Wall Street Journal, June 27, 2017–Laura Kusisto (subscription)The national vacancy rate climbed to 4.4% for the quarter from 4.2% a year earlier, according to data released by Reis Inc. Nonetheless, average rents across the U.S. increased 3% year-over-year in the second quarter.
Category: Top National News
CFPB Fines Four California Credit Repair companies for Misleading Customers
HousingWire, June 27, 2017–Ben LanePrime Credit, IMC Capital, Commercial Credit Consultants and Park View Law, formerly known as Prime Law Experts, and several executives in charge of the various companies will pay more than $2 million for the alleged illegal actions.
Not Another Financial Crisis ‘In Our Lifetimes:’ Fed’s Yellen
Reuters, June 27, 2017–William Schomberg, Marc Jones, Lindsay Dunsmuir, Jason LangeU.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be a run on the banking system at least as long as she lives.
San Francisco’s Housing Slowdown Could Spread
Wall Street Journal, June 27, 2017–Laura Kusisto (subscription)San Francisco, once the hottest housing market in the U.S., is now one of the coolest, in a reversal that could presage a broader slowdown if more buyers decide it isn’t worth chasing rapidly rising prices.
5 Highest Appreciating Home Markets Include 3 Ds
Mortgage Daily, June 27, 2017–Sam GarciaDallas with 8.4 percent year-over-year appreciation, Denver with 8.2 percent and Detroit with 7.4 percent rounded out the top five, led by Seattle and Portland.
U.S. to Impose Additional Tariffs on Canadian Lumber Imports
National Mortgage News, June 27, 2017 (subscription)The U.S. will impose further punitive tariffs on imports of softwood lumber from Canada, escalating a longstanding trade dispute that’s already led to higher timber prices.
Bank Unloads Mortgage Business
Mortgage Daily, June 27, 2017On Tuesday, New York Community Bancorp disclosed an agreement to sell the mortgage banking business, which it inherited through AmTrust. The buyer in the transaction, Freedom Mortgage Corp., will pick up both the origination and servicing platforms.
Consumer Credit Scores Could Get a Boost This July
Scotsman Guide, June 27, 2017–Victor WhitmanThe Mortgage Bankers Association, the nation’s largest mortgage trade group, is concerned that withholding this data will produce so-called “false positives” in applications. In other words, a person may appear a better risk than they are and get approved for a mortgage when they don’t qualify, or they’ll get a mortgage at a lower cost than their risk warrants.
CFPB Issues Implementation Date Guidance to Mortgage Servicing Rule
HousingWire, June 27, 2017–Brena SwansonThe Consumer Financial Protection Bureau released updated guidance along with two technical corrections to the final mortgage servicing rule that is set to go into effect Oct. 19.
The Tricky Calculus of Housing Finance Reform
National Mortgage News, June 27, 2017–Ian McKendry (subscription)The Senate is set to begin teeing up housing finance reform discussions at a Banking Committee hearing on Thursday, but many are skeptical that Congress will be able to succeed where it has failed in the past.