Reuters, July 13, 2017–Lucia MutikaniThe number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on course for a third interest rate increase this year.
Category: Top National News
HELOC Sale Done
Mortgage Daily, July 13, 2017Mortgage Industry Advisory Corp., which announced the $52 million sale Thursday, said it completed the sale through its whole-loan desk.
Wells Fargo Stuck Mortgage Borrowers with Extra Fees, Whistle-Blower’s Lawsuit Alleges
Los Angeles Times, July 14, 2017–James Rufus KorenA former Wells Fargo mortgage banker who worked in Beverly Hills alleged in a lawsuit this week that the bank falsified records so it could blame holdups on borrowers–and that it fired him for trying to report the practice.
Experts Weigh In: Is American Housing Policy at a Historic Crossroads?
HousingWire, July 13, 2017–Joseph MurinFormer Ginnie Mae President Joseph Murin, former MBA Chairman David Kittle, CMB, and Miliken Institute Director Michael Bright discuss state of housing policy.
Big Bank Share of Origination Market Increases, But Not For the Reason You Think
GoRion, July 12, 2017–Sam BourgiAmerica’s largest banks originated less residential mortgages in the first quarter, but their share of the overall pie increased–the latest sign that the origination market is shrinking.
The Amazon-Whole Foods Deal and Its Impact on Owners and Lenders
National Real Estate Investor, July 12, 2017–Eli RazinOn the heels of Amazon’s recently announced acquisition of Whole Foods for $13.7 billion, owners and lenders of Whole Foods-anchored properties are waiting to see what Amazon will do with the latest purchase the e-commerce giant has placed in its shopping cart.
Higher Interest Rates Send Mortgage Applications Tanking, Down 7.4%
CNBC, July 12, 2017–Diana OlickMortgage rates just saw their biggest jump since the presidential election, and that took a heavy toll on demand for home loans, the Mortgage Bankers Association said.
MBA Responds to Calls for Comments on CFPB’s Servicing Rule
HousingWire, July 12, 2017–Kelsey RamirezThe Consumer Financial Protection Bureau asked earlier this year for comments from the real estate finance industry on the effectiveness of its 2013 Mortgage Servicing Rule. This week, the Mortgage Bankers Association responded to the request.
RBS to Pay $5.5 Billion to Resolve Major U.S. Mortgage Probe
Reuters, July 12, 2017–Andrew MacAskill, Jonathan StempelThe Edinburgh-based lender on Wednesday said it agreed to settle the lawsuit with the Federal Housing Finance Agency that accuses it of mis-selling $32 billion of mortgage-backed securities before the global financial crisis.
How Technology Plays a Part in Getting a Mortgage Today
U.S. News & World Report, July 12, 2017–Devon ThorsbyLenders are beginning to embrace more new technology, and new lenders are even entering the game based around an automated platform.