Reuters, Apr. 9, 2018–Patrick RuckerThe Consumer Financial Protection Bureau is seeking a record fine against Wells Fargo & Co that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, sources said.
Category: Top National News
MGIC Cutting Mortgage Insurance Prices for Borrowers
HousingWire, Apr. 9, 2018–Kelsey RamírezMGIC announced Monday it is reducing its borrower-paid mortgage insurance premiums. The reduction will bring mortgage insurance premium rates on the most popular premium plans down by an average 11 percent. PMI stocks are falling on the news.
New Penn Financial Acquiring Envoy Mortgage’s Correspondent Lending Division
Housing Wire, Apr. 9, 2018–Ben LaneNew Penn is owned by Shellpoint Partners, which is also the parent company of Shellpoint Mortgage Servicing, Avenue 365, a title and settlement services provider, and eStreet, an appraisal management company.
Big Banks Find a Back Door to Finance Subprime Loans
Wall Street Journal, Apr. 10, 2018–Peter Rudegeair, Rachel Louise Ensign, Coulter Jones (subscription)Lending to nonbank financial firms surges to record as banks avoid direct exposure.
Bank Regulatory Actions Under Trump Fall to Historic Lows
National Mortgage News, Apr. 6, 2018–Kate Berry (subscription)Issuance of financial regulations has dropped to a 50-year low, new data shows, a sign that the Trump administration is fulfilling its deregulatory agenda.
Outstanding Mortgage Balances Nearing All-Time High
Mortgage Professional America, Apr. 6, 2018–Steve RandallOutstanding balances on first mortgages is getting close to the industry record high of $9.04 trillion reached in 2008, said Equifax.
In 83 Million Eviction Records, a Sweeping and Intimate New Look at Housing in America
New York Times, Apr. 7, 2018–Emily Badger, Quoctrong BuiNearly one million American households received eviction judgments in 2016 in new data spanning dozens of states.
GSE MSR Offering Hits Market
Mortgage Daily, Apr. 5, 2018Bids are being taken for MSRs on a portfolio of 13,289 loans that had a collective unpaid principal balance of $1.809 billion as of March 31.
Stone Point Capital Acquires Majority Interest in American Mortgage Consultants
HousingWire, Apr. 5, 2018–Ben LaneStone Point Capital, a private equity firm that also owns a piece of Ten-X, is buying a majority stake in American Mortgage Consultants, a provider of outsourced services to participants in the residential and consumer loan mortgage market.
U.S. Is Restricting Lenders in Veterans’ Mortgage Crackdown
Bloomberg, Apr. 4, 2018–Joe LightNewDay USA and Nations Lending Corp. have been restricted effective this week from issuing Ginnie Mae bonds that are intermingled with loans from other lenders. The move follows an examination by Ginnie Mae, a government-owned corporation that guarantees about $2 trillion in mortgage-backed securities, including loans backed by the Department of Veterans Affairs.