HousingWire, May 30, 2018–Kelsey RamirezThe Federal Reserve explained it is seeking to reducing banks’ compliance costs while maintaining the rule’s effectiveness and consistency.
Category: Top National News
NYSE Sends Ditech a Second Noncompliance Notice
National Mortgage News, May 29, 2018–Brad Finkelstein (subscription)Ditech Holding Corp. has received a second notice from the New York Stock Exchange warning its common stock could be delisted for not being in compliance with the exchange’s requirements. The company has yet to announce its first-quarter results and has not filed its 10-Q with the Securities and Exchange Commission.
Ocwen CFO Michael Bourque Announces Resignation
DS News, May 29, 2018–David WhartonOcwen Financial Corporation, a financial services holding company, today announced that EVP and CFO Michael Bourque has made the decision to resign.
The Average Size of All Mortgages Actually Fell Last Month
HousingWire, May 29, 2018–Jacob GaffneyAccording to the Federal Housing Finance Agency, the average loan amount for all loans was $312,900 in April. That’s down $4,400 from $317,300 in March. But, there is no denying that mortgage rates will keep going up.
Mick Mulvaney Is Having a Blast Running the Agency He Detests
Bloomberg, May 25, 2018–Devin Leonard, Elizabeth Dexheimer (subscription)The ultimate goal, Mulvaney says, is to move the Consumer Financial Protection Bureau beyond the realm of partisan bickering and turn it into what he calls one of the “gold-standard” regulators, like the U.S. Securities and Exchange Commission. To do that, he says he’ll have to disassociate the CFPB from its origins.
CFPB’s Mulvaney Plots HMDA Rollback, But it May Not Matter
National Mortgage News, May 25, 2018–Kate Berry (subscription)On the one hand, acting Consumer Financial Protection Bureau Mick Mulvaney’s comments that he wants to ease Home Mortgage Disclosure Act requirements imposed by his predecessor is welcome news. But on the other, more data helps lenders know how they stack up to the competition, and lenders may end up collecting the data anyway.
Mortgage Servicing, Staffing Grow at TMS
Mortgage Daily, May 25, 2018Not only did the mortgage servicing portfolio grow at The Money Source Inc., but the number of people working for the home lender increased.
Trump Signs Dodd-Frank Rollback
The Hill, May 24, 2018–Sylvan LanePresident Trump on Thursday signed a bipartisan bill to loosen key portions of the Dodd-Frank Act of 2010, cementing the first major changes to President Obama’s landmark banking laws.
1,000 Cuts to Dodd-Frank: Tracking Trump’s Wave of Deregulation
Bloomberg, May 24, 2018–Yalman Onaran (subscription)Trump signed into law on Thursday a bill that provides community and regional banks with relief, exempting them from significant oversight. Last year, he pledged to “do a big number” on the 2010 Dodd-Frank Act, the bedrock law enacted to prevent a future financial meltdown. Yet the latest move is relatively restrained, leaving most of the act intact.
Ginnie Mae Preparing to Make Digital Mortgage Leap
National Mortgage News, May 22, 2018–Brad Finkelstein (subscription)The mortgage industry has been looking for Ginnie Mae to speak about its plans for digital mortgages, said Michael Drayne, senior vice president, issuer and portfolio management at the Mortgage Bankers Association National Secondary Market Conference in New York.