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.
Category: Top National News
Fannie Mae Reports Comprehensive Income of $3.9 Billion
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.
Nationstar Defies Drop in Home Lending at Peers
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.
Large GSE MSR Offering
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.
Mortgage Firm Drops Major Challenge to Consumer Bureau Structure
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.
Fannie and Freddie Approve Thousands of Loans With No Formal Appraisals
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.
Servicing Deal Payment Returns Ocwen to Profitability
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.
Other Mortgage Insurers Gain Market Share on Arch in 1Q
National Mortgage News, May 2, 2018–Brad Finkelstein (subscription)It wasn’t unexpected that Arch MI would lose market share, but among the five private mortgage insurers that have reported so far, it is the only one that had lower new insurance written compared to the first quarter last year.
Genworth M.I. Earnings, Book of Biz Increase
Mortgage Daily, May 2, 2018Even though new business fell from the previous quarter at Genworth Mortgage Insurance Corp., its book of business and profitability both improved.
GE Warns Its Subprime Mortgage Unit Could File for Bankruptcy
CNN Money, May 2, 2018–Matt EganThis appears to be the first time GE has said it’s exploring bankruptcy for the defunct mortgage business. WMC was reportedly the nation’s sixth-biggest subprime lender when it was acquired by GE in 2004.