The Lede
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Month-to-Month Prepayments Keep Inching Up
National Mortgage News, July 25, 2017--Bonnie Sinnock (subscription)Prepayments for the second month in a row got a little higher but remain below the levels they were at a year ago, said Black Knight Financial Services.
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2Q17 Earnings Prove Recent Flagstar Acquisitions Paid Off Big Time
HousingWire, July 25, 2017--Brena SwansonThe earnings report is out for how Flagstar Bancorp's two major acquisitions earlier this year fared for the bank, revealing a roadmap on how it hopes to position itself for success in today's competitive market.
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Trump Administration Moves Closer to Undoing Overtime Pay Rule
Reuters, July 25, 2017--Daniel WiessnerThe rule, which was supposed to take effect in December 2016 but was blocked by a federal judge, is a top target for business groups that say it would force employers to convert many salaried employees into hourly workers.
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Labor Shortage Squeezes Home Builders
Wall Street Journal, July 25, 2017--Laura Kusisto (subscription)The size of the construction workforce in the U.S. declined to 10.4 million in 2015 from 10.6 million near the bottom of the market in 2010, according to a new analysis of U.S. Census data.
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Trump Says Yellen, Cohn Both in Running to Be Fed Chair
Bloomberg, July 25, 2017--Craig TorresPresident Donald Trump said he had a "lot of respect for" Federal Reserve Chair Janet Yellen and she was still in the running to remain at the helm of the U.S. central bank, while indicating that White House aide Gary Cohn was also a top contender for the position.
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Need a Mortgage? Now May Be a Good Time to Apply
Washington Post, July 25, 2017--Kenneth R. HarneySo what does it take to get approved for a mortgage to buy a house this summer, whether you're a first-timer or planning to move up or downsize? Maybe not all that you think.
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HUD Ignored Procedures in Selling Distressed Mortgages, Report Says
New York Times, July 25, 2017--Matthew GoldsteinHUD sold 108,000 distressed mortgages to private equity firms and hedge funds did so without following the proper rules for setting up the program, a government audit found.
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Atlantic Bay Mortgage, Virginia Community Bank to Merge
Hampton Roads (Va.) Business Journal, July 25, 2017--Briana AdhikusumaUnder the unanimous agreement between Virginia Community Bank's board of directors and the manager and members of Atlantic Bay, the bank's holding company will be terminated and will be managed as the Atlantic Bay Bank.
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America’s Hottest Properties: Data Centers and Cell Towers
Wall Street Journal, July 25, 2017--Esther Fung (subscription)As more people consume digital content and make purchases online, landlords and owners of data centers and cell towers that house cables and beam data to smartphones are looking to expand faster.
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Ex-LendingQB Exec Asks Court to Dissolve Tech Vendor MeridianLink
National Mortgage News, July 25, 2017--Brad Finkelstein (subscription)Binh Dang, the co-founder and former president of LendingQB, is seeking a court to force MeridianLink, the loan origination system's parent company, to dissolve.
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House Revokes New CFPB Arbitration Rule
HousingWire, July 25, 2017--Brena SwansonThe House passed a "resolution of disapproval" to revoke a controversial new rule by the Consumer Financial Protection Bureau that bans companies from using mandatory arbitration clauses.
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Waterstone Ordered to Pay LOs $7 Million
Mortgage Daily, July 25, 2017--Lisa D. BurdenWaterstone Mortgage Corp. has been ordered by an arbitrator to pay current and former loan officers over $7 million in unpaid wages and overtime. But it will appeal the decision.
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Caliber’s Lending, Servicing and Staffing Grow
Mortgage Daily, July 25, 2017Caliber Home Loans Inc. reported growth in its residential loan originations, mortgage servicing portfolio and human resource assets.
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