Category: Top National News

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.

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.

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.

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.