The Lede

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Federal Reserve Fines Five Banks to Wrap Up Mortgage Servicing Charges
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.
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Bipartisan Bill Seeks Crackdown on VA Loan Churning
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.
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Multifamily Housing Production Finds Stable Ground in 2018
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.
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JPMorgan Net Income Plummets 37% Due to Tax Reform
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.
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Beware of ‘Churning’ in All Its Forms
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.
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Supreme Court Case Could Affect CFPB Constitutionality Ruling
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.
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Wells Fargo Pays $3.25 Billion in Q4 for Mortgage Regulatory Investigations, Sales Practices
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.
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Refi Share Widest Since June 2014
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.
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PennyMac Opens Broker Channel; New #1 Wholesaler?
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.
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LOS Enhancements, Advancements
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.
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Former FHA Head Joins Calls for Reverse Mortgage Separation
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.
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Finally, a Clearer Picture on Inflation
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.
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