Wall Street Journal, Feb. 27, 2018–Yuka Hayashi (subscription)The business cost of complying with rules will receive increased attention at a consumer-finance regulator, the agency’s acting director said, faulting the Obama administration for not giving enough consideration to such factors.
Category: Top National News
House, Senate Exploring How to Expand Reg Relief Bill: Top GOP Leader
National Mortgage News, Feb. 26, 2018–Ian McKendry (subscription)”Lot of conversations happening between House members and Senate members on expanding the package” before the Senate takes it up, Rep. Patrick McHenry, R-N.C., told reporters.
GE Cites Possible U.S. Sanction over Former Mortgage Unit
The Hour, Feb. 26, 2018–Alexander SouleIn its annual report Friday, GE disclosed it may record up to an additional $500 million in losses as a result of its former U.S. mortgage lending unit WMC, which has been under DOJ investigation for potential violations of the Financial Institutions Reform, Recovery and Enforcement Act.
Prison for Mortgage Broker
Mortgage Daily, Feb. 26, 2018Alfer Rodenburg was a mortgage broker in Houston. He arranged first and second mortgages between prospective borrowers and wholesale mortgage lenders.
Manhattan Landlords Cut Deals to Stave Off Vacant Storefronts
Bloomberg, Feb. 27, 2018–Sarah MulhollandJust four years ago, the new owner of 115 Mercer St., a low-slung building in the heart of Manhattan’s Soho shopping district, managed to swiftly replace its tenants and lure retailers willing to shell out record rents. Now, that same landlord has to fight to get one of them to stay.
Mortgage Refinance Share Jumps 5% Despite Rising Interest Rates
HousingWire, Feb. 23, 2018–Kelsey RamirezThe refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination Insight Report from Ellie Mae.
Gloves Off in CFPB Tug of War Between Mulvaney, Warren
American Banker, Feb. 23, 2018–Kate Berry (subscription)The war of words between acting Consumer Financial Protection Bureau Director Mick Mulvaney and Sen. Elizabeth Warren, D-Mass., the agency’s architect, is escalating.
Mortgage Payments Get Back on Track After Harvey and Irma
National Mortgage News, Feb. 23, 2018–Bonnie Sinnock (subscription)Hurricane-related delinquencies are subsiding somewhat, and pre-storm foreclosures that were put on hold are resuming, said Black Knight.
The Mortgage Market Is Moving Into the Shadows
Bloomberg, Feb. 23, 2018The last financial crisis occurred in part because unregulated lending in the mortgage market got out of hand. Believe it or not, it’s starting to happen again, and could ultimately precipitate another disaster unless regulators get their act together.
More First-Time Buyers Using PMI as 3% Down Mortgages Make Gains
National Mortgage News, Feb. 22, 2018–Elina Tarkazikis (subscription)PMI carriers insured 157,000 loans for first-time homebuyers at the end of 2017, the best fourth quarter since 1994, due largely to more lenders and borrowers taking advantage of Fannie Mae and Freddie Mac’s 97% loan-to-value mortgage programs.