Category: Top National News

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.

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.

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.

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 News Daily, Mar. 23, 2018–Jann SwaonsonPer-loan profits of independent mortgage banks fell dramatically in the fourth quarter, the Mortgage Bankers Association reported.

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.

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.

Wall Street Journal, Mar. 26, 2018–Christina Rexrode (subscription)Refinancings make up a smaller portion of the mortgage business than at any time in the past two decades, posing a challenge for lenders who already fear higher interest rates and climbing house prices could eventually depress purchase activity.

National Mortgage News, Mar. 22, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is seeking comment on whether it should change any regulations it inherited from other federal agencies.

Mortgage Daily, Mar. 22, 2018To fund planned technology investments in the Federal Housing Administration, HUD Secretary Ben Carson proposed a new fee.