National Mortgage News, Oct. 15, 2018–Hannah Lang (subscription)FHA is planning to streamline its single-family loan servicing requirements in order to align them with industry standards. These efforts are part of the Trump administration’s objective to ease regulatory burdens, said FHA Commissioner Brian Montgomery during a speech at the Mortgage Bankers Association’s annual conference Monday.
Category: Top National News
An Uncompromising Jeb Hensarling is Not Sorry
American Banker, Oct. 14, 2018–Neil Haggerty (subscription)During his tenure, House Financial Services Committee Chairman Jeb Hensarling has attempted to undo the Dodd-Frank Act, eliminate the mortgage giants Fannie Mae and Freddie Mac, severely weaken the Consumer Financial Protection Bureau’s authority and overhaul the National Flood Insurance Program. He says even if his uncompromising proposals weren’t likely to become law, they were still worth pursuing.
Mulvaney Tries to Stem Internal Backlash Over Official
National Mortgage Professional, Oct. 12, 2018–Phil HallMick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau, is continuing to push back against complaints from within his agency regarding an official who was revealed to be the author of anonymous blog postings in 2004 that many considered to be racially insensitive.
Sears, the Original Everything Store, Files for Bankruptcy
New York Times, Oct. 15, 2018–Michael CorkerySears, which more than a century ago pioneered the strategy of selling everything to everyone, filed for bankruptcy protection early on Monday.
Pentagon, Others Baffled by CFPB Plan to Cease Military Lending Exams
American Banker, Oct. 11, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau’s decision to stop examining financial firms for compliance with the Military Lending Act has sparked pushback not only from lawmakers and consumer advocates but also from the Defense Department and every major group representing military service members.
Hurricane Michael May Prevent Thousand of Mortgages from Closing
HousingWire, Oct. 11, 2018–Jessica GuerinAn estimate released Thursday by real estate data provider ClosingCorp highlights the lasting effects of the storm, estimating more than 1,600 pending mortgage transactions are in jeopardy thanks to Michael’s destruction.
What Will Trigger Irresponsible Lending?
Orange County Register, Oct. 11, 2018–Jeff LazersonIn September 2016, I first reported to you that averaging deposits from 24 months of bank statements would be acceptable to count as income. In August 2017, I first reported that stated income loans are back. Ever since, common cries from many readers have been, “Here we go again” and “Didn’t lenders learn the lesson from the mortgage meltdown?”
Lenders Fear Worst from Rent Control Measure on California Ballot
National Mortgage News, Oct. 10, 2018–Hannah Lang (subscription)Mortgage lenders are anxiously following a ballot initiative fight over rent control in California that they say could be detrimental for the industry as a whole.
Wells Fargo is Back in the Mortgage Securitization Business
HousingWire, Oct. 10, 2018–Ben LaneOnce an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that’s all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, backed by the highest of high-quality loans.
States’ Response to OCC Fintech Charter ‘Disappointing,’ Top Treasury Official Says
American Banker, Oct. 10, 2018–Neil Haggerty (subscription)”I’m really disappointed in kind of the reactions of the states to our report,” said Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, at a conference in Washington Wednesday. “In no way are we trying to undermine the role of state regulation and definitely there is a collaboration between states and the federal.”