HousingWire, Oct. 3, 2018–Jessica GuerinU.S. District Judge John C. Coughenour tossed out the suit, stating that the investor plaintiffs, in their attempt to prove that Zillow knowingly violated the Real Estate Settlement Procedures Act, actually proved otherwise.
Category: Top National News
User Experience is Biggest Hindrance in Fight Against Mortgage Fraud
National Mortgage News, Oct. 3, 2018–Paul Centopani (subscription)Seventy-one percent of financial services firms said customer expectations influence the methods they use to detect fraud, according to Transunion. However, many cyber securitizations lack real-time adjustments or result in poor user experience.
Bank HEL Delinquency Soars
Mortgage Daily, Oct. 4, 2018Quarterly performance on bank-owned home-equity loans substantially deteriorated, an American Bankers Association report said.
Consumer Bankruptcies Drop from Month, Yr Earlier
Mortgage Daily, Oct. 3, 2018A sharp drop in monthly consumer bankruptcy filings was complimented by a year-over-year improvement, the American Bankruptcy Institute reported.
Shopping-Mall Vacancies Are Highest in Seven Years After Big-Box Closings
Wall Street Journal, Oct. 3, 2018–Esther Fung (subscription)Rising shopping-mall vacancies across the U.S. are driving down rents, signaling that many retail centers continue to struggle despite the country’s strong economic growth and buoyant consumer confidence.
California Ballot Initiative Would Harm Affordable Housing
National Mortgage News, Oct. 2, 2018–Paul Centopani (subscription)If Proposition 10 passes vote this November, the ramifications will be felt on California’s affordable housing, according to the Mortgage Bankers Association.
Waters Bill Would Reverse Mulvaney’s Deregulatory Efforts at CFPB
National Mortgage News, Oct. 2, 2018–Hannah Lang (subscription)Rep. Maxine Waters, D-Calif., unveiled a bill Tuesday to unwind Consumer Financial Protection Bureau policies instituted by acting Director Mick Mulvaney.
It’s Been One Year Since HUD Shook Up the Reverse Mortgage Industry
HousingWire, Oct. 2, 2018–Jessica GuerinTuesday marks exactly one year since HUD implemented HECM program changes in a move that took lenders by surprise and drastically impacted the reverse mortgage business.
Annual HECM Endorsements Sink to 13-Year Low
Mortgage Daily, Oct. 2, 2018During September, just 2,880 home-equity conversion mortgages were endorsed by FHA, the second-slowest month on record since at least December 2008.
Cybersecurity Spending’s Way Up. Is it Overkill, or Not Enough?
American Banker, Oct. 2, 2018–Andy Peters (subscription)The cost of fighting cybercrime at banks rose 9% over a recent 12-month period, according to a new LexisNexis Risk Solutions survey of 175 executives from bank and nonbank financial services firms.