Category: Top National News

RESPA News, Aug. 27, 2018The Fair Housing Act standard on disparate impact is dated and should be amended, according to the Mortgage Bankers Association and eight other trade groups.

NPR, Aug. 27, 2018–Cory TurnerIn a scathing resignation letter, Seth Frotman, who until now was the Student Loan Ombudsman at the Consumer Financial Protection Bureau, says current leadership “has turned its back on young people and their financial futures.” The letter was addressed to Mick Mulvaney, the bureau’s acting director.

American Banker, Aug. 27, 2018–Hannah Long (subscription)The Congressional Budget Office has found that restructuring the mortgage market would save the government tens of billions of dollars, but could also increase the cost of housing, presenting yet another hurdle for lawmakers looking to reform mortgage giants Fannie Mae and Freddie Mac.

Wall Street Journal, Aug. 27, 2018–Esther Fung (subscription)CBRE Global Investors has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.

National Mortgage News, Aug. 24, 2018–Bonnie Sinnock (subscription)Moody’s Investors Service downgraded JPMorgan Chase’s prime jumbo mortgage originator assessment to its second-highest rating, citing the bank’s growing reliance on correspondents with delegated underwriting authority and shortcomings in its technology infrastructure.

Mortgage Daily, Aug. 24, 2018New quarterly business moved modestly higher at Quicken Loans Inc., as did the company’s mortgage servicing portfolio.

The Hill, Aug. 23, 2018–Sylvan LaneAll 13 Republicans on the Senate Banking Committee voted to recommend the confirmation of Kathleen Kraninger to lead the polarizing financial regulator for a five-year term, while all 12 Democrats opposed her. The Committee also approved Michael Bright as President of Ginnie Mae by voice vote.

HousingWire, Aug. 23, 2018–Ben LaneThe SEC took action against Equitybuild, Equitybuild Finance, and the company’s operators, the father and son team of Jerome and Shaun Cohen, for allegedly defrauding at least 900 investors by promising guaranteed returns on real estate investments.

Charlotte Observer, Aug. 23, 2018–Deon RobertsWells Fargo is laying off 101 employees in its Charlotte-area mortgage operation, part of a nationwide cut affecting 638 employees, the company said Thursday.

USA Today, Nathan Bomey, Charisse JonesThe parent company of the two chains, Sears Holdings, announced Thursday that it would close about 5 percent of its remaining stores, all of which it said were losing money, totaling 46 stores.