The Lede

Top National News

Wells Fargo to Pay $1 Billion in Fines Over Auto, Mortgage Lending Abuses
Los Angeles Times, Apr. 20, 2018--James Rufus KorenThe penalty, announced by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, is the largest levied against a financial firm since President Trump took office and one of the largest against any U.S. bank not related to the financial crisis.
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GE Takes Hit From Old Mortgage Unit but Says Turnaround on Track
Wall Street Journal, Apr. 20, 2018--Thomas Gryta (subscription)General Electric Co. reported a quarterly loss on a $1.5 billion charge related to a subprime mortgage business it once owned, but executives said they were making progress on their efforts to turn around its industrial businesses.
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Climate Fears Reshape Miami’s Home Prices
Wall Street Journal, Apr. 20, 2018--Laura Kusisto, Arian Campo-Flores (subscription)MIAMI-Concerns over rising sea levels and floods are beginning to reshape one of the country's largest housing markets, with properties closer to sea level now trading at discounts to those at higher elevations.
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Pricey U.S. Home Sales Soar as Buyers Ignore New Tax Code
Reuters, Apr. 20, 2018--Herbert LashA housing shortage, strong economy and robust demand have pushed many homes in major U.S. cities over $1 million, offsetting buyers' concerns about the reduced benefits of owning a pricey property under President Donald Trump's tax reform, data show.
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Mortgage Refi Activity Jumps
Mortgage Daily, Apr. 20, 2018During the week of April 20, the U.S. Mortgage Market Index from Mortgage Daily was virtually unchanged from the preceding seven-day period. However, the index, an indicator of upcoming residential loan originations based on average per-user rate locks by customers of OpenClose, has descended 12 percent compared to the same week last year.
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How These Hurricane-Ravaged States Avoided a Housing Disaster–So Far
CNN, Apr. 22, 2018"It's a different world now," says Sara Singhas, associate regulatory counsel at the Mortgage Bankers Association, referring to the recent departure from rock-bottom interest rates. "Especially for people who are performing on their loans, we wanted to make sure we don't put them into a worse financial position than they were prior to the disaster."
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10-Year Treasury Hits Four-Year High. Will Mortgage Rates Spike Next?
National Mortgage News, Apr. 20, 2018--Brad Finkelstein (subscription)Yields on the 10-year Treasury hit their highest level since the start of 2014 and got very close to cracking the 3% mark.
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RealPage Continues Growing, Set to Acquire ClickPay for $218 Million
HousingWire, Apr. 20, 2018--Ben LaneThe company announced Friday that it is acquiring ClickPay, an electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate, in a $218 million deal.
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Data Breach at SunTrust
Mortgage Daily, Apr. 20, 2018SunTrust said that it has become aware of the potential theft of client information. The culprit: a former employee.
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Going and Coming
UExpress, Apr. 20, 2018--Lew SichelmanSo you've sold your house and are about to move into a new one. Other than the physical move itself, you think you're about done with the process. Well, think again. You still have plenty to do.
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Residential Finance News

Commercial/Multifamily News

MBA News

MBA Commercial/Multifamily Servicing/Technology Conference in Miami May 20-23
The Mortgage Bankers Association's annual Commercial/Multifamily Servicing and Technology Conference takes place May 20-23 at the Intercontinental Miami.
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Upcoming MBA Education School of Mortgage Banking Courses
MBA Education presents its School of Mortgage Banking Course I & II in Irvine, Calif. May 1-4.
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