Cincinnati Enquirer Oct. 6, 2015–Coolidge, Alexander
Fifth Third admitted on Tuesday it improperly certified more than 1,400 mortgage loans it knew were defective as eligible for Federal Housing Administration insurance, costing taxpayers millions. Now, the Cincinnati-based regional bank will pay $85 million to settle a civil fraud claims, federal authorities said Tuesday.
American Banker, Oct. 7, 2015–Adler, Joe
The Consumer Financial Protection Bureau’s impending proposal, to be reviewed by a small business advisory panel, would block companies from using arbitration clauses to avoid class actions but allow them for individuals.
CNBC, Oct. 5, 2015–Olick, Diana
The best advice for borrowers is to prepare for delays, have all paperwork ready before even starting the process and possibly even spend the extra money upfront for a longer lock term.
24/7 Wall Street, Oct. 5, 2015–Lange, Chris
Though real estate investment trusts have been a popular vehicle for investments in the past, they have suffered over the past year. At current levels, Credit Suisse sees mortgage-based REITs as an attractive investment opportunity, based on stabilized book values and earnings outlooks.
National Mortgage News, Oct. 5, 2015–Peters, Andy
Walter Investment Management has promoted its vice chairman to CEO, after Mark O’Brien said he will retire from that position.
HousingWire, Oct. 5, 2015–Garrison, Trey
The Federal Housing Authority’s mid-November actuarial report is expected to provide some insight into its pricing policy options.
HousingWire, Oct. 5, 2015
The Securities and Exchange Commission announced Monday that it charged Home Loan Servicing Solutions for making “material misstatements” about its relationship with Ocwen Financial as well as misstating its net income on several occasions.
Reuters, Oct. 5, 2015–Gaffen, David
The Institute for Supply Management said its services index fell to 56.9 last month from 59 in August. The reading fell shy of economists’ forecasts for 57.5, according to a Reuters survey.
CNN Money, Oct. 5, 2015–Vasel, Kathryn
New disclosure rules went into effect in the mortgage world Saturday that require lenders to provide home buyers two new forms that clearly detail their loan terms. “For consumers, it’s going to be viewed as an improvement in what can be a somewhat scary and intimidating process in the biggest investment of their life,” said David Stevens, president and CEO of the Mortgage Bankers Association.
Wall Street Journal, Oct. 5, 2015–Derby, Michael S.
Federal Reserve Bank of Boston President Eric Rosengren said Saturday that his confidence that the U.S. central bank can raise rates soon has diminished in the wake of underwhelming employment data.
