Mortgage Daily, Oct. 26, 2018As home lenders and investors have recently been a little more relaxed about credit qualifications compared to just after the crisis, mortgage quality has weakened. Still, quality is better than before the crisis, said Moody’s Investors Service.
Category: Top National News
FCC Interpretation of Autodialer Under TCPA Threatening Industry: MBA
National Mortgage News, Oct. 25, 2018–Elina Tarkazikis (subscription)Protecting consumers from intrusive cold calls and fax-spamming is having adverse effects on the mortgage industry as the Federal Communications Commission fails to reasonably interpret language under the Telephone Consumer Protection Act, according to the Mortgage Bankers Association.
OCC Sued Again Over Non-Bank Regulation
Mortgage Daily, Oct. 25, 2018A second lawsuit has been filed against the Office of the Comptroller of the Currency alleging that a new OCC charter for non-banks violates federal laws and procedures. But the OCC is confident in its authority.
How Student Loan Debt Hurts Millennial Buyers
The Mortgage Reports, Oct. 24, 2018–Aly J. YaleIt’s no secret that crippling student loan debt keeps many Millennials from buying a home. But according to new data, Millennials with student loan debt aren’t just less likely to own a home. When they do buy? They face more expensive mortgage loans and lower home values, too.
Fed Board to Consider Proposed Revamp of Big-Bank Supervision
American Banker, Oct. 24, 2018–Hannah Lang (subscription)The Federal Reserve Board will release a proposed framework next week on how it will supervise large banks following enactment of a recent law that provided some institutions with regulatory relief.
Stuck in Neutral: CMBS Issuance Stalls Amid Stiff Competition
National Real Estate Investor, Oct. 24, 2018–Beth Mattson-TeigCommercial mortgage-backed securities lenders are working harder to retain market share in a highly competitive sector where the overall pie for conduit lending doesn’t appear to be getting any bigger.
‘Unbanked’ in U.S. Hits Lowest Level Since Financial Crisis
‘Reuters, Oct. 23, 2018–Pete SchroederIn 2017, just 6.5 percent of 129.3 million U.S. households were considered “unbanked,” according to new data from the Federal Deposit Insurance Corp. That rate, which represents about 8.4 million U.S. households, is half a percentage point lower than when the survey was last conducted in 2015, and the lowest level recorded since the survey began in 2009.
Three Big States Account for Nearly a Third of Complaints to CFPB
American Banker, Oct. 23, 2018–Hannah Lang (subscription)More than 30% of the customer complaints lodged about a financial institution and submitted to the Consumer Financial Protection Bureau January 2017 through June 2018 originated in one of three states: California, Florida and Texas.
Mortgage Firms Spend Less than Others on Fraud, But Costs Still Add Up
National Mortgage News, Oct. 23, 2018–Bonnie Sinnock (subscription)Bigger digital mortgage firms are paying $3.27 for every $1 of fraud, while other digital creditors in the same size range are paying $3.47, according to LexisNexis Risk Solutions’ 2018 True Cost of Fraud report.
CoreLogic to Buy Out Symbility Solutions
HousingWire, Oct. 23, 2018–Jeremiah JensenCoreLogic is buying Symbility Solutions, a subscription and cloud-based property insurance claims workflow company.