National Mortgage News, Apr. 20, 2017–Brad Finkelstein (subscription)MGIC Investment Corp. had net income of $89.8 million for the first quarter, an increase of nearly 30% over the same period last year of $69.2 million.
Category: Top National News
Loan Growth Not Enough to Boost Umpqua’s Earnings
National Mortgage News, Apr. 20, 2017–Bonnie McGeer (subscription)First-quarter earnings at Umpqua Holdings slipped 3% from a year earlier, to $46 million, despite the loan growth that it highlighted as a bright spot.
The Rise of the Millennial Homebuyer?
GoRion, apr. 20, 2017–Sam BourgiWhen it comes to real estate, Millennials have been the perpetual under-class. But recent evidence suggests this cohort may be finally settling down and buying homes.
Fannie-Freddie Plan Would Create Utilities, Add Competitors
Bloomberg, Apr. 20, 2017–Joe LightThe Mortgage Bankers Association proposal released Thursday calls for the U.S. government to remain involved in the housing market, putting its guarantee behind mortgage-backed securities that the firms issue but no longer backstopping the companies themselves.
MBA Outlines Privatization Plan for Fannie, Freddie
National Mortgage News, Apr. 20, 2017–Brian Collins (subscription)”It provides a clear road map that first prepares the regulatory foundation that will create the infrastructure necessary to implement GSE reform and then transforms the GSEs to guarantors under new charters,” said Rodrigo Lopez, the group’s chairman.
Mortgage Servicing Up at Huntington, Assets Off
Mortgage Daily, Apr. 20, 2017A quarter-over-quarter decline was recorded for mortgage originations and assets at Huntington Bancshares Inc. But the firm boosted the size of its servicing portfolio.
Mortgage Rates Sink, Unlikely to Fall Further
Mortgage Daily, Apr. 20, 2017–Sam GarciaAfter falling to the lowest levels this year, fixed mortgage rates further retreated. The outlook for the next interest rate report is for no further declines.
Ocwen Under Regulatory Siege
Mortgage Daily, Apr. 20, 2017Ocwen Financial Corp. Thursday was hit with multiple government lawsuits and regulatory orders issued by more than 20 states over its servicing practices and handling of escrow accounts. Ocwen issued a statement “strongly” disputing the Consumer Financial Protection Bureau’s claim and calling the Bureau’s suit “flawed.”
Does the MBA’s GSE Reform Plan Finally Address a Key Roadblock?
HousingWire, Apr. 20, 2017–Brena SwansonNearly eight years of conservatorship has turned talks of reforming Fannie Mae and Freddie Mac into a myth that the industry might discuss but doesn’t believe will actually happen. MBA could have the solution. A big portion of the MBA’s white paper, “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market,” addresses what the GSE reform process will look like.
Banks and Borrowers Are Waiting on Washington
Wall Street Journal, Apr. 21, 2017–Aaron Back (subscription)Regional banks are seeing both optimism and angst in the American heartland, reporting that their customers are waiting for clues from Washington before taking action.