The Lede
Top National News
Borrowers Rush to Beat Rising Rates, Pushing Mortgage Volume 3.3% Higher
CNBC, Mar. 8, 2017--Diana OlickTotal mortgage application volume rose a seasonally adjusted 3.3 percent last week from the previous week, according to the Mortgage Bankers Association.
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Many Mortgage Applicants Will Get a Surprise Boost in their Credit Scores
Washington Post, Mar. 8, 2017--Kenneth R. HarneyIn a little-known policy shift, the three national credit bureaus--Equifax, Experian and TransUnion--plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers starting July 1.
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HSBC Sells Mortgage Business to Credit Suisse
Investopedia, Mar. 8, 2017--Michael FosterHSBC PLC is offloading $1.5 billion in mortgages to Credit Suisse Group.
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Down Payment Spat Renewed as FHA Accused of Insuring Risky Loans
National Mortgage News, Mar. 8, 2017--Brad Finkelstein (subscription)Nearly $30 billion in Federal Housing Administration mortgages may be at risk because they relied on so-called borrower-financed down-payment assistance, according to a new federal report.
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Most Major Quality Control Issues in 2016 Were TRID-Related
National Mortgage News, Mar. 8, 2017--Jacob Passy (subscription)Twelve of the top 15 quality control issues in 2016, as identified by third-party mortgage compliance service provider MetaSource, were TRID-related. The findings were based on a review of thousands of post-close QC audits performed by the Utah-based company.
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ADP: Private-Sector Jobs Soar with Gain of Nearly 300K
HousingWire, Mar. 8, 2017--Kelsey RamirezPrivate-sector employment is set to increase by 298,000 from January to February on a seasonally adjusted basis, according to the report.
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Nonbank Mortgage Firms Lose Market Share to Banks
Mortgage Daily, Mar. 8, 2017Mortgage originators, including financial institutions and non-banks, generated $517 billion in loan production from Oct. 1, 2016, through year-end 2016.
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Home Lenders Tout Purchase Financing Volume
Mortgage Daily, Mar. 8, 2017--Sam GarciaIn addition to touting overall record activity, some lenders focused on their robust financing of home purchases.
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Featured Industry Leader: Tony Blodgett, President, Washington Mortgage Bankers Association
National Mortgage Professional, Mar. 8, 2017--Phil HallTony Blodgett is the regional vice president for the Northwest at New American Funding and president of the Washington Mortgage Bankers Association.
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Homebuyers Attracted to Faster and Simpler Mortgage Process
MReport, Mar. 8, 2017"There's no question that technology is playing a larger role in the home buying experience," said Joe Tyrrell, executive VP of corporate strategy at Ellie Mae. "As we expected, many homeowners are seeking a faster and more streamlined experience. And it's not just a millennial phenomenon; it's homebuyers of all ages and both genders."
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Watchdog: HUD Lacks Sufficient Oversight for Borrower-Financed Down Payment Programs
HousingWire, Mar. 8, 2017--Ben LaneAccording to the report from its Office of Inspector General, HUD "failed to adequately oversee" billions of dollars in loans that may have "questionable down payment assistance," thereby putting the FHA's Mutual Mortgage Insurance Fund at risk because of borrowers with higher than market interest rates.
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MBA News
MBA Education Special Purpose National Bank Charters for Fintech Companies Webinar Today
MBA Education hosts a webinar, Special Purpose National Bank Charters for Fintech Companies, today, Mar. 9 from 2:00-3:30 p.m. ET.
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