American Banker, July 25, 2019–Neil Haggerty (subscription)House lawmakers are considering legislation to expand the data included in credit reports, despite warnings that certain types of alternative credit data items could hurt consumers.
Category: Top National News
FHA Temporarily Pulls Plug on Loan Review System Due to ‘Errors and Data Loss’
HousingWire, July 25, 2019–Ben LaneThe Federal Housing Administration’s system for quality control on the loans it backs is currently offline after weeks of issues led to the inadvertent deletion of an unknown amount of data and documents.
NY AG Sues Ditech Over Bankruptcy Filing
National Mortgage Professional, July 23, 2019–Phil HallNew York Attorney General Letitia James has filed a brief in the U.S. Bankruptcy Court for the Southern District of New York seeking to prevent the bankruptcy filing by Ditech Holding Corp.
MGIC Earnings Beat Foreshadows Positive Results for Other MIs
National Mortgage News, July 23, 2019–Brad Finkelstein (subscription)MGIC Investment Corp.’s second-quarter earnings coming in higher than expected can be seen as a positive for the other private mortgage insurers.
Equifax Hasn’t Heard the Last from Congress about Data Breach
National Mortgage News, July 22, 2019–Neil Haggerty (subscription)Despite having to cough up over half a billion dollars in a settlement with federal and state authorities, Equifax is likely not done answering to Congress for its 2017 data breach.
ARM, HELOC Mortgage Borrowers Could Get a Break if Fed Lowers Rates
Bankrate.com, July 22, 2019–Natalie CampisiSome borrowers might see lower monthly payments come the end of July if the Federal Reserve lowers interest rates.
Homeowners Refuse to Tap into Massive Equity. Is that a Mistake?
The Mortgage Reports, July 19, 2019–Erik J. MartinA strong housing market and rising home prices have contributed to higher rates of home equity. And home equity can be tapped via a home equity loan, home equity line of credit, or cash-out refi. But new research shows that, while owners are flush with equity, they aren’t tapping it as often as they did in the past. Most are choosing to continue building wealth and not borrow against what they’ve earned.
Bank of America Claims Ditech’s Sale of RMS ‘Threatens to Abandon’ Elderly Reverse Mortgage Borrowers
HousingWire, July 19, 2019–Jessica GuerinBank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary Reverse Mortgage Solutions, filed a motion in court Thursday objecting to the deal as it currently stands, claiming that it “threatens to abandon the thousands of elderly borrowers” whose reverse mortgages are being serviced by RMS.
FHFA’s Calabria: No Trump GSE Plan Until August or September
National Mortgage News, July 18, 2019–Hannah Lang (subscription)Federal Housing Finance Agency Director Mark Calabria now expects the report that will lay out the administration’s goals for releasing Fannie Mae and Freddie Mac from conservatorship to be published in August or September, he said.
Here’s Why FHA’s Recent Moves to Cut Insurance Premiums Won’t Boost Its Market Share
HousingWire, July 18, 2019–Jessica GuerinWhile the push for greater financial literacy is a worthy cause, it’s unlikely to boost FHA’s share of the mortgage market, Capital Economics said in a recent report, calling the premium cuts “too small to halt the downward trend in the FHA market share.”