The Lede

Reuters, Jan. 12, 2018--Pete SchroederThe Federal Reserve announced the fines against Goldman Sachs , Morgan Stanley, CIT Group, U.S. Bancorp , and PNC Financial as part of a broader effort to terminate enforcement actions begun in 2011 and 2012 against large banks for mortgage servicing shortcomings.

National Mortgage Professional, Jan. 12, 2018--Phil HallAccording to the senators, the new bill is designed to address the issue of "churning," a process that results in repeated home loan refinancing that generates fees and profits for lenders at the direct expense of veterans and their families, often without their knowledge.

National Mortgage News, Jan. 12, 2018--Elina Tarkazikis (subscription)Though multifamily housing starts are projected to slightly moderate this year and in 2019, production levels are expected to remain in a steady range considered normal, with low supply actually contributing to this stabilization, according to a new report.

HousingWire, Jan. 12, 2018--Kelsey RamirezThe company reported a net income of $4.2 billion in the fourth quarter of 2017, down 37% from $6.73 billion in the third quarter and in the fourth quarter of 2016. The company explained this loss was driven by a $2.4 billion impact from the recently passed tax reform.

UExpress, Jan. 12, 2018--Lew SichelmanGinnie Mae--which packages government loans into securities for sale to investors in much the same way Fannie Mae and Freddie Mac do with conventional loans--said it had restricted how often a lender is permitted to place a mortgage to the same borrower whose initial mortgage is in a Ginnie Mae loan bond.

National Mortgage News, Jan. 12, 2018--Kate Berry (subscription)The Supreme Court agreed Friday to hear a case challenging the appointment of administrative law judges, which could affect an appeals court ruling on the constitutionality of the Consumer Financial Protection Bureau.

HousingWire, Jan. 12, 2018--Kelsey RamirezThe bank's fourth quarter earnings show Wells Fargo paid a total of $3.25 billion in pre-tax expenses for litigation accruals on a variety of matters including mortgage-related regulatory investigations, sales practices and other consumer-related matters. A majority of this expense was not tax deductible.

Mortgage Daily, Jan. 12, 2018As new mortgage business recovered from a holiday slump, the share of activity that was for refinances reached the widest level in more than three years.

Mortgage Daily, Jan. 12, 2018Following months of waiting, mortgage brokers can now add PennyMac Financial Services Inc. to their roster of wholesalers. With its entry, the fast-growing lender is poised to become a big player in the wholesale channel.

Mortgage Daily, Jan. 15, 2018--Sam GarciaA major financial institution recently implemented a new loan origination system, while providers of competing LOS offerings have integrated other services into their systems.

Reverse Mortgage Daily, Jan. 15, 2018--Alex SpankoCount Carol Galante among the growing chorus of housing experts who believe the federally backed reverse mortgage program should be separate from the Federal Housing Administration's other loans.

Wall Street Journal, Jan. 12, 2018--Justin Lahart (subscription)Janet Yellen can take a victory lap about inflation on her way out as Federal Reserve chairwoman. She has been saying the weakness in last year's inflation readings was transitory, and she was right.