American Banker, July 6, 2018–Andy Peters (subscription)JLL said in a recent report that this mass relocation to less-expensive space could save banks–all of which are trying to reduce overhead any way they can–an estimated $800 million a year in real estate costs.
Category: Top National News
Consumer Bankruptcy Filings Decline
Mortgage Daily, July 6, 2018The American Bankruptcy Institute reported a month-over-month and year-over-year reduction in the number of new consumer bankruptcy cases.
CFPB’s Compliance Approach Makes Regulatory Guidance Unreliable: MBA
National Mortgage News, July 5, 2018–Elina Tarkazikis (free article)The Consumer Financial Protection Bureau’s practice of “regulation by enforcement” and use of nonbinding guidance materials makes its regulatory efforts “unfair and ineffective” to lenders and servicers, claims the Mortgage Bankers Association.
CFPB Set to Issue HMDA Guidance This Summer
National Mortgage News, July 5, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau plans to issue guidance later this summer on how it will give community banks partial exemptions from Home Mortgage Disclosure Act requirements.
RBS to Pay $20 Million to Illinois Pension Funds over Crisis-Era Mortgage Bonds
HousingWire, July 5, 2018–Ben LaneFor the third time this year, the Royal Bank of Scotland is about to pay up over the bank’s mortgage practices in the run-up to the housing crisis.
Decade-Low Monthly Reverse Mortgage Production
Mortgage Daily, July 5, 2018It’s been more than a decade since the production of new federally insured reverse mortgages came in as low as it did last month.
Home Street to Sell $5B in Mortgage Servicing Rights
American Banker, July 3, 2018–Paul Davis (subscription)The $6.9 billion-asset company said in a press release Tuesday it will sell the rights to service about $5 billion in unpaid balances for single-family mortgages. It did not identify the buyer or disclose the price of the deal.
New York’s Iconic Plaza Hotel Sold to Qatar Fund for $600 Million
Wall Street Journal, July 3, 2018–Craig Karmin, Keiko Morris (subscription)Katara Hospitality, which buys and manages hotels around the world for the Qatar government, has acquired full ownership of the 1907 property for $600 million.
How Private-Label Investors are Beating the GSEs at their Own Game
National Mortgage News, July 3, 2018–Brad Finkelstein (subscription)Fannie Mae and Freddie Mac enjoy considerable market advantages because of their lower cost of capital and significant government subsidies. But with some conforming loans, the private market is finding a way to compete with the government-sponsored enterprises.
Kraninger’s CFPB Hearing Set for July 19
National Mortgage Professional, July 2, 2018–Phil HallKathy Kraninger, President Trump’s choice to serve as the next Director of the Consumer Financial Protection Bureau, will receive a confirmation hearing before the Senate Banking Committee on July 19.