Category: Top National News

Wall Street Journal, Oct. 18, 2018–Yuka Hayashi (subscription)The Consumer Financial Protection Bureau has asked an independent government watchdog to investigate past racial remarks made by Eric Blankenstein, its top enforcement official. CFPB acting Director Mick Mulvaney has sent an investigation request to the inspector general’s office for the Federal Reserve and CFPB.

DS News, Oct. 18, 2018–Radhika OjhaShort-term liquidity is a key factor in driving mortgage default, according to a research by the JPMorgan Chase Institute. The research, titled, Falling Behind: Bank Data on the Role of Income and Savings in Mortgage Default, measured the impact of a mortgage payment and principal reduction on default and consumption.

HousingWire, Oct. 16, 2018–Ben LaneBoth Wells Fargo and Bank of America rolled out digital mortgage applications this year, and the megabanks revealed Tuesday at the MBA Annual Convention just how much the programs are already being utilized by mortgage applicants. Hint: A lot.

National Mortgage News, Oct. 16, 2018–Andy Higginbotham (subscription)Innovation, disruption, change–these words are not generally associated with the mortgage industry. But in a digital age where consumers’ expectations are shifting, that needs to change. The industry must provide a faster, less paper-intensive process and give consumers more control.

Reuters, Oct. 16, 2018–Brendan PiersonNomura Holdings Inc. agreed to pay $480 million to resolve civil claims by the U.S. government that it misled investors in marketing residential mortgage-backed securities, U.S. authorities said on Tuesday.

Washington Post, Oct. 17, 2018–Michele LernerMortgage fraud was so rampant during the height of the housing bubble in the mid-2000s that real estate industry insiders started to refer to some mortgages as “liar’s loans.” While stricter regulations after the bubble burst and fines on mortgage lenders who knowingly approved fraudulent loans curbed the practice, CoreLogic, a real estate data firm, recently reported an uptick in mortgage fraud.

Mortgage Daily, Oct. 16, 2018Annual securitizations were the lowest they’ve been in three years at Ginnie Mae. Jumbo issuance plunged by a third, but reverse mortgage activity was higher. The government-owned corporation’s book of business broke $2 trillion.

Progress in Lending, Oct. 17, 2018–Tony GarritanoAccording to a recently published working paper by researchers at the Federal Reserve Bank of New York and New York University, fintech lenders have quickly expanded their market share since the Financial Crisis, and in the process have developed efficiencies that give them a significant advantage over more traditional lenders.

Wall Street Journal, Oct. 15, 2015–Yuka Hayashi (subscription)Mick Mulvaney, the Consumer Financial Protection Bureau’s acting director, said Monday the bureau is working on a regulation defining how it views unfair, deceptive or abusive acts or practices, known as UDAAP. (MBA mention)

HousingWire, Oct. 15, 2018–Ben LaneCraig Phillips, Department of the Treasury Secretary Steven Mnuchin’s top housing advisor, told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the Trump administration is working to end the conservatorship of Fannie Mae and Freddie Mac.