National Mortgage News, Jan. 31, 2018–Bonnie Sinnock (subscription)Sustained higher rates could extend the lives of existing mortgages, creating a growing workload for servicers, according to industry vendor Subsequent QC.
Category: Top National News
Agency MSRs Being Auctioned
Mortgage Daily, Jan. 31, 2018Mortgage servicing rights on 1,176 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $361 billion are being offered for sale.
Lawmakers Press Mnuchin over GSE Reform, Reg Relief and Cyber Threats
National Mortgage News, Jan. 30, 2018–John Heltman (subscription)During a Senate Banking Committee hearing, Mnuchin said reform of Fannie Mae and Freddie Mac is a top priority of the Trump administration. While he declined to spell out many details of the administration’s views, he said keeping the 30-year fixed-rate mortgage is essential and that requires backing by a government guarantee.
Trump Admin Disassembling Much of Cordray’s Legacy
Tribune News Service, Jan. 30, 2018–Stephen KoffFrom the lips of President Trump to the computer keyboard of his budget director, Mick Mulvaney, leading Republicans have now personally blamed one Obama appointee–Richard Cordray–for representing so much of what they are trying to change.
Homeownership Rate Rose in 2017 for First Time Since 2004
Wall Street Journal, Jan. 30, 2018–Laura Kusisto (subscription)The U.S. homeownership rate rose in 2017 for the first time in 13 years as young households overcame significant hurdles to purchase homes in growing numbers and one of the deepest wounds from the housing crisis began to heal.
Nationstar Settles Alleged MA Servicing Abuses
Mortgage Daily, Jan. 30, 2018Allegations of unfair servicing and foreclosure practices in Massachusetts have been resolved by Nationstar Mortgage LLC through a multi-million-dollar settlement.
Mulvaney Could Use Dodd-Frank to Gut CFPB Mortgage Rules
National Mortgage News, Jan. 29, 2018–Kate Berry (subscription)Mick Mulvaney’s recasting of the Consumer Financial Protection Bureau marks a new day for the agency, but a substantial part of his authority to unwind rules–particularly on mortgages–was already part of the agency’s tool chest before he arrived.
Is the Mortgage Forgiveness and Debt Relief Act Coming Back?
The Mortgage Reports, Jan, 29, 2018–Peter G. MillerThe Mortgage Relief and Debt Act is not in the news, and that’s a crime. Probably it seems odd that after more than a decade, we’re still picking and pulling over the mortgage meltdown.
U.S. Regulators Ready to Ease check on Property Values
Reuters, Jan. 26, 2018–Patrick RuckerU.S. bank regulators plan to relax commercial real estate lending rules by allowing more deals to go ahead without an independent appraisal of the property’s value, according to several sources familiar with the discussions.
Adjustable-Rate Mortgages Make a Comeback
UExpress, Jan. 26, 2018–Lew SichelmanAdjustable-rate mortgages are back, especially in the higher price brackets around $453,000 and above. And as loan rates climb, as they are expected to do throughout the year, they probably will become more popular.