The Lede

Top National News

Q1 Profits Down for Independent Mortgage Banks
National Mortgage Professional, June 6, 2017--Phil HallIndependent mortgage banks and the mortgage subsidiaries of chartered banks brought in a net gain of $224 on each loan they originated in the first quarter, a significant drop from the reported gain of $575 per loan in the fourth quarter of 2016, according to the Mortgage Bankers Association's Quarterly Mortgage Bankers Performance Report.
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Fannie Mae Will Ease Financial Standards for Mortgage Applicants Next Month
Washington Post, June 6, 2017--Kenneth R. HarneyThe country's largest source of mortgage money, Fannie Mae, soon plans to ease its debt-to-income requirements, potentially opening the door to home-purchase mortgages for large numbers of new buyers. Fannie will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29.
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U.S. Job Openings Hit New High
Wall Street Journal, June 6, 2017--Jeffrey Sparshott (subscription)U.S. job openings hit a new high in April while hiring slowed, a sign that employers are struggling to find workers.
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Bankers at Odds over GSE Recapitalization Proposal
National Mortgage News, June 6, 2017--Brian Collins (subscription)A new proposal to recapitalize Fannie Mae and Freddie Mac so the two housing enterprises can exit conservatorship is dividing the banking industry. "This proposal is clearly self-serving and designed to confuse unsuspecting, innocent taxpayers into supporting a plan that is intended to line the pockets of hedge funds who invested in Fannie and Freddie," said David Stevens, the MBA's president and CEO. "MBA has been clear that the self-interests of stock speculators and profit seekers are not in the best interests of either the taxpayer or the housing system. The only solution to reforming Fannie and Freddie is through the legislative process."
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CoreLogic Expanding Valuation Business, Announces Acquisition of Mercury Network
HousingWire, June 6, 2017--Ben LaneThe company announced Tuesday that it is acquiring Mercury Network, a purchase valuation technology and appraisal management platform provider.
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AIG Lays the Groundwork for Jumbo Mortgage Securitization
National Mortgage News, June 6, 2017--Bonnie Sinnock (subscription)American International Group Inc. is making plans to securitize through an indirect subsidiary that has been acquiring high-credit-quality jumbo mortgages.
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Trump Chooses Former OneWest CEO Joseph Otting to Lead OCC
HousingWire, June 6, 2017--Ben LaneOtting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the bank's former chairman.
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New Correspondent Program Launches
Mortgage Daily, June 6, 2017Cherry Hill, New Jersey-based E Mortgage Management announced its new non-delegated correspondent lending channel for small and mid-tier players.
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AMC Acquisitions, Partnerships and Expansions
Mortgage Daily, June 6, 2017--Sam GarciaA white paper from LRES, Effective Communication with Lenders to Alleviate Problems Caused by Appraisal Shortages addresses how a lender's relationship with real estate service providers will be impacted by the severe appraisal shortages.
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HSBC Officially Completes Obligations Under the National Mortgage Settlement
HousingWire, June 7, 2017--Brena SwansonAfter a little more than a year, HSBC officially completed its obligations under the National Mortgage Settlement, according to the latest update from Joseph Smith, monitor of the National Mortgage Settlement.
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CFPB’s Cordray Threatened with Contempt Charges by House Panel
National Mortgage News, June 6, 2017--Kate Berry, Ian McKendry (subscription)In a 15-page report released Tuesday by Republican staff, the committee claimed that the CFPB has not produced records showing that it conducted a full investigation of Wells' branch sales practices or that it was aware of problems with phony accounts before the L.A. city attorney took action against the bank.
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Trump Nominee Vows to Back HUD’s Mission
Scotsman Guide, Jun 6, 2017--Victor WhitmanPamela Patenaude, nominated by President Donald Trump to the second highest job at HUD, faced tough questions on the deep cuts proposed to the agency's budget, but largely sailed through her confirmation hearing before the Senate Banking Committee on Tuesday.
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