The Lede

Top National News

MBA: Applications For Mortgages For New Home Purchases Sank 20% In April
Mortgage Orb, May 15, 2017--Patrick BarnardApplications for mortgages for new home purchases decreased 20% in April compared with March and decreased 4.3% compared with April 2016, according to the Mortgage Bankers Association's Builder Applications Survey.
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Fewer Home Builders Means Happier Home Builders
Wall Street Journal, May 15, 2017--Justin Lambert (subscription)For home builders, happiness is no competition.
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Philadelphia Sues Wells Fargo Over Discriminatory Lending
HousingWire, May 15, 2017--Ben LaneEarlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove. Now, one city is going to put that standard to the test.
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AIG CEO Duperreault Says He’s Not Planning to Break Up Insurer
Bloomberg, May 15, 2017--Sonali Basak, Katherine ChiglinskyBrian Duperreault, who took over as chief executive officer of American International Group Inc. on Monday, said he's not planning to split up the company as some activists have urged.
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The Bronx is Bubbling: Investors are Placing Huge Bets on the Borough–But the Numbers May Not Pencil Out
The Real Deal (New York), May 15, 2017--Ben St. ClairThe Bronx has become a destination for investors seeking high returns--not only in new development, which is booming, but also in the borough's existing apartment building stock.
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‘Soft’ Information Underwriting a Hard Sell to Regulators?
GoRion, May 15, 2017--Charles Wisniowski Two separate but parallel top-level reviews of mortgage-related regulations may yet allow community banks, credit unions and other proponents of "soft" information in loan underwriting to broaden credit access and permit small lenders to regain the competitive advantage they lost to big banks following adoption of the Dodd-Frank Act mandates, but industry observers say it's a tall order.
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Nomura MBS Traders Charged With Fraud
Mortgage Daily, May 15, 2017Separate complaints were filed Monday in U.S. District Court for the Southern District of New York against James H. Im and Kee Chan.
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Genworth Relaxes M.I. Guidelines
Mortgage Daily, May 15, 2017Genworth Mortgage Insurance has loosened loan-to-value ratios and jumbo guidelines on some programs.
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Flagstar CEO Reflects on Bank’s Transition
Detroit Free Press, May 15, 2017--Frank WitsilFlagstar, the second-largest bank headquartered in Michigan, has survived a financial freefall brought on by the recession and banking industry woes that could have destroyed the company.
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What Watt’s Banking Committee Testimony Means for GSE Reform
Morning Consult, May 15, 2017--Ryan RaineyDavid Stevens, chief executive of the Washington-based Mortgage Bankers Association, said Federal Housing Finance Agency Director Mel Watt could face political blowback if he takes independent action to protect the capital buffer. That, in turn, could lead to uncertainty, which could also cause markets, or Congress, to fret.
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What Does the Renewed CFPB RESPA Investigation into Zillow Mean for Our Industry?
HousingWire, May 15, 2017--Brena SwansonWith a steady stream of enforcement actions and regulations coming out of the Consumer Financial Protection Bureau over the years, the industry doesn't take the possible threat of getting a violation lightly. And one big company currently drumming up a lot of questions for lenders is Zillow.
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Home Sales Jump to Near-Boom-Era Levels
Wall Street Journal, May 15, 2017--Laura Kusisto (subscription)Home sales in the first quarter hit their fastest pace in a decade, a sign that rising prices and slightly higher mortgage rates haven't deterred home buyers from rushing into the market.
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SoFi’s Bit to Become an Industrial Bank Pulls FDIC into Fintech Fray
National Mortgage News, May 15, 2017--Kevin Wack (subscription)The Federal Deposit Insurance Corp. has so far managed to stay out of the growing battle over how the U.S. fintech sector should be regulated, but that appears likely to end as one of the nation's largest online lenders announced plans to apply for a specialty banking charter soon.
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Flagstar Finalizes Acquisition of Opes Advisors
HousingWire, May 15, 2017--Ben LaneFlagstar Bancorp announced Monday that it closed on its acquisition of "certain assets" of Opes Advisors, a full-service mortgage bank and financial advisory firm.
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