Forbes, Apr 4, 2019–Douglas MerrillThe survey found that over the next two years, the use of these technologies in the mortgage industry is going to boom. And that will be a good thing for borrowers and the market.
Category: Top National News
FHFA’s Otting Authorizes GSE Affordable Housing Payments
National Mortgage News, Apr. 3, 2019–Hannah Lang (subscription)Acting Federal Housing Finance Agency Director Joseph Otting has authorized Fannie Mae and Freddie Mac to contribute to the National Housing Trust Fund and Capital Magnet Fund, ending a delay in transferring funds that worried affordable housing advocates.
Warren Doubles Down on Ending ‘Too Big to Jail’
American Banker, Apr. 3, 2019–Hannah Lang (subscription)Sen. Elizabeth Warren, D-Mass., introduced legislation Wednesday that would require executives of large corporations to serve jail time when their companies commit crimes, including for violations of civil law.
OCC Taps New Head of Large Bank Supervision
HousingWire, Apr. 2, 2019–Jessica GuerinThe Office of the Comptroller of the Currency said Maryann Kennedy will oversee the nearly 800 staff members who supervise the nation’s largest banks and federal branches and agencies, which hold more than $10 trillion in total consolidated assets.
Income Application Fraud Risk to Rise in Buying Season: First American
National Mortgage News, Mar. 29, 2019–Brad Finkelstein (subscription)Income-related mortgage application fraud risk holds potential to increase among rising buyer competition during the peak spring season, First American said.
Ocwen Settles with Masssachusetts over Alleged ‘Widespread’ Mortgage Servicing Issues
HousingWire, Mar. 29, 2019–Ben LaneThe settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017. The lawsuit came on the heels of a sweeping round of sanctions placed on Ocwen by more than 30 other states over alleged escrow and other mortgage servicing issues.
Housing Industry Responds to Trump’s Calls for Housing Finance Reform
HousingWire, Mar. 28, 2019The Mortgage Bankers Association commended President Trump for championing change that would foster competition in real estate finance and protect taxpayers.”We are heartened the memorandum recognizes the GSEs should be released from conservatorship only after specified reforms, and that it insists on other core principles such as preserving the 30-year fixed-rate mortgage and leveling the playing field for lenders of all sizes,” said MBA President and CEO Robert Broeksmit.
Mortgage Bond Market on Edge After a Spike in Home Refinancings
Bloomberg, Mar. 28, 2019–Christopher MaloneyA spike in home loan refinancing, falling mortgage rates and newer collateral sporting prepayment red flags have increased prepayment concerns among mortgage-backed securities investors. (MBA mention)
GSE Capital Rule Expected This Summer: FHFA’s Otting
National Mortgage News, Mar. 28, 2019–Hannah Lang, Rachel Witkowski (subscription)The Federal Housing Finance Agency is planning to finalize its proposed capital requirements for the government-sponsored enterprises this summer, according to acting Director Joseph Otting.
Trump Asks HUD to Address Financial Viability of Reverse Mortgage Program
HousingWire, Mar. 28, 2019–Jessica GuerinPresident Trump’s memorandum directs HUD Secretary Ben Carson and his team to develop a legislative reform plan that achieves the agency’s objective to maintain the financial soundness of the reverse mortgage program.