Mortgage Professional America, Dec. 8, 2020–Candyd MendozaQ3 was a banner quarter for origination volumes. But mortgage servicers have lost the business of refinancing more than 80% of homeowners as they …
Category: Top National News
As Pandemic Lifelines Expire, Americans in Housing Free Fall
Reuters, Dec. 8, 2020–Michelle ConlinOvernight, an unprecedented bill of $70 billion in unpaid back rent and utilities will come due, according to estimates by Moody’s Analytics Chief Economist Mark Zandi. …
Mr. Cooper, U.S. Bank & PNC Settle Claims Regarding Bankrupt Borrowers
National Mortgage News, Dec. 7, 2020–Brad Finkelstein (subscription)On the same day that Mr. Cooper announced it settled allegations over its servicing practices, it and two other lenders reached a separate …
Millions of Americans Are Heading into the Holidays Unemployed and Over $5,000 Behind on Rent
Washington Post, Dec. 7, 2020–Heather Long Nearly 12 million renters will owe an average of $5,850 in back rent and utilities by January, Moody’s Analytics warns. Last month, 9 million …
Restaurant Closings Top 110,000 With Industry in ‘Free Fall’
Bloomberg, Dec. 7, 2020–Carolina GonzalezMore than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic. And more …
Waters Calls on Biden to Reverse Trump’s Deregulatory Actions
American Banker, Dec. 7, 2020–Neil Haggerty (subscription)House Financial Services Committee Chairwoman Maxine Waters, D-Calif., sent a 45-page letter to President-elect Joe Biden calling on him to “immediately reverse” deregulatory actions …
Mr. Cooper Settles $90M Lawsuit Over Illegal Foreclosures
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 …
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 …