Washington Post, Dec. 4, 2018–Kate RabinowitzUnder the Trump administration, the Consumer Financial Protection Bureau has seen its role diminished.
Category: Top National News
Chinese Dumped $1 Billion of U.S. Real Estate in Third Quarter, Extending Recent Retreat
Wall Street Journal, Dec. 4, 2018–Esther Fung (subscription)Chinese investors offloaded more than $1 billion in U.S. real estate in the third quarter, extending their recent retreat from hotels, office buildings and other foreign property under pressure from Beijing to reduce debt and curb money sent abroad.
New York Foreclosure Firm Admits to Cheating Fannie Mae, VA Out of Millions
HousingWire, Dec. 4, 2018–Ben LaneThe U.S. Attorney’s Office for the Southern District of New York announced Tuesday that it reached a settlement with Rosicki, Rosicki & Associates, in which the law firm admitted to using its wholly owned affiliates, Enterprise Process Service and Paramount Land, to overcharge Fannie Mae and the VA for foreclosure and eviction-related expenses.
National Template
National Mortgage News, Dec. 3, 2018–Bonnie Sinnock (subscription)Private-label residential mortgage-backed securitization is approaching a post-crisis peak, according to Kroll Bond Rating Agency.
Mortgage Lender Profits Reach New Low for Q3
HousingWire, Dec. 3, 2018–Kelsey RamirezLenders reported a lower net production income in the third quarter this year, down from the previous quarter and the previous year and reaching a new low for the third quarter, the Mortgage Bankers Association reported.
Waters Likely to Raise Affordable Housing’s Profile in GSE Debate
American Banker, Dec. 3, 2018–Hannah Lang (subscription)One particular difference between a House Financial Services Committee likely led by Rep. Maxine Waters, D-Calif., and her GOP predecessor could be a newfound focus on affordable housing issues.
NFIP Gets Seven-Day Extension
National Mortgage Professional, Nov. 30, 2018–Phil HallCongress passed a seven-day extension of the National Flood Insurance Program, hours before its scheduled expiration.
FHA Automates Reverse Mortgage Second-Appraisal Process
HousingWire, Nov. 30, 2018–Jessica GuerinHECM lenders can enter their loan data into FHA Connection and receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.
MBA Reports Net Gain Per Loan Drops
The Mortgage Leader, Nov. 29, 2018Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $480 on each loan they originated in the third quarter, down from a reported gain of $580 per loan in the second quarter, according to the Quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association.
Natural Disasters Hasten Housing Market Slowdown
HousingWire, Nov. 29, 2018–Alcynna LloydMortgage Bankers Association Chief Economist Mike Fratantoni cites California’s recent wildfires as cause for concern. “The hurricanes in the South and wildfires in the West likely impacted both month’s numbers and continue to cloud the picture of the housing market’s overall strength,” Fratantoni said.