National Mortgage Professional, May 16, 2017–Phil HallMichael Mulgrew is president of Columbus, Ohio-based Partners United Financial LLC and current statewide president of the Ohio Mortgage Bankers Association.
Category: Top National News
Mnuchin’s OneWest Subsidiary Agrees to $89M Settlement for Reverse Mortgage Violations
HousingWire, May 16, 2017–Ben LaneThe Department of Justice announced Tuesday that Financial Freedom agreed to an $89 million settlement over reverse mortgage allegations, some of which allegedly took place while Treasury Secretary Steven Mnuchin was chairman at OneWest.
Report: Hundreds More Department Store Closures Are Necessary
Wall Street Journal, May 16, 2017–Esther Fung (subscription)Department-store retailers announced worse-than-expected earnings for the first quarter, and there could be more store closures than expected ahead, including some in higher-tier malls, according to real-estate research firm Green Street Advisors.
You’ve Been Warned: CFPB Puts Realtors, Lenders on RESPA Violation Watch
HousingWire, May 16, 2017–Brena SwansonBetween the Consumer Financial Protection Bureau slapping Prospect Mortgage with a $3.5 million fine for violating RESPA earlier this year and beefing up its ongoing investigation into Zillow for possibly violating RESPA, the Realtor/Lender space is being sent a warning, says Daniella Casseres of Offit Kurman.
MBA: Applications For Mortgages For New Home Purchases Sank 20% In April
Mortgage Orb, May 15, 2017–Patrick BarnardApplications for mortgages for new home purchases decreased 20% in April compared with March and decreased 4.3% compared with April 2016, according to the Mortgage Bankers Association’s Builder Applications Survey.
Fewer Home Builders Means Happier Home Builders
Wall Street Journal, May 15, 2017–Justin Lambert (subscription)For home builders, happiness is no competition.
Philadelphia Sues Wells Fargo Over Discriminatory Lending
HousingWire, May 15, 2017–Ben LaneEarlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove. Now, one city is going to put that standard to the test.
AIG CEO Duperreault Says He’s Not Planning to Break Up Insurer
Bloomberg, May 15, 2017–Sonali Basak, Katherine ChiglinskyBrian Duperreault, who took over as chief executive officer of American International Group Inc. on Monday, said he’s not planning to split up the company as some activists have urged.
The Bronx is Bubbling: Investors are Placing Huge Bets on the Borough–But the Numbers May Not Pencil Out
The Real Deal (New York), May 15, 2017–Ben St. ClairThe Bronx has become a destination for investors seeking high returns–not only in new development, which is booming, but also in the borough’s existing apartment building stock.
‘Soft’ Information Underwriting a Hard Sell to Regulators?
GoRion, May 15, 2017–Charles Wisniowski Two separate but parallel top-level reviews of mortgage-related regulations may yet allow community banks, credit unions and other proponents of “soft” information in loan underwriting to broaden credit access and permit small lenders to regain the competitive advantage they lost to big banks following adoption of the Dodd-Frank Act mandates, but industry observers say it’s a tall order.