Category: Top National News

National Mortgage News, Sept. 6, 2019–Brad Finkelstein (subscription)A federal judge in Florida dismissed the Consumer Financial Protection Bureau’s lawsuit against Ocwen Financial Services, stating the agency improperly asserted an excessive number of claims without specifying the particular count to which they applied.

National Mortgage News, Sept. 5, 2019–Hannah Lang (free article)The Treasury Department made clear in a much-anticipated report that its ultimate preference is for Congress to take up reform of the government-sponsored enterprises. That legislation would include an explicit government guarantee, and a new Ginnie-provided backstop for guarantors competing on par with Fannie Mae and Freddie Mac.

American Banker, Sept. 5, 2019–Brendan Pedersen (subscription)The nation’s 5,303 FDIC-insured institutions earned net income of $62.6 billion, an increase of 4.1% from the same time in 2018 and another record $139 billion. The FDIC also attributed higher profits to growth in realized securities gains.

American Banker, Sept. 6, 2019–Hannah Lang (subscription)The Trump administration’s report on the nation’s housing finance system raised the goal posts for ending the conservatorships of Fannie Mae and Freddie Mac, but how officials get there is still highly uncertain.

Mortgage Professional America, Sept. 4, 2019–Steve RandallThe Mortgage Bankers Association’s 2019 Home Equity Lending Study reveals that closed-end Home Equity loans are set for gains this year and next while open-ended HELOCs will decline this year before rising in 2020.

National Mortgage News, Sept. 4, 2019–Bonnie Sinnock (subscription)Syracuse Securities Inc., a family-run lender and servicer in New York, is planning to wind down and transfer its outstanding pipeline to Premium Mortgage Corp.

WTOP (Washington, D.C.), Sept. 3, 2019–Jeff Clabaugh”On average, the industry is taking anywhere from 40 to 60 days for an application to close,” said Joel Kan of the Mortgage Bankers Association. “Our estimate is for high volume to close in the third quarter with some of that being pushed into the fourth quarter just because of the high volume of applications we’re seeing come in right now.”

American Banker, Sept. 3, 2019–Penny Crosman (subscription)A year ago, the three major credit bureaus – Equifax, Experian and TransUnion – stopped including public information about unpaid taxes and court debts in consumers’ credit reports. A year later, some say the absence of this data is contributing to poor lending decisions.

MReport, Sept. 1, 2019–Brian O’ReillyWhile the public debate has often envisioned and emphasized the need for legislative action, that avenue has been, and continues to be, an uphill battle in an unprecedented partisan political landscape. Still, stable growth in the housing market, strong employment, and the potential for rising interest rates point to the increasing need to establish a “new normal” for housing finance. (MBA mention)

MReport, Aug. 30, 2019–Seth WelbornMortgage debt is at an all time high as home prices rise to record levels, according to a report from HowMuch.net.