The Lede

Washington Post, May 16, 2019--Kathy OrtonA volatile week in the financial markets had little effect on mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dipped to 4.07 percent with an average 0.5 point. (MBA mention)

New York Times, May 16, 2019--Emily FlitterWhen Craig S. Phillips, a veteran Wall Street mortgage trader, agreed to join the Treasury Department as a top aide to Secretary Steven Mnuchin in 2017, his mandate was to overhaul the way that American home loans are guaranteed and then traded by the federal government. More than two years later, with that ambitious agenda far from fruition, Mr. Phillips is returning to the private sector.

American Banker, May 16, 2019--Ken McCarthy (subscription)Meridian Corp. in Malvern, Pa., disclosed that it originated loans in a neighboring state where it lacked a license. As a result, the $1 billion-asset parent of Meridian Bank might have breached sales agreements for $98 million in loans dating back to 2012.

Wall Street Journal, May 16, 2019--Katherine Clarke (subscription)New players are challenging iBuying companies that have yet to capture the luxury market.

National Mortgage News, May 16, 2019--Elina Tarkazikis (subscription)Mortgage activity plunged before the start of the year, but subprime originations dropped the least, according to TransUnion. Despite dwindling volume, borrower delinquency rates hit historic lows in the first quarter.

American Banker, May 16, 2019--Kevin Wack (subscription)A federal judge has given preliminary approval to the proposed $240 million settlement of a lawsuit in which Wells Fargo stands to recover for financial losses the bank incurred as a result of its phony-accounts scandal.

National Mortgage News, May 16, 2019--Neil Haggerty (subscription)At a hearing with banking regulatory chiefs Thursday, criticism by members of the House Financial Services Committee about the Financial Accounting Standards Board's Current Expected Credit Loss standard ranged from calling for a delay in its implementation to suggesting legislation that would stop the new standard from taking effect.

HousingWire, May 15, 2019--Jessica GuerinOpen said the deal will add new markets to its footprint by bringing with it offices in Iowa, Montana, South Dakota and Wyoming, which will begin to operate as branches of Open within the year.