National Mortgage News, Feb. 26, 2019–Brad Finkelstein (subscription)Being too dependent on the automated underwriting tools created by the government-sponsored enterprises to originate loans underlying private-label mortgage-backed securitizations could negatively affect their credit quality, Moody’s said.
Category: Top National News
Altisource Takes Losses as it Realigns Its Business, Reduces Ocwen Ties
National Mortgage News, Feb. 26, 2019–Bonnie Sinnock (subscription)Altisource Portfolio Solutions recorded multimillion-dollar net losses in the fourth quarter and the full year for 2018, due to the reduction of the Ocwen Financial servicing portfolio and other repositioning activities.
More Americans are Paying Mortgages on Time
Miami Herald, Feb. 25, 2019–Kenneth R. HarneySo here’s the good news: The national delinquency rate on home loans hit the lowest level it’s been in 18 years as of the final quarter of 2018, according to data compiled by the Mortgage Bankers Association.
House Banking Panel to Examine Wells Fargo, CFPB in March
National Mortgage News, Feb. 25, 2019–Hannah Lang (subscription)The House Financial Services Committee will hold eight hearings in March to examine issues ranging from oversight of Wells Fargo to the allocation of disaster recovery funds, Chairwoman Maxine Waters, D-Calif., announced Monday.
Why Bubble-Era Home Mortgages are a Disaster Waiting to Happen
MarketWatch, Feb. 25, 2019–Keith JurowRemember all those sub-prime mortgages that blew up in 2007 and popped the housing bubble? The truth is these mortgages are still dangerous and could soon undermine the housing recovery.
Addressing the Outcomes of Nonjudicial Foreclosure
DS News, Feb. 21, 2019–Donna JosephOn Wednesday, the Legal League 100 held a webinar that explored the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and the impact of these outcomes on both the mortgage industry and the legal professionals supporting it. (MBA mention)
Senate Panel Sets Vote on Calabria Nomination for FHFA
American Banker, Feb. 21, 2019–Neil Haggerty (subscription)The Senate Banking Committee will vote Tuesday on Mark Calabria’s nomination to succeed Mel Watt as director of the Federal Housing Finance Agency.
Through Acquisition, M&T Bank Expands Mortgage Servicing Business
Buffalo Business First, Feb. 21, 2019–Alissa KlineAccording to a regulatory filing, the Buffalo-based lender agreed to pay $146 million for the right to service a residential mortgage loan portfolio with an outstanding balance of $13.3 billion.
New Loan Allows 85% Cash Out with Less Documentation
Orange County Register, Feb. 21, 2019–Jeff LazersonSelf-employed borrowers now can qualify more easily for second fixed-rate loans.
Why Kraninger’s CFPB is Mandating Fewer Consumer Refunds
American Banker, Feb. 20, 2019–Kate Berry (subscription)The Consumer Financial Protection Bureau appears to have shifted away from requiring financial institutions to refund customers in response to enforcement actions.