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.
Category: Top National News
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.
Mortgage Applications Drop 1.8%, Despite Lowest Interest Rates Since November
CNBC, Apr. 19, 2017–Emily GaffneyTotal mortgage applications decreased last week by 1.8 percent from the previous week, according to the Mortgage Bankers Association. Total volume is down 23.5 percent from the same week last year.
Americans Have Lodged Thousands of Mortgage Complaints with the Agency Republicans Want to Gut
MarketWatch, Apr. 19, 2017–Andrea RiquierAs the Consumer Financial Protection Bureau, an agency established in the aftermath of the financial crisis to protect ordinary Americans from bad behavior by companies, comes under fire from the Trump administration and Congressional Republicans, a new analysis shows a steady drumbeat of consumer complaints about mortgage products–especially those that touch the most vulnerable Americans.
U.S. Bancorp Mortgage Banking Revenue Drops More than 13%
HousingWire, Apr. 19, 2017–Kelsey RamirezU.S. Bancorp’s net income dipped slightly in the first quarter, due in part to the drop from the mortgage banking sector, which saw its revenues decrease more than 13% from the fourth quarter.
Closing Times Match a Low Last Seen Pre-TRID
National Mortgage News, Apr. 19, 2017–Bonnie Sinnock (subscription)The average time to close as measured by Ellie Mae’s monthly survey was shorter than it’s been since 2015, when the implementation of new disclosures lengthened the timelines.
Impac Raises $56M in Plan to Securitize Non-QM Loans
National Mortgage News, Apr. 19,2017–Brad Finkelstein (subscription)Impac Mortgage Holdings sold $56 million of its common stock as part of a plan to securitize non-qualified mortgage loans.
Morgan Stanley Trades Its Way Past Goldman
Wall Street Journal, Apr. 19, 2017–Liz Hoffman (subscription)Morgan Stanley rode a boost in debt trading to surpass rival Goldman Sachs Group Inc. and join other big Wall Street firms in posting strong results to start the year.
U.S. Economy Shows Only Modest Signs of Inflation Pressures: Fed
Reuters, Apr. 19,2017–Lindsay DunsmuirThe U.S. economy expanded at a modest-to-moderate pace between mid-February and the end of March, but inflation pressures remained in check despite more difficulties in attracting and retaining workers, the Federal Reserve said on Wednesday.
Feds Knew of 700 Wells Fargo Whistleblower Cases in 2010
CNN Money, Apr. 19, 2017–Matt EganThe Office of the Comptroller of the Currency admitted it failed to act on numerous “red flags” at Wells Fargo that could have stopped the fake account scandal years earlier.