The Lede

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Lenders Share Their Underwriting Secrets With Credit Karma
Wall Street Journal, Oct. 22, 2018--Peter Rudegeair, AnnaMaria Andriotis (subscription)Some of the biggest U.S. lenders, eager to bring in more borrowers and extend a yearslong expansion in consumer credit, are handing over the keys to their loan-approval process to personal-finance portal Credit Karma Inc.
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Quicken Pushes Servicing Portfolio Past $300 Bil
Mortgage Daily, Oct. 22, 2018For the first time since it began reporting mortgage servicing data six years ago, Quicken Loans Inc. has pushed the servicing portfolio past $300 billion.
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To Boost Credit Scores, FICO, Experian, Finicity Want Bank Data
National Mortgage News, Oct. 22, 2018--Bonnie Sinnock (subscription)In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.
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Trump Administration Unveils New Rules for Opportunity Zones
HousingWire, Oct. 22, 2018--Ben LaneAiming to answer some of the lingering questions surrounding Opportunity Zones, the Department of the Treasury unveiled a number of new rules and regulations designed to provide clarity to investors on the tax implications of investing in the newly designated areas.
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Mortgage Earnings Fall at BBT, Originations Ease
Mortgage Daily, Oct. 23, 2018As home-lending volume slowed at BB&T Corp., mortgage earnings tumbled. But the financial institution grew both its mortgage investments and servicing portfolio.
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Bank of America, Broker Back Revival of Subprime Mortgage Market
UPI, Oct. 22, 2018--Daniel UriaSpecifically, the groups are offering the loans to buyers with poor or rehabbing credit, which was one of the issues that contributed to the last meltdown -- buyers who couldn't afford the mortgages they had. Bank of America and NACA, though, say they have a vetting system in place to help prospective home buyers who shouldn't be excluded by credit score alone.
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FHA Takes Steps to Relieve Balance Sheet Stress for Reverse Mortgage Issuers
HousingWire, Oct. 22, 2018--Jessica GuerinIn a mortgagee letter, FHA updated guidelines for servicers when submitting a HECM to HUD for assignment, which is done when the loan reaches a maximum claim amount of 98%.
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Volcker 2.0 Unites Banks and their Critics in Opposition
American Banker, Oct. 22, 2018--Hannah Lang (subscription)The industry has eagerly awaited revisions to the Volcker Rule, but so far regulators' proposal to simplify the compliance process is getting panned both by critics of the proprietary trading ban and by its most ardent supporters. (MBA mention)
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Florida Home Sales Bounce Back From Irma’s Impact
National Mortgage Professional, Oct. 22, 2018--Phil HallIn the year since Hurricane Irma struck Florida, the Sunshine State's housing market has bounced back with gusto, according to data from Florida Realtors.
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