National Mortgage News, May 4, 2016–Finkelstein, Brad
PHH Corp. lost $30 million in the first quarter of 2016, as the company took a $10 million pretax reduction to the fair market value of its mortgage servicing rights.
Category: Top National News
Freddie Mac Swings to Loss, Won’t Make Dividend Payment
Wall Street Journal, May 3, 2016–Light, Joe; Hufford, Austen
Mortgage-finance giant Freddie Mac on Tuesday posted a loss for the second time in three quarters, throwing a spotlight on the government-controlled company’s dwindling capital reserves.
To Rebuild a Neighborhood, Philadelphia Goes Beyond Housing
New York Times, May 3, 2016–Hurdle, Jon
Seeking to do more than provide basic homes for its residents, Philadelphia’s public housing agency is taking a new approach to neighborhood revitalization. In its latest project, it is adding commercial and educational development to its main role of home building, aiming to address the underlying causes of urban distress.
There’s Another Side to the Housing Market’s Gigantic Problem
Business Insider, May 3, 2016–Bryan, Bob
Everyone wants a house, and that’s a big problem. The nonprofit Conference Board said the number of Americans indicating they plan to buy a home in the next six months is at historic levels.
The Rent Is Still Too Damn High
National Mortgage Professional, May 3, 2016–Hall, Phil
The challenges facing renters remained considerable, according to a pair of new data reports.
Freddie Mac CEO: Mortgage Industry Running Better than Ever
HousingWire, May 3, 2016–Gaffney, Jacob
Right now, unlike in 2009, the mortgage finance world is at its best, says Freddie Mac CEO Donald Layton, and can only get better.
Five Things to Watch in CFPB’s Arbitration Proposal
American Banker, May 3, 2016–Berry, Kate
The Consumer Financial Protection Bureau is expected to issue a proposal Thursday that would limit the use of arbitration clauses on millions of financial contracts from cell phones to credit cards to checking accounts.
United Guaranty’s 1Q Income Up 12% Even as NIW Falls 16%
National Mortgage News, May 3, 2016–Finkelstein, Brad
United Guaranty’s pretax operating income of $163 million benefited from lower mortgage delinquency rates but a decline in refinance originations affected the amount of new insurance written.
Low Rates Push Walter Investment to 1Q Loss
National Mortgage News, May 3, 2016–Passy, Jacob
Walter Investment Management Corp. sank into a deeper $172.7 million net loss during the first quarter, as lower interest rates caused pressure on the company’s mortgage servicing rights valuation.
Appraisal Volume Dented by Low Inventory, Tight Credit
HousingWire, May 3, 2016–Swanson, Brena
While appraisal volume continued to inch higher for the week of April 24, it only increased 1%, a drop from 2.2% last week, according to the latest appraisal volume numbers from a la mode, an appraisal forms software company.