HousingWire, Dec. 7, 2020–Alex RohaMr. Cooper, the nation’s largest nonbank servicer of mortgage loans, will refund customers nearly $90 million and pay a civil penalty of more than $6.5 million …
Category: Top National News
Why is Fannie Mae Abandoning a Practice that Shields it from Risk?
American Banker, Dec 3, 2020–Hannah Lang (subscription)Fannie MAe hasn’t completed any credit risk transfers to private investors since the second quarter. Some experts worry the decision — likely spurred by …
Fannie and Freddie Need ‘Significant Capital’ to Leave Conservatorship, Mnuchin Says
HousingWire, Dec. 3, 2020–Kelsey RamirezIn a hearing before the House Financial Services Committee, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae …
Average IMB Made over $5,500 in Profit Per Loan in Q3
HousingWire, Dec. 3, 2020–James KleimannIndependent mortgage banks and mortgage subsidiaries of chartered banks saw an average net gain of $5,535 on each loan they originated in the third quarter of …
Delinquent Homeowners in Neighborhoods of Color Are Less Likely to Be Protected by Forbearance
Urban Institute, Dec. 2, 2020–Michael Neal, Caitlin YoungBorrowers who are delinquent but not in forbearance are “unprotected homeowners,” and large share of them live in predominantly Black and Hispanic neighborhoods.https://www.urban.org/urban-wire/delinquent-homeowners-neighborhoods-color-are-less-likely-be-protected-forbearance
Mortgage Refinancing Wave is Not Letting Up, to Investors’ Chagrin
Bloomberg, Dec. 2, 2020–Christopher MaloneyMortgage investors will carry unpleasant memories of this year’s surging prepayment speeds, yet as the calendar flips there appears little chance of near-term relief. While this …
The Covid Pandemic Could Cut Business Travel by 36%—Permanently
Wall Street Journal, Dec. 1, 2020–Scott McCartney (subscription)Even if Covid-19 vaccines become widespread, business travel is likely to be changed by the pandemic. Travel budgets have been slashed and some …
A New Mortgage Refinancing Fee Begins Today. Here’s What You Should Know
Forbes, Dec. 1, 2020–Natalie CampisiAlthough the 0.5% fee, known as the “adverse market refinance fee,” will be added to any new refinanced mortgages completed beginning [Dec. 1], some borrowers who …
CFPB Gives Go-Ahead to Firms Seeking Advisory Opinions
National Mortgage News, Nov. 30, 2020–Neil Haggerty (subscription)The agency finalized a policy allowing companies to submit formal requests for clarification on a regulatory issue. The bureau said it will publish …
Why VA Loans May be the Best Pathway to Homeownership for Veterans
Washington Post, Dec. 1, 2020–Michele LernerDespite about 8 in 10 VA buyers purchase with $0 down, VA loans have had the lowest foreclosure rate on the market for most of …