American Banker, Aug. 4, 2022–Kevin Wack (subscription)The Federal Deposit Insurance Corp. plans to increase its scrutiny of banks’ exposure to commercial real estate loans, citing uncertainty about the future of …
Category: Top National News
A ‘Shakeout’ Among Mortgage Lenders is Coming, According to CEO of Bank that Left the Business
CNBC, Aug. 5, 2022–Hugh SonSome firms will be forced to exit the industry entirely as refinance activity dries up, according to Tim Wennes, CEO of the U.S. division of Santander.https://www.cnbc.com/2022/08/05/-santanders-tim-wennes-a-shakeout-among-mortgage-lenders-is-coming.html
Rocket Companies Ekes Out $60M Profit in the Second Quarter of 2022, Does Cost Cuts
Detroit Free Press, Aug. 4, 2022–JC ReindlRocket Companies, the publicly traded corporate parent of Rocket Mortgage, formerly known as Quicken Loans, reported late Thursday that it had $60 million in …
Reverse Mortgage Market May be Teetering on Collapse
Orange County Register, Aug. 4, 2022–Jeff LazersonRising interest rates, FHA mortgage insurance premiums and huge rebates to loan originators leave senior borrowers little opportunity to pull out cash. (MBA mention)https://www.ocregister.com/2022/08/04/reverse-mortgage-market-may-be-teetering-on-collapse/
Equifax May Face Class Action After Credit Score Glitch
Bloomberg, Aug. 4, 2022–Erik LarsonEquifax Inc., the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of …
Veros Acquires Appraisal Management Company Valligent
HousingWire, Aug. 4, 2022–James KleimannThe parent company of appraisal software firm Veros Real Estate Solutions has acquired California-based appraisal management company Valligent Technologies.https://www.housingwire.com/articles/veros-acquires-appraisal-management-company-valligent/
Ocwen’s Strategy Shift Notches Modest Win in Q2 Earnings
National Mortgage News, Aug. 4, 2022–Bonnie Sinnock (subscription)Ocwen Financial eked out a second quarter profit due to cost cuts, appreciation in owned mortgage servicing rights, and a shift to higher-margin …
Mortgage Rates Sink Below 5 Percent for the First Time in Four Months
Washington Post, Aug. 4, 2022–Kathy OrtonThe 30-year fixed mortgage rate, the interest for the most popular home loan product, dropped below 5 percent for the first time in four months. …
Largest Servicers Lose Some Market Share in Second Quarter
Inside Mortgage Finance, Aug. 4, 2022–John BancroftThree of the five largest services saw their portfolios shrink in the second quarter.https://www.insidemortgagefinance.com/articles/225324-largest-servicers-lose-some-market-share-in-second-quarter?v=preview
Black Knight 2Q Earnings Fall 88% From 1Q
National Mortgage Professional, Aug. 4, 2022–David KrechevskyThe second quarter was a busy one for Black Knight, which saw a dramatic decrease in quarterly earnings while preparing to be acquired by …