HousingWire, Mar. 28, 2017–Ben LaneThe bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name.
Category: Top National News
Mortgage Lenders Brace for a Sharp Drop in Originations
National Mortgage News, Mar. 28, 2017–Bonnie Sinnock (subscription)Home loan originations will drop by 15% this year, as loans to purchase homes rise but fail to offset dwindling refinances, according to the Mortgage Bankers Association’s latest forecast.
Developing Emotional Connection Pays Big Dividends
Mortgage Daily, Mar. 28, 2017With all mortgage players effectively using technology to improve the customer experience, lenders need to develop an emotional connection to drive growth.
Could Fintech Speed Up Mortgage Closings?
National Mortgage News, Mar. 28, 2017–Bonnie Sinnock (subscription)It is one of fintech’s most compelling possibilities for mortgage lenders–speeding up approval times. It was a topic discussed at the Mortgage Bankers Association National Technology in Mortgage Banking Conference.
Condos Conquer Los Angeles
Wall Street Journal, Mar. 28, 2017–Peter Grant (subscription)New condominiums are sprouting in downtown Los Angeles at the fastest pace since the 2008 crash, in a sign that a city synonymous with sprawl is embracing dense urban living.
Fannie Mae: Lender Optimism Higher Than Ever
Housing Wire, Mar. 27, 2017–Kelsey RamirezLenders are now more confident than ever in the economy, but a shift toward purchase mortgages creates challenges for their profit margins, Fannie Mae’s Mortgage Lender Sentiment Survey said.
Evans Says Two Fed Hikes in 2017 May Be Right
Bloomberg, Mar. 27, 2017–Matthew BoeslerFederal Reserve Bank of Chicago President Charles Evans said two interest-rate increases may be the right amount of tightening for the U.S. economy this year given uncertainty surrounding the outlook for inflation and government spending.
Fraud on the Rise in Mortgage Applications
Mortgage Professional America, Mar. 27, 2017–Ryan Smith Fraud and misrepresentation in mortgage applications is on the rise, First American Financial Corp. said.
Trends in Credit Underwriting–Freddie Addresses Lack of Scores
Mortgage News Daily, Mar. 27, 2017–Rob ChrismanIn June Freddie Mac will allow automated underwriting of borrowers who lack credit scores but have other financial records such as payment references, including records showing timely housing payments.
Opinion: Why Loan Officers Should Attend Mortgage Closings
Credit Union Journal, Mar. 27, 2017–Alison BarksdaleThere is a direct link between borrower satisfaction and whether loan officers attend mortgage closings, STRATMOR Group Senior Partner Garth Graham said.