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?
Category: Top National News
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.
Can FinTech Bring Down Surging Mortgage Servicing Costs?
GoRion, July 26, 2017–Sam BourgiThe mortgage lending industry is facing one its toughest market environments in years. Amid the apparent slowdown in origination volumes, excessive regulation has triggered a sharp rise in mortgage servicing costs. Once again, lenders are looking for revolutions in FinTech to tackle new cost burdens.
Will The Gig Economy Change Mortgage Lending?
Mortgage Orb, July 26, 2017–Peter G. MillerIt’s become increasingly clear that traditional views of employment aren’t all they’re cracked up to be–especially when it comes time to get a mortgage.
Lowest Mortgage Rates in a Month Barely Boost Weekly Applications…
CNBC, July 26, 2017–Diana OlickTotal mortgage application volume rose just 0.4 percent seasonally adjusted compared with the previous week, according to the Mortgage Bankers Association.
MBA Rallies Against FHFA Preferred Language Proposal
National Mortgage Professional, July 26, 2017–Phil HallThe Mortgage Bankers Association is calling on industry professionals to voice their concern over a proposal by the Federal Housing Finance Agency to accommodate borrowers with limited English proficiency by putting the borrower’s “preferred language” on the Universal Residential Loan Application.
Homebuilder D.R. Horton Starts Building More Homes after Strong Third Quarter
HousingWire, July 26, 2017–Brena SwansonAccording to the homebuilder’s earnings report, it’s well positioned for the fourth quarter and to help bring more housing inventory to the market.