Category: Top National News

Scotsman Guide, Nov. 15, 2018–Victor WhitmanChanges are likely to come soon that will make it harder for prospective borrowers to obtain Federal Housing Administration loans. Mortgage Bankers Association President Robert Broeksmit said HUD’s scrutiny of FHA’s credit standards was “prudent.”

American Banker, Nov. 15, 2018–Neil Haggerty, Kate Berry (subscription)Senate Majority Leader Mitch McConnell filed a motion that could bring the administration’s choice for Consumer Financial Protection Bureau director , Kathy Kraninger, up for a vote before the full Senate later this month.

HousingWire, Nov. 15, 2018–Ben LaneWells Fargo announced Thursday it is eliminating 1,000 positions nationwide in its Consumer Lending and Payments, Virtual Solutions and Innovations groups.Of those, 900 cuts will be in the company’s home lending division.

National Mortgage News, Nov. 15, 2018–Brad Finkelstein (subscription)Fannie Mae completed 10 traditional and front-end credit risk insurance transactions during 2018 sharing $2.6 billion of risk, including $192 million in its final deal of the year.

San Bernardino Sun (Calif.), Nov. 15, 2018–Jeff LazersonServicers are authorized to suspend or reduce homeowner’s mortgage payments for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster.

NPR, Nov. 15, 2018–Jim ZarroliWith Democrats assuming control of the House in January, Rep. Maxine Waters, D-Calif., is about to become more visible than ever before, with the power to slow down an important part of Trump’s agenda and even shine a light on his company’s finances. “Waters is a skilled legislator, and she has devoted considerable energy to issues affecting the mortgage industry, such as affordable housing, and we look forward to continuing to work with her,” says Robert Broeksmit, president of the Mortgage Bankers Association.

HousingWire, Nov. 13, 2018–Alcynna LloydOn Tuesday, Amazon finally announced it selected Long Island City, N.Y., and Crystal City in Arlington County, Va., as the split locations for its HQ2, and data suggests that the real estate markets in these areas saw a surge of interest when speculation of their selection first arose last week.

Wall Street Journal, Nov. 14, 2018–Richard Rubin, Ruth Simon (subscription)Wealthy investors, fund managers and real-estate developers are racing to take advantage of a tax incentive meant to spur economic growth in neglected areas.

National Mortgage Professional, Nov. 13, 2018–Phil HallA new data analysis from CoreLogic determined 48,390 homes with a total reconstruction cost value of $18 billion are at high or extreme risk of wildfire damage from ongoing fires in California.

Wall Street Journal, Nov. 9, 2018–Lalita Clozel (subscription)The Federal Reserve plans to broaden its proposal to ease stress tests for the nation’s largest banks with changes that could reduce the chance they fail the annual assessments.