National Mortgage News, May 21, 2019–Brad FinkelsteinThe era of plentiful refinance volume is over for the foreseeable future, the result of mortgage rates remaining in a very narrow band for the past decade, said Mortgage Bankers Association Chief Economist Mike Fratantoni.(free content)
Category: Top National News
How Acting Ginnie Mae Chief is Trying to Get to the Bottom of VA Refis
National Mortgage News, May 21, 2019–Bonnie Sinnock (subscription)Soon after acting Ginnie Mae Acting President Maren Kasper took the helm of the agency in January, she and other officials decided to step up efforts to address the issue of faster prepayments for loans backed by the Department of Veterans Affairs.
Fannie, Freddie Need Strong Capital Position to Exit Conservatorship: FHFA Chief
National Mortgage News, May 14, 2019–Hannah Lang (subscription)In his first public policy discussion as director of the Federal Housing Finance Agency, Mark Calabria stressed that a strong capital position will determine the future for Fannie Mae and Freddie Mac, eventually helping to lead them out of conservatorship.
Mortgage Borrowers Win Protection in Ditech Bankruptcy; Ditech Fights Back
HousingWire, May 14, 2019–Jessica GuerinThe long and winding saga of Ditech’s bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. But not long after the petition was granted, Ditech filed a motion objecting to such a committee, asking that it be disbanded or, alternatively, that the scope of its involvement be limited.
Gap Between Democrats, GOP on Bank Regulation Wide as Ever
American Banker, May 15, 2019–Neil Haggerty (subscription)Nearly nine years after the passage of the Dodd-Frank Act, Republican and Democratic lawmakers still live in alternative universes when it comes to financial regulatory policy.
Rise in Hurricane Recovery Times Could Strain Mortgage Servicers
National Mortgage News, May 15, 2019–Brad Finkelstein (subscription)The potential for longer homeowner recovery times from hurricanes could hurt mortgage companies that need to advance funds to investors from missed payments.
U.S. Poised to Let Phone Companies Block Robocalls
Wall Street Journal, May 15, 2019–Ryan Tracy, Sarah Krouse (subscription)Responding to widespread consumer complaints, the Federal Communications Commission says it will take steps to give phone companies permission to block unwanted robocalls.
Wells Fargo Moves Closer to Recouping Some Losses Tied to Scandal
American Banker, May 16, 2019–Kevin Wack (subscription)A federal judge has given preliminary approval to the proposed $240 million settlement of a lawsuit in which Wells Fargo stands to recover for financial losses the bank incurred as a result of its phony-accounts scandal.
‘Absolutely Devastating’ to Small Lenders: Lawmakers Lay into CECL
National Mortgage News, May 16, 2019–Neil Haggerty (subscription)At a hearing with banking regulatory chiefs Thursday, criticism by members of the House Financial Services Committee about the Financial Accounting Standards Board’s Current Expected Credit Loss standard ranged from calling for a delay in its implementation to suggesting legislation that would stop the new standard from taking effect.
MBA’s Broeksmit Seeks Increased Action on Housing Policy Changes
National Mortgage Professional, May 20, 2019–Phil HallBob Broeksmit, president and CEO of the Mortgage Bankers Association, challenged both Congress and federal regulators to ratchet up efforts in enacting sweeping new housing policy changes.