HousingWire, July 10, 2018–Ben LaneFHA Commissioner Brian Montgomery said Tuesday that he believes the Obama administration went too far in some cases and said that the Trump administration is dialing back the use of the False Claims Act to bring more lenders back into FHA lending.
Category: Top National News
Max Non-QM Loan Amount Raised to $5 Million
Mortgage Daily, July 10, 2018Versus Mortgage Capital, a nonprime correspondent investor, raised the maximum loan amount to $5 million for some of its programs that allow the origination of loans that don’t meet Qualified Mortgage requirements.
More White Knuckles for Lenders as Flood Insurance Deadline Approaches
National Mortgage News, July 9, 2018–Hannah Long (subscription)Congress has until July 31 to renew the program or risk a lapse in coverage, which would create a new round of headaches for lenders and real estate agents. Home sales in high-risk flood areas could stall, and policyholders would be unable to renew their insurance in the middle of hurricane season.
Chicago Targets ‘Zombie Housing’ for Renewal, Block by Block
U.S. News & World Report, July 9, 2018–Anne Marie KukecThe city, nonprofit community groups, financial institutions and others are partnering to revitalize housing left behind in the foreclosure crisis.
CFPB Official Who Challenged Mulvaney for Top Job is Stepping Down
CNN, July 6, 2018–Dona BorakLeandra English, a top Consumer Financial Protection Bureau official, is stepping down from the agency and ending a legal fight to become acting chief.
Freddie Mac: ACIS Loss Coverage Reaches $10 Billion
HousingWire, July 6, 2018–Alcynna LloydFreddie Mac announced on Friday that it has obtained a new insurance policy under its Agency Credit Insurance Structure, which will provide a combined maximum limit of up to $294 million of losses on single-family loans made under the Home Affordable Refinance Program.
Overall Share of Equity Withdrawals Drops to 4-Year Low
HousingWire, July 9, 2018–Jessica GuerinAmerican homeowners have record amounts of equity in their homes, but the percentage of tappable equity withdrawn fell in the first quarter of 2018, according to data released Monday by Black Knight.
Back-Office Innovations Help Banks Dump Costly Real Estate
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.
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.