sued by the Consumer Financial Protection Bureau in 2013 for allegedly paying illegal kickbacks in exchange for referrals.
HUD Secretary Promotes Reverse Mortgage Reforms
National Mortgage News, July 17, 2017–Brian Collins (subscription)HUD is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.
Mortgage Lending Takes a Bite Out of Bank Earnings Despite Brisk Spring Buying Season
MarketWatch, July 14, 2017–Andrea RiquierMortgage revenues fell 26% compared to a year ago at JPMorgan, 52% at Citigroup Inc. and was down 19% at Wells Fargo.
Redfin: Home Prices Hit New High
National Mortgage Professional, July 14, 2017–Phil HallHome prices in June increased by 7.3 percent to a median sale price of $298,000, according to new data from Redfin.
FHFA Adds to List of Protected Classes in Inclusion Rules
National Mortgage News, July 14, 2017 (subscription)The amended final rule calls for entities like Fannie Mae and Freddie Mac to provide equal opportunity regardless of employees’ sexual orientation, gender identity and whether or not they are a parent, adding these categories to a list of other protected classes.
What are Homebuyers Really Searching For? Google Gives Us the Answer, Literally
HousingWire, July 14, 2017–Ben LaneThe report comes from Chase Home Lending, which partnered with search-engine giant Google, to present a behind-the-scenes look at what homebuyers are Googling, and the results provide a window into what buyers really think.
Second Straight Drop in U.S. Retail Sales Shows Tepid Spending
Bloomberg, July 14, 2017–Michelle JamriskoRetail sales unexpectedly dropped for a second month in June, signaling consumers are providing only modest support for the U.S. economy, Commerce Department data showed Friday.