The Lede
Top National News
MBA President: GSE Reform is Within Reach
Scotsman Guide, Oct. 27, 2017--Victor Whitman"Actions may take shape that will motivate members of Congress, particularly on the Senate Banking Committee, which I think is the most important voice on the subject to begin moving forward," said MBA President and CEO David Stevens, CMB.
Full Story
Barclays and U.S. Renew Talks Over Toxic Mortgages Lawsuit
Bloomberg, Oct. 27, 2017--Stephen MorrisBarclays Plc and the U.S. Justice Department, engaged in a legal battle over the suspected fraudulent sale of mortgage securities a decade ago, have revived discussions about reaching an out-of-court settlement.
Full Story
Average Q3 Price of Newly Built Home is $374K
National Mortgage Professional, Oct. 27, 2017--Phil HallThe average price of a newly constructed single-family home that sold during the third quarter was $374,000, according to new data from Redfin, which also found newly built homes sold at an average premium of $87,000 in the third quarter compared to existing homes.
Full Story
Inside Cordray’s Ill-Fated Gamble on CFPB Arbitration Rule
National Mortgage News, Oct. 26, 2017--Kate Berry (subscription)The stunning defeat of the Consumer Financial Protection Bureau's arbitration rule didn't have to happen. That was the message from critics and former agency officials who say the bureau erred in how it designed the final rule, putting too much emphasis on class action litigation as a panacea for consumers.
Full Story
Ellie Mae Ekes Out Profit Gains, Despite Drop in 3Q Originations
National Mortgage News, Oct. 27, 2017--Bonnie Sinnock (subscription)Ellie Mae's third-quarter net income increased to $14.5 million from $13.8 million a year ago but fell from $18.8 million in the second quarter, when its tax accounting changed.
Full Story
MBA Chairman on Trade Group’s Top 3 Priorities for Next Year
HousingWire, Oct. 27, 2017--Brena SwansonFresh into his new position as chairman of the Mortgage Bankers Association, Colonial Savings President Dave Motley discusses the next big initiatives for the association heading into 2018.
Full Story
Disaster Preparedness Key to Recovery
UEXpress, Oct. 27, 2017--Lew SichelmanMortgage help is free, so be particularly leery of anyone demanding payment or promising guaranteed results.
Full Story
In a Mortgage-Crisis Settlement, Did a Bank Get Off Easy?
New York Times, Oct. 27, 2017--Gretchen MorgensenWhen they announced the $5.28 billion deal, prosecutors cited it as evidence that the United States government can and will ride herd on large financial institutions if they engage in misconduct. A little more than six months later, it's worth asking: How tough, really, was the settlement on Credit Suisse?
Full Story
Stuck in Place, U.S. Homeowners Hunker Down as Housing Supply Stays Tight
Wall Street Journal, Oct. 29, 2017--Laura Kusisto, Christina Rexrode (subscription)Despite rising home prices and a growing economy, U.S. homeowners' mobility rate is stuck at a 30-year low as many opt to stay put rather than move to pursue job opportunities or trade up for more space.
Full Story
Treasury Calls for HUD to ‘Reconsider’ Use of Disparate Impact Rule
HousingWire, Oct. 27, 2017--Ben LaneThe section of the report in question focuses on HUD's potential application of the disparate impact rule to the insurance industry, specifically homeowners' insurance.
Full Story
Radian Loosens Jumbo, Downpayment Requirements
Mortgage Daily, Oct. 27, 2017Changes being made by Radian Guaranty Inc. will make it easier to qualify for jumbo mortgages, loans for medical professionals and transactions with alternative downpayment sources.
Full Story
National Bank Charter First Since Financial Crisis
Mortgage Daily, Oct. 27, 2017The charter was approved for Winter Park National Bank of Florida by the Office of the Comptroller of the Currency, according to an announcement Friday.
Full Story
States Push Equifax to Explain Why It Took 6 Weeks to Disclose Hack
Wall Street Journal, Oct. 28, 2017--Michael Rapoport, AnnaMaria Andriotis (subscription)Attorneys general in at least five states are looking into why credit-reporting firm Equifax Inc. didn't tell the public for nearly six weeks about the massive data breach that potentially compromised the personal information of 145.5 million Americans.
Full Story
Mall Owners Work to Reclaim Retail Wasteland With Public Money
Bloomberg, Oct. 30, 2017--Sarah MulhollandTo draw consumers with experiences they can't find online, retail-property owners are slashing the amount of space dedicated to stores and are spending on everything from hotels and apartments to upscale restaurants and skating rinks.
Full Story
U.S. GDP Beats Expectations, Growing At 3 Percent
NPR, Oct. 27, 2017--Bill ChappellThe U.S. economy grew faster than analysts had expected in the third quarter of 2017, with the Bureau of Economic Analysis saying America's real gross domestic product increased at 3 percent--below the 3.1 percent rise in the previous quarter, but showing resilience in the face of debilitating hurricanes.
Full Story
Residential Finance News
Commercial/Multifamily News
MBA News
MBA Education Residential Mortgage Banking for IT Professionals Workshop Nov. 1
MBA Education presents its popular workshop, Residential Mortgage Banking for the IT Professional, on Wednesday, Nov. 1 from 9:00 a.m.-5:00 p.m. ET, at Blend headquarters in San Francisco.
Full Story
MBA Education Practical Blockchain Applications for Mortgage Lenders Webinar Oct. 31
MBA Education presents a webinar, Practical Blockchain Applications for Mortgage Lenders, on Tuesday, Oct. 31 from 2:00-3:30 p.m. ET.
Full Story