Mortgage Daily, June 6, 2018The Mortgage Bankers Association said although mortgage bankers pushed up quarterly revenues, rising expenses resulting from slowing originations dragged them into the red. Wholesale lenders suffered the most.
Category: Top National News
Mortgage Banks in The Red For Q
Mortgage News Daily, June 6, 2018–Jann SwansonThe Mortgage Bankers Association said on Wednesday that independent mortgage banks and mortgage subsidiaries of chartered banks reported net production losses in the first quarter of 2018, for only the second time since MBA began tracking the data in 2008.
Angelo Mozilo and His Doomed Mortgage Machine
CNN, June 6, 2018–Matt EganAngelo Mozilo of Countrywide Financial got rich selling the American Dream. Then he became the face of America’s mortgage nightmare.
Mick Mulvaney Guts 3 CFPB Advisory Boards
HousingWire, June 6, 2018–Jeremiah JensenActing Director of the Consumer Financial Protection Bureau Mick Mulvaney gutted three CFPB Advisory Boards today. The Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council were all disbanded.
Rising Risks: Hurricane Season and the Housing Market
CNBC, June 4, 2018–Diana OlickHurricane season has begun and it looks like it will weigh on the housing market.
Mortgage Delinquencies on the Mend after Hectic Hurricane Season
National Mortgage News, June 4, 2018–Elina Tarkazikis (subscription)Historically, mortgage delinquencies in the month of April have risen 85% of the time, but April 2018 bucked that trend as they fell, according to Black Knight.
REIT, Sleep, Repeat
Forbes, June 4, 2018–Brad Thomas CoStar Managing Director Hans Nordby said publicly traded real estate investment trusts are “substantially” cheaper than private real estate. “Clearly, there is a disconnect. Either REITs are too cheap, which could represent a buying opportunity, or conversely, private real estate could be too expensive, in which case property owners would be well served to sell, to avoid losses.”
How a CFPB Overhaul of the QM Rule will Remake Mortgages
National Mortgage News, June 4, 2018–Brad Finkelstein (subscription)With the Consumer Financial Protection Bureau in the midst of reviewing the qualified mortgage rule, mortgage lenders and the secondary market are closely watching to see if the more industry-friendly bureau will loosen some of the consumer protections established by the Dodd-Frank Act provision.
SunTrust Back in Compliance with National Mortgage Settlement Servicing Rules
HousingWire, June 5, 2018–Ben LaneSunTrust is in compliance with all of the servicing requirements of the National Mortgage Settlement, the settlement’s monitor said in a report published early Tuesday.
IndyMac’s Former Reverse Unit Sold
Mortgage Daily, June 4, 2018On Monday, CIT Group Inc. said it completed the sale of its Financial Freedom reverse mortgage unit.