The Lede
Top National News
Renters More Worried About Housing Costs Than Homeowners – Survey
Forbes, Apr. 28, 2016--McCarthy, Niall
A recent Gallup survey found that American renters are almost twice as likely to worry about not being able to pay their housing costs as homeowners. Overall 33 percent of Americans are very or moderately worried about paying their rent, mortgage or other housing costs. However, renters are the ones most often awake at night, fretting over their finances.
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How Startups Are Forcing Change In Commercial Real Estate
Forbes, Apr. 28, 2016, McGraw, Tanner
Startup business may be a bit of an enigma to many CRE brokers, but there's a lot of upside potential: repeat business as companies grow, a community for referrals and the competitive edge that comes from gaining expertise in an underserved sector.
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Marc Morial: The Homebuyers’ Bill of Rights 2.0
Urban Institute, Apr. 28, 2016--Morial, Marc
The former New Orleans mayor says policy makers have an obligation to rebuild the American Dream through homeownership for an emerging generation of Americans, and presents a path toward this objective.
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Mortgage Rates Wander Up But May Be Headed Back Down
Washington Post, Apr. 28, 2016--Orton, Kathy
Because of the dovish tone struck by the Fed, home loan rates, which rose last week, are expected to reverse course.
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Commercial and Multifamily Originations Flatline in Q1
National Mortgage Professional, Apr. 28, 2016--Hall, Phil
The first quarter of this year was something of a dud for commercial and multifamily originations, according to new data from the Mortgage Bankers Association.
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Inside Credit Suisse, Finger-Pointing and Confusion Over $1 Billion Loss
Wall Street Journal, Apr. 28, 2016--Strasburg, Jenny; Letzing, John; Colchester, Max
Current and former executives at Credit Suisse Group AG, stretching from New York to the Swiss lender's top ranks in Zurich, are sparring over who was responsible for the bulk of almost $1 billion in losses in recent months.
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Why Servicing and Origination Are Converging Again
National Mortgage News, Apr. 28, 2016--Sinnock, Bonnie
During the mortgage crisis, servicers recruited people from the origination business to help with loan modifications. Now the two sides of the industry are coming together in a new way.
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Arch’s Mortgage Insurance Income Surges 77% Year-Over-Year
National Mortgage News, Apr. 28, 2016--Finkelstein, Brad
Arch Capital saw a 77% increase in the mortgage insurance segment's operating income, and its U.S. unit saw its new insurance written increase by 34%.
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CFPB Plots ‘Clarifying’ Changes to TRID in July
National Mortgage News, Apr. 28, 2016--Berry, Kate
The Consumer Financial Protection Bureau will propose changes in late July to its mortgage disclosure rule to provide "greater certainty and clarity" to the mortgage industry. Pete Mills, a senior vice president of residential policy and member services at the Mortgage Bankers Association, said the changes requested by the industry do not involve policy issues but rather resolving differing interpretations of the rule.
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U.S. Jobless Claims up; Four-Week Average Lowest Since 1973
Reuters, Apr. 28, 2016--Mutikani, Lucia
Americans filing for unemployment benefits bounced back from a 42-1/2-year low last week, but the underlying trend remained consistent with tightening labor market conditions.
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Ocwen Responds to National Mortgage Settlement Foreclosure Holds
HousingWire, Apr. 28, 2016--Lane, Ben
Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In response, Ocwen noted the holds are not "frozen foreclosures," but that "Many of these loans have never been referred to foreclosure and never will be.
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Foreclosed Homeowners Forgo New Mortgages
Block News Alliance, Apr. 29, 2016--Grant, Tim
Losing a home to foreclosure has left such a bad taste with some former homeowners that they have lost much of their will and desire to go through the underwriting process to get approved for a new home loan--even though years may have gone by since the foreclosure episode.
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U.S. Corporate Profits on Pace for Third Straight Decline
Wall Street Journal, Apr. 28, 2016--Francis, Theo; Linebaugh, Kate
U.S. corporate profits, weighed down by the energy slump and slowing global growth, are set to decline for the third straight quarter in the longest slide in earnings since the financial crisis.
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Residential Finance News
Commercial/Multifamily News
MBA News
MBA Document Custody Workshop June 16
The Mortgage Bankers Association's annual Document Custody Workshop takes place Thursday, June 16 at the Hyatt Regency Reston, near Washington, D.C.
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MBA Education School of Loan Origination Instructor-Guided Online Course June 20-July 14
MBA Education presents its popular School of Loan Origination Instructor-Guided Online Course June 20-July 14.
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