The Lede

Top National News

New Home Purchase Apps Rise But Lag Year-Ago Levels
National Mortgage News, Apr. 13, 2018--Bonnie Sinnock (subscription)New home purchase applications were 14% higher than the previous month, but they were 2.6% lower than they were in March 2017, according to the Mortgage Bankers Association's Building Application Survey.
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Wells Fargo Faces $1B Fine from Federal Regulators over Mortgage, Auto Loan Abuses
USA Today, Apr. 13, 2018--Kevin McCoyFederal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings.
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Mortgage Origination Volume Creates Drag on JPMorgan Chase Earnings Growth
HousingWire, Apr. 13, 2018--Kelsey RamirezIn the first quarter, JPMorgan Chase saw a significant increase in its earnings from both the previous quarter and previous year--despite the drag from its mortgage origination volume.
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Citigroup Profit Beats on Strength in Consumer Banking, Equity Trading
Reuters, Apr. 13, 2018--Sweta Singh, David HenryCitigroup Inc. reported a higher-than-expected quarterly profit on Friday, driven by strength in its consumer banking business and a surge in equities trading.
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House Clears Bill That Makes It Easier to Soften Volcker Rule
Bloomberg, Apr. 13, 2018--Elizabeth DexheimerThe House passed legislation Friday that would make the Federal Reserve the sole regulator in charge of the Volcker Rule, a change that Wall Street banks have sought for years because they believe it will make complying with the controversial provision less burdensome.
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First Republic Earnings, Mortgage Assets Increase
Mortgage Daily, Apr. 13, 2018Although quarterly home lending was significantly lower at First Republic Bank, residential asset holdings expanded and earnings were stronger.
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Increase in Mortgage Business Led by Conventional
Mortgage Daily, Apr. 13, 2018A tool for predicting upcoming originations, the Mortgage Daily U.S. Mortgage Market Index, increased nearly 3 percent from the previous week during the seven days ended April 13.
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Why the Dodd-Frank Rollback Has Some Small Banks Yawning
Wall Street Journal, Apr. 15, 2018--Ryan Tracy, Christina Rexrode (subscription)Smaller banks say deregulation bill doesn't go far enough and mainly benefits the biggest regional banks.
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Verbal Offers; IRS Agreements
UExpress, Apr. 13, 2018--Lew SichelmanIt used to be that homebuyers had to pay off their past-due federal taxes to obtain financing. But no more, at least not when the mortgage is being purchased by Fannie Mae.
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Commercial/Multifamily News

MBA News

MBA National Advocacy Conference Apr. 24-25
The Mortgage Bankers Association's annual National Advocacy Conference takes place Apr. 24-25 at the Capital Hilton in Washington, D.C.
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MISMO Seeks Blockchain Working Group Members
MISMO launched a new group to discuss the potential for using blockchain in the industry and invited interested parties to participate.
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