The Lede
Top National News
Ted Tozer, Steward of Ginnie Mae for 7 Years, Departing
National Mortgage News, Jan. 13, 2017--Passy, Jacob
As president of the secondary marketing agency, Tozer has helped the mortgage market to continue functioning and keep up with changes following the financial crisis. The incoming Trump administration has not yet picked a successor.
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Retail Sales Figures Bear Out America’s Storefront-to-Online Shift
Mortgage Daily, Jan. 16, 2017
KleinBank allegedly denied residents more in Minneapolis-St. Paul neighborhoods where a majority of residents were minorities.
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NJ Bank is First to Fail in 2017
Mortgage Daily, Jan. 16, 2017
On Friday, the New Jersey Department of Banking and Insurance reported that it seized and closed down Harvest Community Bank.
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Wells Fargo CFO: Accounts Scandal Hit Our Mortgage Referral Business
HousingWire, Jan. 16, 2017--Gaffney, Jacob
CFO Tim Sloan said the impact is still being felt and that the decline in the rate of new account openings may impact the pace of future revenue growth.
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Falling Rates Drive Up Mortgage Refinance Biz
Mortgage Daily, Jan. 13, 2017
A recent decline in mortgage rates has driven up demand from borrowers who missed out on the last refinance opportunity, though home buyers were also busier.
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MSRs Being Auctioned on $1.4 Billion in GSE Loans
Mortgage Daily, Jan. 13, 2017
Mortgage servicing rights on Fannie Mae and Freddie Mac mortgages with an aggregate outstanding principal balance of $1.45 billion are being offered for sale.
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First Republic Grows Mortgage Business
Mortgage Daily, Jan. 16, 2017
Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.
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Legacy Foreclosures Hide Mortgage Successes
OurBroker.com, Jan. 16, 2017--Miller, Peter G.
The latest foreclosure numbers understate some very good real estate news. First, the 2016 foreclosure figures wildly overstate the current condition of the real estate marketplace. It's much better than the numbers suggest,
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Bankers Cry Foul Over CFPB’s Five-Star Complaint Rating System
National Mortgage News, Jan. 13, 2017--Berry, Kate
Bankers are trying to stop the Consumer Financial Protection Bureau from allowing consumers to rank how companies handle complaints on a one- to five-star scale and to publish narratives of consumer experiences in an online public database.
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Premium Reduction May Give FHA Competitive Edge Over GSEs
National Mortgage News, Jan. 13, 2017--Collins, Brian
The Federal Housing Administration program could see a $50 billion increase in single-family loan endorsements this year if a planned 25-basis-point annual premium cut goes into effect on Jan. 27.
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Prospect of Tax Reform Upends Affordable Housing Finance
National Mortgage News, Jan. 13, 2017--Broughton, Kristin
The mere whiff of corporate tax reform is said to be causing delays in bank-backed financing for low-income housing projects amid a severe U.S. shortage of affordable units.
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Moody’s Pays $864 Million to U.S., States over Pre-Crisis Ratings
Reuters, Jan. 14, 2017
The credit rating agency reached the deal with the Justice Department, 21 states and the District of Columbia, resolving allegations that the firm contributed to the worst financial crisis since the Great Depression, the Justice department said in a statement.
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A Treasure Trove of Mortgage Data
UExpress, Jan. 13, 2017--Sichelman, Lew
If you're in the market to buy or sell a house, you'll want to make informed decisions every step of the way. Luckily, Uncle Sam has a huge treasure trove of data you can use.
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Trump’s Plan for Looser Housing Rules Likely to Include Mortgage Changes
Washington Examiner, Jan. 17, 2017--Lawler, Joseph
HUD Secretary nominee Ben Carson's comments last week that burdensome regulatory and legal actions over the past five-plus years has left banks reluctant to extend credit was "helpful," said MBA President and CEO David Stevens.
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Consumer Optimism Slips to Start 2017
HousingWire, Jan. 13, 2017--Ramirez, Kelsey
Although consumer optimism increased after the election of President-elect Donald Trump, 2017 saw a dip in that optimism.
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J.P. Morgan Results Get a Big Boost From Trading
Wall Street Journal, Jan. 13, 2017--Glazer, Emily; Rudegeair, Peter
A trading jolt following the U.S. presidential election helped J.P. Morgan Chase & Co. report a 24% increase in fourth-quarter profit and a record year for earnings.
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Bank of America Kicks Off Bank Earnings With a Profit Beat
Wall Street Journal, Jan. 13, 2017--Rexrode, Christina; Rudegeair, Peter
Bank of America Corp. reported its biggest annual profit in a decade as its trading business benefited from the uncertainty caused by Donald Trump's surprise election and the bank continued to slash expenses.
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Wells Fargo Benefits From Higher Rates, Plans to Reduce Expenses
Bloomberg, Jan. 13, 2017--Du, Lisa
Fourth-quarter net interest income, a measure of earnings from customer deposits, climbed to $12.4 billion from $11.6 billion a year earlier, the San Francisco-based bank said Friday in a statement.
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How Much Longer Will Charlotte’s Commercial Real Estate Boom Last?
Charlotte (N.C.) Observer, Jan. 13, 2017--Portillo, Ely
It's the biggest question right now in Charlotte's booming commercial real estate market: How long will the good times last?
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Trump’s Treasury Secretary Pick Was Not a ‘Foreclosure King’
The Hill, Jan. 10, 2017--Crawford, Casey
The author, CEO of Movement Mortgage, asserts that Stephen Mnuchin is being unfairly characterized ahead of his Senate confirmation hearing.
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