Mortgage Daily, July 11, 2017Seckel Capital LLC, Newtown, Pa., ost its approval to originate government-insured loans because it submitted false financial statements.
Category: Top National News
Mortgage Firms Hire Seasoned Executives
Mortgage Daily, July 11, 2017–Sam GarciaAmong several recent hires at home-lending organizations are two executives with more than two decades in the mortgage business.
U.S. Job Openings Fall from Record Peak; Quit Rates Rise
Reuters, July 11, 2017–Lucia MutikaniU.S. job openings fell in May from a record high amid a surge in hiring, but an increase in the number of Americans voluntarily quitting their jobs suggested the labor market remained robust.
Bank Earnings: Expect Another Meh Quarter of Weak Trading Revenue
MarketWatch, July 10, 2017–Andrea RiquierCitigroup, JPMorgan and Wells Fargo will report their earnings before the market opens on Friday, kicking off what could be just the latest in a long string of disappointing earnings seasons stretching back to the financial crisis. (MBA mention)
Treasury Quietly Looking at Revamping CRA
National Mortgage News, July 10, 2017–John Heltman (subscription)The Treasury Department is embarking on an effort to revise the implementation of the Community Reinvestment Act, a law many community groups say is out of step with modern banking practices and that institutions say has devolved into a compliance exercise.
Wells Fargo $142 Million Fake Account Settlement Nears Final Approval
HousingWire, July 10, 2017–Ben LaneWells Fargo customers who were affected by the bank’s fake account scandal are one step closer to receiving their share a proposed $142 million settlement, after the judge overseeing the class action lawsuit granted preliminary approval to the settlement.
The Big Downgrade That Fueled the Subprime Crash
Bloomberg, July 10, 2017–Adam Tempkin, Claire BostonToday in the housing market, stringent regulations have kept loans to borrowers with weak credit in check. Subprime originations are a shadow of their pre-crisis levels, data from Equifax show. And the American Dream of homeownership? That’s been hovering at a more than 50-year low.
IRLC Valuation Changes Could Have Big Impact
Mortgage Daily, July 10, 2017–Andy Schell (Mortgage Banking Solutions)Most warehouse lenders think that net worth calculations for mortgage banking firms are incorrect because of the way that locked pipelines are valued. The correction of the calculations could significantly impact the reported net worth of companies.
Fight over CFPB Arbitration Rule May Just Be Starting
American Banker, July 10, 2017–Kate Berry, Ian McKendry (subscription)With the ink barely dry on the Consumer Financial Protection Bureau’s final arbitration rule Monday, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate.
Trump to Appoint Randal Quarles as Fed Bank Regulator
Wall Street Journal, July 10, 2017–Ryan Tracy, Kate Davidson, Nick Timiraos (subscription)President Donald Trump plans to put his first mark on the Federal Reserve by nominating Randal Quarles, an investment-fund manager and former Republican Treasury official, to be the central bank’s top official in charge of regulating big banks.