The Lede

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Weekly Mortgage Applications Drop 3.3%, as Spring Housing Season Draws to a Close
CNBC, May 29, 2019--Diana OlickTotal mortgage application volume fell 3.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 15% higher than the same week one year ago, when interest rates were higher.
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Expect More Banks to Exit National Mortgage Lending
American Banker, May 29, 2019--Jon Prior (subscription)It's no secret the mortgage business has been tough lately, but bankers who have downsized in home lending say it's no fad--they (and others) predict the slim profits are here to stay and that more banks will follow their lead in scaling back.
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U.S. Banking Sector Reports $60.7 Billion in Profits for First Quarter of 2019
Reuters, May 29, 2019--Katanga JohnsonThe U.S. banking sector recorded $60.7 billion in profits in the first quarter of 2019, an increase in profit levels from the year prior, according to data from the Federal Deposit Insurance Corp.
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CFPB Settles with BSI Financial Services over Numerous Mortgage Servicing Issues
HousingWire, May 29, 2019--Ben LaneThe Consumer Financial Protection Bureau announced Wednesday an investigation into the business practices of BSI Financial Services found that the Texas-based mortgage servicer violated multiple federal laws over several years.
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New York Regulator to Investigate Exposure of Mortgage Documents
New York Times, May 29, 2019--Stacy CowleyA New York State financial regulator is investigating a security vulnerability at First American Financial Corp., a title insurance company, that exposed an estimated 885 million records related to mortgage deals.
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US Bank Sues BofA for Mortgage-Related Breach of Contract
Charlotte Business Journal (N.C.), May 29, 2019--Caroline HudsonThe complaint involves First Franklin Financial Corp., which was acquired by Merrill Lynch & Co. Inc. in 2006. BofA then acquired Merrill Lynch in 2008. According to court documents, First Franklin sold defective mortgages to a residential mortgage-backed securities trust in 2007, but failed to inform U.S. Bank, who is acting as trustee.
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Blackstone Starts Selling Out of Home-Rental Empire
Wall Street Journal, May 29, 2019--Ryan Dezember (subscription)The private-equity firm late Tuesday sold more than $1 billion of shares of Invitation Homes Inc., the giant single-family home landlord it launched following the financial crisis in a wager that many Americans would be willing to rent the suburban lifestyle they could no longer afford to own.
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FHFA to End Monthly Interest Rate Survey
National Mortgage Professional, May 29, 2019--Phil HallThe Federal Housing Finance Agency announced it will discontinue its Monthly Interest Rate Survey, with April's statistical update as its last. The agency explained that it was shutting down the survey "due to dwindling participation."
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Asked to Resign, Florida’s Top Banking Regulator Claims Corruption
American Banker, May 29, 2019--Kate Berry (subscription)Ronald Rubin, Florida's top banking regulator, was asked to resign Wednesday by the state's chief financial officer after a review of an Inspector General's report that detailed allegations of sexual harassment. Instead, Rubin is responding with allegations against the state CFO.
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