National Mortgage News, Apr. 23, 2018–Brad Finkelstein (subscription)In 2016 the FHA denial rate among all minority groups was 14.4%. At the same time, the difference in denial rates between whites and minorities for conventional mortgages also grew over the same period.
Category: Top National News
Wells Fargo to Pay $1 Billion in Fines Over Auto, Mortgage Lending Abuses
Los Angeles Times, Apr. 20, 2018–James Rufus KorenThe penalty, announced by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, is the largest levied against a financial firm since President Trump took office and one of the largest against any U.S. bank not related to the financial crisis.
How These Hurricane-Ravaged States Avoided a Housing Disaster–So Far
CNN, Apr. 22, 2018″It’s a different world now,” says Sara Singhas, associate regulatory counsel at the Mortgage Bankers Association, referring to the recent departure from rock-bottom interest rates. “Especially for people who are performing on their loans, we wanted to make sure we don’t put them into a worse financial position than they were prior to the disaster.”
GE Takes Hit From Old Mortgage Unit but Says Turnaround on Track
Wall Street Journal, Apr. 20, 2018–Thomas Gryta (subscription)General Electric Co. reported a quarterly loss on a $1.5 billion charge related to a subprime mortgage business it once owned, but executives said they were making progress on their efforts to turn around its industrial businesses.
Climate Fears Reshape Miami’s Home Prices
Wall Street Journal, Apr. 20, 2018–Laura Kusisto, Arian Campo-Flores (subscription)MIAMI-Concerns over rising sea levels and floods are beginning to reshape one of the country’s largest housing markets, with properties closer to sea level now trading at discounts to those at higher elevations.
RealPage Continues Growing, Set to Acquire ClickPay for $218 Million
HousingWire, Apr. 20, 2018–Ben LaneThe company announced Friday that it is acquiring ClickPay, an electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate, in a $218 million deal.
Why Do Underwater Homeowners Keep Paying their Mortgage?
MarketWatch, Apr. 19, 2018–Andrea RiquierA survey published by the New York Fed this week sheds some light on how homeowners think about their mortgage payments when they’re underwater–or at least how they say they think about it.
KeyBank Has High Hopes for Mortgage Business
The Buffalo News, Apr. 19, 2018–Matt GlynnKeyBank is ready to capitalize on the residential mortgage business it picked up from First Niagara Bank, but determined the insurance business it acquired in the same deal wasn’t a good fit.
MBA Tech: Building the Right IT Infrastructure
HousingWire, Apr. 18, 2018–Sarah WheelerAt the Mortgage Bankers Association’s Technology Solutions Conference, Stacey Caster, vice president of technology communications at Quicken Loans, discussed how she approaches this task, and what advice she would have for other companies.
Mortgage Blockchains Promise Efficiency, But Face Steep Hurdles
National Mortgage News, Apr. 18, 2018–Elina Tarkazikis (subscription)Blockchain technology promises to streamline how mortgages are managed at every point in their life cycle. But it will take an industrywide embrace for blockchains to reach their full potential.