Washington Post, Mar. 23, 2017–Kathy OrtonMortgage rates retreated this week after a one-week spike following the Federal Reserve’s decision to raise its benchmark rate. “[But] rates can come up as quickly as they’ve gone down,” said Mortgage Bankers Association Chief Economist Michael Fratantoni.
Category: Top National News
Ocwen’s Board Transformation Continues: Appoints Robert Lipstein Independent Board Member
National Mortgage Professional, Mar. 23, 2017Ocwen Financial Corp. announced the company increased the size of the board from eight to nine, and has appointed Robert J. Lipstein to the board to serve until the company’s next annual shareholder meeting.
U.S. New Home Sales Rise Despite Higher Mortgage Rates
Associated Press, Mar. 23, 2017–Christopher S. Rugaber; Josh BoakAmericans responded to higher mortgage rates by snapping up new homes in February at the fastest pace since July.
Wells Fargo Case Shows Importance of Bank Culture, Fed Official Says
Wall Street Journal, Mar. 23, 2017–Ryan Tracy (subscription)Wells Fargo & Co.’s phony-account scandal shows that regulators need to emphasize cultural issues at banks as much as they look at capital, liquidity and other quantitative measures of risk, Federal Reserve Bank of San Francisco President John Williams said in an interview Thursday.
Why Servicers Can Borrow More Against their Ginnie MSRs
National Mortgage News, Mar. 23, 2017–Bonnie Sinnock (subscription)Servicers are finding they can borrow more against their Ginnie Mae mortgage servicing rights this year, according to a recent report.
Freddie to Automate Underwriting of Borrowers Who Lack Scores
National Mortgage News, Mar. 23, 2017–Bonnie Sinnock (subscription)Freddie Mac will allow automated underwriting of borrowers who lack credit scores but have other financial records starting in June.
CFPB Fines Experian $3 Million for Lying About Consumers’ Credit Scores
HousingWire, Mar. 23, 2017–Ben LaneExperian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday.
Approvals Automated for Nontraditional Credit
Mortgage Daily, Mar. 23, 2017Loan applicants who don’t have a traditional credit scores will soon be able to obtain automated approvals using nontraditional credit.
Mortgage Rates Tumble, Could Stay Down
Mortgage Daily, Mar. 23, 2017–Sam GarciaProspective home loan borrowers got a break on rates this past week. Odds are rates will stay down or dip a little further in the next report.
Biggest Commercial Mortgage Originators
Mortgage Daily, Mar. 23, 2017Wells Fargo & Co. originated 6,928 commercial mortgages during 2016 that had an aggregate principal balance of $65.394 billion, the Mortgage Bankers Association reported.