MarketWatch, Oct. 30, 2022–Aarthi SwaminathanIn mid-October, a federal appeals court said that the Consumer Financial Protection Bureau, a financial watchdog agency, was unconstitutional due to its funding. And “that could …
Category: Top National News
A Court Just Ruled that CFPB’s Funding is Unconstitutional, and that Could be ‘Catastrophic’ for Mortgage Market
CNBC, Oct. 28, 2022–Stephanie Dhue“We do like to settle rules that give us some safe harbors for the way that we make mortgages and we don’t want that to all …
Finance of America Casualties, Branches Rescued by California Lender
National Mortgage News, Oct. 28, 2022–Maria Volkova (subscription)California-based American Pacific Mortgage scooped up close to half of Finance of America’s recently laid off employees and about 40 of its offices, …
Redwood Limiting Acquisitions of Jumbo Mortgages
Inside Mortgage Finance, Oct. 28, 2022–Brandon IveyWith demand for jumbo mortgage-backed securities exceptionally weak, officials at Redwood Trust said this week that the real estate investment trust “intentionally maintained light …
Lenders Must Avoid ‘Dark Pattern’ Practices, Legal Experts Say
National Mortgage News, Oct. 27, 2022–Andrew Martinez (subscription)David Shirk, a mortgage banking lawyer and managing member of Washington, D.C.-based Shirk Law. PLLC. Shirk and Tom Clerici, chief technology officer at …
White House Reports Its Progress on Housing Supply Action Plan
GlobeSt.com, Oct. 27, 2022–Paul BergeronThe White House is putting its money where its mouth is when it comes to creating greater housing affordability.https://www.globest.com/2022/10/27/white-house-reports-its-progress-on-housing-supply-action-plan/?
Mr. Cooper’s Q3 Reports $113M in Q3 Profits Buoyed by Servicing Earnings
HousingWire, Oct. 26, 2022–Connie KimNonbank mortgage lender and servicer Mr. Cooper Group reported a net income of $113 million in the third quarter thanks to servicing earnings shining through in …
With Homes Costing 55% More Today than a year Ago, This Type of Mortgage Is Increasingly Attractive…
Yahoo!Finance, Oct. 26, 2022–Lauren BirdAccording to Redfin, 85% of people who have a locked-in rate below the current rate are holding back from the housing market. And deals are falling …
What the FHFA Credit Score Change Could Mean for the Industry
National Mortgage News, Oct. 26, 2022–Bonnie Sinnock (subscription)Mortgage experts generally expect government-related investors’ plan to replace FICO’s “classic” score with newer ones — and more flexible credit reporting — could …
Smaller Shops Want FHFA’s Help on Tech Fees
Inside Mortgage Finance, Oct. 26, 2022–Brandon IveyCommunity lenders want the Federal Housing Finance Agency to step in and prohibit certain fees technology vendors are charging residential originators.https://www.insidemortgagefinance.com/articles/226060-smaller-shops-want-fhfas-help-on-tech-fees?v=preview