National Mortgage News, Mar. 30, 2017–Ian McKendry (subscription)With slim odds of getting eight Democrats to support major Dodd-Frank Act reforms, Republicans will have to use other measures to make changes to the 2010 reform law, Sen. Pat Toomey, R-Pa., said Thursday.
Category: Top National News
Goodbye Plywood: Fannie Mae No Longer Allows Plywood in Pre-Foreclosure
HousingWire, Mar. 30, 2017–Ben LaneIn a bulletin sent to servicers this week, Fannie Mae said that it “no longer accepts plywood boards as an acceptable boarding solution on windows of its properties.”
Zillow Launching RealEstate.com, New Site Focused on Millennials
HousingWire, Mar. 30, 2017–Kelsey RamirezThe website will launch in May and will offer a new search experience that’s designed to reach Millennial homebuyers.
U.S. Economic Growth Revised Higher, Boosted by Consumer Spending
Reuters, Mar. 30, 2017–Lucia MutikaniU.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost that was partially offset by the largest gain in imports in two years.
Q&A With MBA’s David Stevens
GoRion, Mar. 30, 2017–Charles WisniowskiDavid Stevens, president and CEO of the Mortgage Bankers Association, discussed the state of the mortgage finance market as the industry transitions to the new Trump Administration, continues to await congressional reform of the government-sponsored enterprises and seeks to divine the final fate of the embattled Consumer Financial Protection Bureau.
U.K. Raises $14.7 Billion in Blackstone-Prudential Mortgage Deal
Bloomberg, Mar. 31, 2017–Alastair Marsh; Richard PartingtonThe U.K. will raise 11.8 billion pounds ($14.7 billion) selling mortgages to Blackstone Group LP funds and Prudential Plc, as it takes another step toward clearing assets acquired from lenders that failed in the financial crisis.
Wells Fargo Must Face Litigation on Defective Mortgages: Judge
Reuters, Mar. 30, 2017–Jonathan StempelA federal judge on Thursday said Wells Fargo & Co must face litigation seeking to hold it responsible for billions of dollars of claimed investor losses stemming from its alleged failures as a trustee overseeing risky residential mortgage-backed securities.
8 Top Takeaways from MBA Tech
National Mortgage News, Mar. 31, 2017–Austin Kilgore (subscription)Tech enthusiasts from across the mortgage industry descended upon Chicago this week for the Mortgage Bankers Association’s annual tech conference. From blockchain to digital labor, here’s a recap of the best moments and insights from the event.
Don’t Let Talk of Deregulation Take Your Focus Off Quality Control
HousingWire, Mar. 30, 2017–Michael VitaliIf we’ve learned nothing else since the financial crisis, we’ve learned that producing error-free loans is the key to creating–and keeping–satisfied customers and clients, be they borrowers, realtors, builders or investors.
Banks’ Non-QM Share Drops as 3rd Party Share Up
Mortgage Daily, Mar. 30, 2017Loans that didn’t meet Qualified Mortgage requirements accounted for a much smaller share of bank originations last year. But third-party and first-time homebuyer share widened, a new report said.