Category: Top National News

Times Herald-Record (N.Y.), June 7, 2017–Chris McKennaTown Justice Lurlyn Winchester was arrested Wednesday on charges that she made false statements to a mortgage lender and gave falsified documents to investigators, all to conceal that she lived in Rockland County and not in Monroe.

National Mortgage Professional, June 6, 2017–Phil HallIndependent mortgage banks and the mortgage subsidiaries of chartered banks brought in a net gain of $224 on each loan they originated in the first quarter, a significant drop from the reported gain of $575 per loan in the fourth quarter of 2016, according to the Mortgage Bankers Association’s Quarterly Mortgage Bankers Performance Report.

Washington Post, June 6, 2017–Kenneth R. HarneyThe country’s largest source of mortgage money, Fannie Mae, soon plans to ease its debt-to-income requirements, potentially opening the door to home-purchase mortgages for large numbers of new buyers. Fannie will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29.

Wall Street Journal, June 6, 2017–Jeffrey Sparshott (subscription)U.S. job openings hit a new high in April while hiring slowed, a sign that employers are struggling to find workers.

National Mortgage News, June 6, 2017–Brian Collins (subscription)A new proposal to recapitalize Fannie Mae and Freddie Mac so the two housing enterprises can exit conservatorship is dividing the banking industry. “This proposal is clearly self-serving and designed to confuse unsuspecting, innocent taxpayers into supporting a plan that is intended to line the pockets of hedge funds who invested in Fannie and Freddie,” said David Stevens, the MBA’s president and CEO. “MBA has been clear that the self-interests of stock speculators and profit seekers are not in the best interests of either the taxpayer or the housing system. The only solution to reforming Fannie and Freddie is through the legislative process.”

HousingWire, June 6, 2017–Ben LaneThe company announced Tuesday that it is acquiring Mercury Network, a purchase valuation technology and appraisal management platform provider.

National Mortgage News, June 6, 2017–Bonnie Sinnock (subscription)American International Group Inc. is making plans to securitize through an indirect subsidiary that has been acquiring high-credit-quality jumbo mortgages.

HousingWire, June 6, 2017–Ben LaneOtting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the bank’s former chairman.

Mortgage Daily, June 6, 2017Cherry Hill, New Jersey-based E Mortgage Management announced its new non-delegated correspondent lending channel for small and mid-tier players.

Mortgage Daily, June 6, 2017–Sam GarciaA white paper from LRES, Effective Communication with Lenders to Alleviate Problems Caused by Appraisal Shortages addresses how a lender’s relationship with real estate service providers will be impacted by the severe appraisal shortages.