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.
Category: Top National News
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.
Volcker 2.0 Unites Banks and their Critics in Opposition
American Banker, Oct. 22, 2018–Hannah Lang (subscription)The industry has eagerly awaited revisions to the Volcker Rule, but so far regulators’ proposal to simplify the compliance process is getting panned both by critics of the proprietary trading ban and by its most ardent supporters. (MBA mention)
Quicken Pushes Servicing Portfolio Past $300 Bil
Mortgage Daily, Oct. 22, 2018For the first time since it began reporting mortgage servicing data six years ago, Quicken Loans Inc. has pushed the servicing portfolio past $300 billion.
Bank of America, Broker Back Revival of Subprime Mortgage Market
UPI, Oct. 22, 2018–Daniel UriaSpecifically, the groups are offering the loans to buyers with poor or rehabbing credit, which was one of the issues that contributed to the last meltdown — buyers who couldn’t afford the mortgages they had. Bank of America and NACA, though, say they have a vetting system in place to help prospective home buyers who shouldn’t be excluded by credit score alone.