Bankrate.com, Sept. 15, 2020–Peter G. Miller“I cannot make a single argument in support of the GSEs’ decision to impose a 50 basis point price increase on all refinances, effective Sept. …
Category: Top National News
Changes to the Qualified Mortgage Rule are Coming; Be Prepared
National Mortgage News, Sept. 15, 2020–Colgate Selden (subscription)With origination volumes skyrocketing due to historically low interest rates, it would be an understatement to say lenders have been preoccupied in 2020. …
Ex-Owner of Florida Mortgage Firm Freed After 9 Years of 30-Year Term for Massive Fraud
Associated Press, Sept. 15, 2020A judge on Tuesday ordered the release of Lee Farkas, 67, chairman of the now-defunct Florida-based mortgage company Taylor, Bean and Whitaker.https://www.orlandosentinel.com/news/crime/os-ne-financial-exec-serving-30-years-for-fraud-released-20200915-vq3hnfxkibeu7kcc45ssqqw4da-story.html
Why on Earth Haven’t 19 Million Homeowners Refinanced Their Mortgage Yet?
Bankrate.com, Sept. 14, 2020–Jeff OstrowskiWhy are so many homeowners still locked into above-market rates? “The same reason people don’t go to the dentist regularly even though they should – it’s …
Eviction Filings by Big Landlords Surged After Trump Issued Ban
Bloomberg, Sept. 14, 2020–PAtrick Clark, Prashant GopalBig landlords increased the number of eviction cases they filed after President Donald Trump announced his recent moratorium, signaling the struggle tenants face getting …
Servicers Intensify Retention Efforts as Rate of Success Declines
National Mortgage News, Sept. 14, 2020–Brad Finkelstein (subscription)Only 18% of refinance borrowers returned to the same lender in the second quarter, the second lowest rate since 2005, said Black Knight.https://www.nationalmortgagenews.com/news/servicers-intensify-retention-efforts-as-the-rate-of-success-declines
Regulators Prepare to Reprimand Citigroup for Failing to Improve Risk Systems
Wall Street Journal, Sept. 14, 2020–David Benoit, Ben Eisen (subscription)Federal regulators are preparing to reprimand Citigroup Inc. for failing to improve its risk-management systems—an expansive set of technology and procedures …
CMBS Delinquency Rate Down in August, But Ominous Conditions Remain
Asset Securitization Report, Sept. 10, 2020–Brad FinkelsteinFor the first time since the pandemic began, delinquencies among loans included in commercial mortgage-backed securities declined on a month-to-month basis, according to Fitch …
Broeksmit Talks Adverse Market Fee, Non-QM’s Future And More
National Mortgage Professional magazine, Sept. 10, 2020–Navi PersaudWednesday’s Mortgage Leadership Outlook episode featured MBA President and CEO Robert Broeksmit, CMB. He discussed the FHFA-MBA relationship, the adverse market fee and …
Did You See the Low Interest Rates? Mortgage Industry Booms as Home Sales, Refinances Skyrocket
Pittsburgh Post-Gazette, Sept. 9, 2020–Tim GrantThe mortgage industry was hot even before the COVID-19 pandemic hit in March. But in recent months, homeowners have been in a mad rush to …