American Banker, Mar. 3, 2019–Victoria Finkle (subscription)The data breach at Equifax and Facebook’s scandals have made data privacy a big issue to state and federal lawmakers. Here’s why banks need to be worried.
Category: Top National News
New Study Shows Financial Potholes in House Flipping
National Mortgage Professional, Mar. 1, 2019–Phil HallJust because house flipping looks like fun on HGTV doesn’t mean the actual process is a breezy escapade. According to a new study from Porch.com, would-be flippers often flop when it comes to strategy planning.
MBA Servicing: Mortgage Borrowers are Now Your Biggest Asset
HousingWire, Feb. 28, 2019–Sarah WheelerDuring the MBA’s National Mortgage Servicing conference this week in Orlando, it was evident that in the current environment servicers are using the relative calm to take stock of their operations, train staff, shore up compliance and invest in technology.
GSE Reform Proposals have Small Lenders on Edge
National Mortgage News, Feb. 28, 2019–Hannah Lang (subscription)As lawmakers shop plans to overhaul the housing finance system, small lenders are still skeptical that any of the various legislative proposals will work for them.
Fannie Mae Escapes Lawsuit over Foreclosure Misreporting
Reuters, Feb. 28, 2019–Dena AubinA federal judge in San Francisco has ruled in favor of housing finance giant Fannie Mae in a 2017 lawsuit accusing it of falsely reporting that thousands of consumers’ homes had been foreclosed on.
Industry Sees Benefits From CFPB Sandbox
Inside Mortgage Finance, Feb. 27, 2019 (subscription)The mortgage industry would likely benefit from the Consumer Financial Protection Bureau’s proposed new policy on its no-action letter and sandbox program,analysts said. (MBA mention)
Servicers Not Providing Enough ‘Wow Factor’ to Keep Borrowers Loyal
National Mortgage News, Feb. 27, 2019–Elina Tarkazikis (subscription)Mortgage servicers are not doing enough to keep borrowers loyal when it comes to the next loan. Only 17% of borrowers will use their same servicer to originate or refinance a mortgage loan, according to the Mortgage Bankers Association.
How Chairman Crapo’s Outline for Housing Finance Reform Can Work
Urban Institute, Feb 27, 2019–Jim Parrott, Dave Stevens, Mark M. ZandiThe authors (including former MBA President and CEO) analyze Senate Banking Committee Chairman Mike Crapo, R-Idaho’s outline for housing finance reform.
Ocwen Reports $70.8M Loss for 2018
The Mortgage Leader, Feb 27, 2019Ocwen Financial Corp. reported a net loss of $70.8 million, or $0.53 per share, for the full year 2018 compared to a net loss of $128 million, or $1.01 per share, for the full year of 2017, a $57.2 million improvement.
MBA Servicing: What Does the Future of Mortgage Servicing Look Like?
HousingWire, Feb. 26, 2019–Sarah WheelerSo what does that future look like? More M&A, more tech investment and, if you’ve got a really long lens, more standardization.