Category: Top National News

Philadephia Inquirer, May 4, 2018–Caitlin McCabeDana Wade, the acting Federal Housing Administration commissioner, minced few words in testimony last month before a U.S. House of Representatives committee. The FHA, the federal housing agency that insures mortgages made to first-time and lower-income buyers, has seen “certain trends and indicators of potential defaults,” Wade said.

National Mortgage News, May 4, 2018–Brian Fitzpatrick (subscription)The author, CEO of LoanLogics, says lenders just don’t have the luxury of going back in time to fix bad loans after they’ve already closed. Nor can they simply hope that their loan origination systems or staff caught every problem. Today’s loans must be done right the first time. The game has changed, and lenders it need to play differently before it’s too late.

Bloomberg, May 4, 2018–Gillian TanNew York’s iconic Plaza Hotel is about to change hands. Its buyers are Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization. They agreed to pay $600 million for the hotel, at the southeast corner of Central Park, in a deal that is set to be completed on June 25.

HousingWire, May 3, 2018–David StevensMBA President and CEO takes Center for Investigative Reporting to task for sloppy reporting on HMDA data and outlines steps for policymakers to address fair lending issues.

HousingWire, May 3, 2018–Kelsey RamirezFannie Mae reported an increase in its net income in the first quarter of 2018, rising from the loss last quarter that was driven by a remeasurement in the company’s deferred tax assets, according to the company’s earnings release.

Mortgage Daily, May 3, 2018Declining origination income was more than offset by soaring servicing income at Nationstar Mortgage Holdings Inc., which bucked a downward quarter-over-quarter origination trend.

Mortgage Daily, May 3, 2018The offering is for MSRs on 17,925 GSE loans that had a collective unpaid principal balance of $5.101 billion as of March 31. All of the mortgages are fixed rate and in first-lien position.

The Hill, May 3, 2018–Sylvan LaneA spokesman for PHH Corp. on Thursday told The Hill that the mortgage firm did not appeal a January ruling in its suit against the CFPB to the Supreme Court by the May deadline to do so.

Washington Post, May 2, 2018–Kenneth HarneyFor homeowners and buyers, it’s been an unexpected windfall: relief from having to pay for a traditional mortgage appraisal that usually costs between $400 and $600. But to some key players, the savings look ominous.

National Mortgage News, May 2, 2018–Bonnie Sinnock (subscription)Ocwen Financial Corp. got back in the black during the first quarter after selling New Residential Investment Corp. $110 million in economic rights to mortgage servicing.