National Mortgage News, June 16, 2017–Ian McKendry (subscription)A House Financial Services Committee report sharply criticizing the Consumer Financial Protection Bureau’s handling of the Wells Fargo phony-accounts scandal was biased and left out key information, according to Richard Cordray, the agency’s director.
Category: Top National News
Senate Judiciary Committee Chair Wants Answers on Where All the Mortgage Settlement Money Went
HousingWire, June 16, 2017–Ben LaneIn Iowa Sen. Chuck Grassley’s words, the Obama administration used the practice “on multiple occasions to circumvent the congressional appropriations process by funneling money to politically active organizations and thereby effectively restore funding to organizations that Congress deliberately defunded.”
Radian Relaxes LTV Ratios
Mortgage Daily, June 16, 2017Radian Guaranty Inc. has increased the allowable maximum loan-to-value ratio on some of its mortgage insurance products.
Credit Unions Gain Mortgage Market Share
Mortgage Daily, June 16, 2017As the quarterly volume of residential loan production sank, credit unions successfully captured a bigger piece of the U.S. mortgage market.
New Home Mortgage Applications Jump
Scotsman Guide, June 15, 2017–Victor WhitmanMortgage applications for new homes rose solidly in May, the Mortgage Bankers Association reported.
Mortgage Rates Move Slightly Higher But Could Be Headed Back Down Again
Washington Post, June 15, 2017–Kathy OrtonMortgage rates moved slightly higher this week, reversing their month-long slide. (MBA Mike Fratantoni mention)
Wells Fargo Denies New Allegations of Improper Mortgage Changes
The Street, June 15, 2017–Kinsey GrantWells Fargo spokesman Tom Goyda said the borrowers were notified of the changes, which have helped over one million families avoid foreclosure.
Ally Bank Offers 0ffers 0.125% Interest Rate Discount to Entice New mortgage Customers
HousingWire, June 15, 2017–Ben LaneAccording to Ally, the 0.125% discount is available for customers who apply for a new loan or a refinance and lock in the rate between June 1 and July 31.
Fewer Banks Offer Mortgages as Non-Banks Grow
Mortgage Daily, June 15, 2017The number of financial institutions offering mortgages has fallen, while non-bank providers are up. The shift pushed up non-bank loan officer share.
Increase in Mortgage Rates Likely to Be Reversed
Mortgage Daily, June 15, 2017–Sam GarciaEven though fixed interest rates on residential loans moved higher this past week, there is a good chance they will be lower in next week’s report.