HousingWire, July 27, 2017–Kelsey RamirezThe Census Bureau report also showed that national vacancy rates for rental housing increased in the second quarter to 7.3%. This is up 0.6 percentage points from 6.7% last year and up 0.3 percentage points from last quarter’s 7%.
Category: Top National News
Black Executives Are Losing Ground at Some Big Banks
Bloomberg, July 27, 2017–Max Abelson, Jordyn HolmanWall Street’s top bosses have pledged for years to boost diversity in their ranks. But the number of black people at some of the biggest U.S. banks is going in reverse.
Federal Reserve Nominee Quarles Pledges More Transparency on Bank Stress Tests
Reuters, July 27, 2017–Pete Schroeder, Lindsay DunsmuirRandal Quarles, President Donald Trump’s pick for banking oversight at the Federal Reserve, told lawmakers on Thursday he would ensure more transparency around how the central bank scrutinizes major lenders’ preparedness for crisis in its annual stress tests.
Alexa Helps Mortgage Brokers w/Pipeline Management
Mortgage Daily, July 27, 2017According to a statement, AFR Loan Center, the wholesaler’s origination portal, is being integrated into Amazon’s “intelligent personal digital assistant.”
Freddie Boosts US Mortgage Outlook By $140 Billion
Mortgage Daily, July 27, 2017Freddie Mac has improved its outlook for industry-wide single-family lending this year and next year by $140 billion. A majority of the increase went to home purchase financing.
CFPB Details TRID Supervision Standards
RESPA News, July 27, 2017 (subscription)When TRID initially became effective Oct. 1, 2015, Consumer Financial Protection Bureau Director Richard Cordray repeatedly stated that the bureau’s examinations would be “diagnostic and corrective” as opposed to “punitive.” Is this still the CFPB’s stance?
LendingTree’s Business is Booming as More Consumers Shop Around for Mortgages
HousingWire, July 27, 2017–Ben LaneAccording to LendingTree, total loan requests processed by its site grew by 48% in the second quarter compared to the same time period last year, to 5.4 million.
This Lincolnshire Mortgage Giant Called It Quits. Here’s Why
Crain’s Chicago Business, July 27, 2017–Steve DanielsFive years ago, InterFirst Mortgage was the 15th largest home lender in the country. Now, it’s closed its doors.
Tax Accounting Change Aids 77% Rise in Ellie Mae 2Q Net Income
National Mortgage News, July 27, 2017–Brad Finkelstein (subscription)Ellie Mae had second-quarter net income of $18.8 million, a 77% increase over the $10.6 million in the same period last year largely due to a tax accounting change.
Freddie Mac Kills 1% Down Payment Mortgages
HousingWire, July 27, 2017–Ben Lane, Brena SwansonFreddie Mac announced this week that it is changing the requirements to its low down mortgage program and will no longer allow lenders to contribute gifts or grants to reach the 3% down payment requirement.