GoRion, May 17, 2017–Sam BourgiFannie Mae and Freddie Mac should be privately owned utilities with returns to shareholders stipulated by regulators, according to proposals put forward by the Mortgage Bankers Association.
Category: Top National News
Mortgage Delinquencies Lower in First Quarter of 2017
Mortgage Professional America, May 17, 2017–Steve RandallThe rate of mortgage delinquencies slipped in the first three months of 2017 according to new data from the Mortgage Bankers Association.
Mortgage Volume Drops 4.1% in Latest Week as Younger Buyers Bail Out
CNBC, May 17, 2017–Diana OlickTotal application volume fell 4.1 percent on a seasonally adjusted basis from the previous week. The Mortgage Bankers Association’s weekly tally was nearly 16 percent lower than the same week one year ago.
U.S. Household Debts Hit Record High in First Quarter
Wall Street Journal, May 17, 2017–Ben Leubsdorf (subscription)Total debt held by American households reached a record high in early 2017, exceeding its 2008 peak after years of retrenchment in the face of financial crisis, recession and modest economic growth.
Financial Freedom Settles HECM Violation Allegations
National Mortgage News, May 17, 2017–Brad Finkelstein (subscription)Reverse mortgage lender Financial Freedom has agreed to pay $89 million to settle False Claims Act allegations involving unearned interest payments it received from the Federal Housing Administration.
New Home Sizes Continue to Shrink
HousingWire, May 17, 2017–Kelsey RamirezMedian single-family square floor area decreased to 2,389 square feet, according to first-quarter data from the Census Quarterly Starts and Completions by Purpose and Design and the National Association of Home Builders.
McConnell Waves the White Flag
Bloomberg, May 17, 2017–Jonathan BernsteinFinancial regulation legislation, R.I.P.–probably, after Mitch McConnell basically surrendered Tuesday on a bill that would overhaul the Dodd-Frank Act.
Judge May Reject Parts of Wells Fargo Account Abuse Settlement
Reuters, May 17, 2017–Jonathan StempelA federal judge signaled that he may reject parts of Wells Fargo & Co’s proposed $142 million settlement with customers for whom it opened millions of unauthorized accounts.
Millennials As Real Estate Appraisers?
Mortgage Daily, May 17, 2017While the average age of people in the home valuation field is north of 50, there are some features to the appraiser profession that might be well-suited for Millennials.
Agency Kickback Mortgages for Sale
Mortgage Daily, May 17, 2017A large non-bank originator is looking to sell 13 mortgages that have an aggregate unpaid principal balance of $3.1 million.