Mortgage Daily, Mar. 27, 2018The first issuance of residential mortgage-backed securities solely backed by loans that were originated by loanDepot LLC is in the works.
Category: Top National News
$34 Mil in Nonperforming GSE Loans Trading Hands
Mortgage Daily, Mar. 27, 2018Winning bidders have been announced for a portfolio of 182 Fannie Mae mortgages with a collective outstanding unpaid principal balance of $34.25 million.
Arrival of Final Bank Regulator Could Speed Up Easing of Rules
Wall Street Journal, Mar. 27, 2018–Lalita Clozel (subscription)Jelena McWilliams, the top lawyer at Cincinnati-based Fifth Third Bancorp, is set to succeed Obama-appointee Martin Gruenberg as head of the Federal Deposit Insurance Corp. as early as April.
Capital Rule Change Could Spur More Bank Interest in Servicing
National Mortgage News, Mar. 26, 2018–Bonnie Sinnock (subscription)A proposed regulatory change could jump-start more bank interest in mortgage servicing rights this year. The capital simplification proposal, which increases the percentage of Tier 1 capital that can be made up of MSRs to 25% from 10%, would reduce the pressure on banks to sell MSRs.
Supreme Court Rejects AIG ex-CEO Greenberg’s Bailout Challenge
Reuters, Mar. 26, 2018–Andrew ChungThe U.S. Supreme Court on Monday handed a defeat to former American International Group Inc. CEO Maurice “Hank” Greenberg, refusing to hear an appeal he led arguing that the federal government illegally bailed out the insurer during the 2008 financial crisis at the expense of shareholders.
Here’s How Blockchain Could Help the Mortgage Industry
American Banker, Mar. 26, 2018–Michael E. Reyen (subscription)Elements of blockchain technology appear to be the next step in what has been an evolution from a wet ink, paper-based system to an online, paperless (or at least paper-light) system that has already been moving toward e-filing, electronic signatures and electronic access to scanned documents.
Reverse Mortgage Lender Settles With HUD
Mortgage Daily, Mar. 26, 2018HUD reached a settlement with reverse mortgage lender MetLife Home Loans LLC, which allowed someone to sign loan documents even though he didn’t have the authority to do so.
Mortgage Profits Plummeted in Fourth Quarter
Mortgage News Daily, Mar. 23, 2018–Jann SwaonsonPer-loan profits of independent mortgage banks fell dramatically in the fourth quarter, the Mortgage Bankers Association reported.
Wells Fargo’s Risk Shake-up Continues With Departure of Four Executives
Wall Street Journal, Mar. 23, 2018–Emily Glazer (subscription)Wells Fargo told employees earlier this week that four of its top risk-management executives are retiring and laid out a reorganization to manage risk, according to employees and an internal memo.
Ocwen Financial Gets Closer to Detente with the States
National Mortgage News, Mar. 23, 2018–Bonnie Sinnock (subscription)A new settlement with Massachusetts resolves all outstanding administrative actions against Ocwen Financial Corp. by a group of 30 states, but two states’ legal actions against the servicer remain outstanding.