National Mortgage Professional, July 5, 2019–Phil HallAmong industries facing potential phishing attacks, the employees of the financial services industry are among the lowest risk to fall prey to this form of digital attack, according to a new report from the security company KnowBe4.
Category: Top National News
Indiana Man Sentenced to Seven Years for Foreclosure Fraud
National Mortgage News, July 5, 2019–Brad Finkelstein (subscription)Phillip Yoder pleaded guilty to charges of wire fraud, bank fraud, mail fraud and bankruptcy fraud. He was sentenced to serve 87 months on the first three counts, which were related to foreclosure fraud, while he received 60 months for the separate bankruptcy fraud charges; those sentences will be served concurrently.
New York Condo Conversions Near the End, a Casualty of Rent Reform
Wall Street Journal, July 8, 2019–Josh Barbanel, Will Parker (subscription)A longtime New York City practice that promoted homeownership, transformed neighborhoods and enriched thousands of middle-class renters is effectively over. It ended on June 14, when a New York state law to strengthen tenant protections went into effect.
After Months of Floods and Tornadoes, Midwest Officials Tally Billions in Damage
Wall Street Journal, July 4, 2019–Erin Ailworth (subscription)As the swollen Mississippi and Missouri rivers slowly recede, communities across the Midwest are starting to add up the damage and make plans for repairs with the help of federal aid.
Debt Collectors Wage Comeback
Wall Street Journal, July 5, 2019–Yuka Hayashi (subscription)Debt-collection lawsuits have increased in some state and municipal courts, following a decline during a regulatory tightening after the financial crisis. Debt purchases by collectors are also rising, according to data by large publicly traded debt-collection companies.
Could American ‘Heroes’ Help Reverse Credit Unions’ Mortgage Declines?
Credit Union Journal, July 4, 2019–Palash Ghosh, Aaron PassmanJust in time for the Fourth of July, a handful of credit unions are rolling out programs to honor the military, first responders and teachers, all while hopefully adding a little extra juice to their mortgage portfolios.
No Relief Yet for Lenders Where False Claims Enforcement is Concerned
National Mortgage News, July 2, 2019–Brad Finkelstein (subscription)Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.
Mortgage Bonds at Heart of Crisis Dwindle in Supply as New Breeds Take Root
MarketWatch, July 2, 2019–Joy WiltermuthMortgage bonds packed with crisis-era home loans have dwindled to just $431.5bn from their 2007 peak of more than $2.3 trillion as home foreclosures, borrower defaults and loan repayments have trickled through the system, according to Bank of America Merrill Lynch data.
Propriety Reverse Mortgage Products Could Eclipse FHA’s HECM Program in 2019
Forbes, July 2, 2019–Jamie HopkinsThe reverse mortgage market world heads in reverse away from the government created Home Equity Conversion Mortgage and towards new propriety products. This is an encouraging sign because any healthy market needs competition, innovation and variety.
Mortgage industry Calls for Servicing Regulation Uniformity in New York
National Mortgage News, July 1, 2019–Elina Tarkazikis (subscription)In a joint letter to New York Department of Financial Services Superintendent Linda Lacewell, the Mortgage Bankers Association and New York Mortgage Bankers Association highlighted discrepancies in DFS’ suggested changes to 3 NYCRR 419, which covers business conduct rules for servicing mortgage loans.