Mortgage Daily, July 6, 2017Delinquency of at least 30 days on consumer credit assets that are owned by banks fell to 1.56 percent as of the first quarter.
Category: Top National News
ADP Report Shows Job Gains Slowed in June
Wall Street Journal, July 6, 2017–Justina Vasquez (subscription)Firms across the country added 158,000 workers to their ranks in June, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics.
What’s Behind the Mortgage Reshoring Trend?
Mortgage Orb, July 5, 2017–Nora CaleyBanks and other financial entities are increasingly announcing that they are opening call centers in the U.S. and creating domestic instead of offshore jobs. Some industry experts say this has been a trend for several years and is due to several factors, from regulatory pressure to cost savings to bad publicity.
Two Major Lending Changes Mean It’s Suddenly Easier to Get a Loan
CNBC, July 5, 2017–Diana OlickTwo major changes in the mortgage market go into effect this month, and both could help millions more borrowers qualify for a home loan. The changes will also add more risk to the mortgage market.
HSBC in Talks with U.S. to End Crisis-Era Mortgage Probe
American Banker, July 5, 2017 (subscription)HSBC Holdings is in talks to resolve a U.S. probe into its sale of toxic mortgage bonds a decade ago, according to people familiar with matter, a negotiation that could offer an early look at how the Trump Justice Department will deal with global banks.
Prospect Mortgage Fined $4.16 Million for Crisis-Era FHA Lending Violations
HousingWire, July 5, 2017–Ben LaneThe Department of Justice announced Prospect Mortgage will pay more than $4 million to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal Housing Administration standards.
Will Housing Finance Reform Hurt Small Banks?
National Mortgage News, July 5, 2017–Kate Berry (subscription)The battle over the future of housing finance may turn on whether whatever reforms or replaces Fannie Mae and Freddie Mac will bypass small banks, delivering more market share and power to the biggest banks.
Fed Officials Divided on When to Begin Balance-Sheet Unwind
Bloomberg, July 5, 2017–Craig TorresA divided Federal Reserve policy committee couldn’t reach agreement in June on the timing of when to begin shrinking its massive balance sheet, according to minutes of the meeting.
Real Estate Company Drops ‘SoHa’ Branding Amid Backlash
NY1, July 5, 2017Keller Willams has been using ‘SoHa’ to describe the South Harlem area between 110th and 125th streets. But the effort to rebrand Harlem touched off a backlash, especially among long-time residents who consider the neighborhood’s status as a center of African-American culture and politics threatened by gentrification.
HOA Foreclosures Tied to More than $1 Billion lost Reno, Vegas Home Values
Reno Gazette-Journal, July 5, 2017–Jason HildalgoA Nevada Association of Realtors report said homeowner association-initiated foreclosures in Reno and Las Vegas totaled more than $1 billion. The Mortgage Bankers Association said such foreclosures result in higher loan fees, interest rates and down payments.