The Lede
Top National News
Mortgage Applications Rise 2.7 Percent as Rates Take a Breather from Surge
CNBC, Feb. 28, 2018--Diana OlickAfter rising sharply for weeks, mortgage interest rates steadied last week, and homebuyers responded, the Mortgage Bankers Association reported.
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What Do Rising Interest Rates Mean for Homebuyers?
Moneywatch, Feb. 28, 2018--Jillian HardingAs the U.S. economy continues to chug along at a steady pace, interest rates have been rising--making it more expensive to buy and own a home.
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How Ocwen Plans to Rebuild Servicing Scale with PHH Deal
National Mortgage News, Feb. 28, 2018--Bonnie Sinnock (subscription)Ocwen Financial Corp.'s $360 million acquisition of PHH Corp. presents an opportunity for the nonbank servicer to rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.
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Coalition Reports on Homeownership Education in Four Test Markets
Banker & Tradesman (Mass.), Feb. 28, 2018A coalition of real estate trade associations and nonprofit housing counseling providers released its findings on steps that can be taken to increase the utilization of nationwide homeownership education and housing counseling services. (MBA mention)
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In Supply-Starved Home Market, Can Wall Street Landlords Help?
Bloomberg, Feb. 28, 2018--Patrick ClarkWall Street landlords own thousands of single-family homes in the U.S. Buyers are struggling to find houses they can afford in inventory-starved markets. Can they make a match?
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Reforming the FHA’s Foreclosure and Conveyance Processes
Urban Institute, Feb. 28, 2018--Karan Kaul, Laurie Goodman, Alanna McCargo, Todd M. HillThe authors address how the Federal Housing Administration foreclosure and conveyance processes can be changed to bring down costs and create efficiencies.
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MSRs on Over $700 Million in Loans For Sale
Mortgage Daily, Feb. 28, 2018Ginnie Mae II loans account 2,426 of the units, while Fannie Mae A/A mortgages make up 1,504 units, and Freddie Mac ARC loans number just 36.
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Another Auditor Settles Over Taylor Bean Fraud
Mortgage Daily, Feb. 28, 2018Deloitte & Touche LLP, the independent outside auditor of Taylor Bean, knowingly deviated from applicable auditing standards when auditing the company, according to a statement Wednesday from the Department of Justice. As a result, it failed to detect the fraudulent conduct and bogus financial statements.
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Hawk or Dove? Fed’s Powell Showed Market Both Sides in Debut
Reuters, Feb. 28, 2018--Howard Schneider, Lindsay DunmuirFinancial markets barely batted an eye on Tuesday when Jerome Powell's first public statement as Federal Reserve chief saw daylight, interpreting it as a steady-handed commitment to the U.S. central bank's policy of gradual interest rate increases.
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Senate Readies Rollback of Bank Rules
Wall Street Journal, Mar. 1, 2018--Andrew Ackerman, Christina Rexrode (subscription)The bipartisan legislation, supported by the Trump administration and top Federal Reserve officials, would relax dozens of rules for small to medium-size banks, shaking up the banking sector with policy changes that could encourage deal-making and make it easier for banks to expand.
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CFPB Has Plenty of Options for Slashing Its Budget
National Mortgage News, Feb. 28, 2018--Kate Berry (subscription)Mick Mulvaney, acting head of the Consumer Financial Protection Bureau, has made clear his desire to slash the agency's budget, but what he plans to cut to meet his spending goals is more of a mystery.
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Does Wells Fargo Have a Plan?
Bloomberg, Mar. 1, 2018--Laura J Keller, Shahien NasiripourEighteen months after the bogus-accounts scandal, America's third-largest bank is trying to get back on track.
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BofA Asks Higher Court to Intercede in Countrywide Suit
MReport, Feb. 28, 2018--Radhika OjhaIn its filing to the court, the bank had said that the parties deserved clarity from the Ninth Circuit and should not be required to engage in unnecessary and expensive work that might be undone.
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GDP Revised Down Slightly in Fourth Quarter
HousingWire, Feb. 28, 2018--Kelsey RamirezReal GDP increased at an annual rate of 2.5% in the fourth quarter, down from 2.6% in the first estimate and down from 3.2% in the third quarter of 2017.
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