Mortgage Daily, Jan. 10, 2018Despite a tumble in first-mortgage production at California’s credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.
Category: Top National News
6 Critical Questions as Housing Finance Reform Heats Up
National Mortgage News, Jan. 9, 2018–Ian McKendry (subscription)The Senate Banking Committee is expected to soon release a bipartisan bill that would significantly reshape the housing finance market, but key issues remain unresolved.
Subprime Share Up as Mortgage Originations Fall
Mortgage Daily, Jan. 9, 2018Equifax reported although volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.
FHFA Should Resist Calls to Weaken Mortgage Standards
American Banker, Jan. 8, 2018–Joseph A. Smith Jr. (subscription)The author, former North Carolina Banking Commissioner, says the Federal Housing Finance Agency would be wise to stay with established and tested credit scoring methods, expanding them slowly and in light of market knowledge built over decades.
Huge GSE MSR Portfolio on the Market
Mortgage Daily, Jan. 8, 2018The offering is for mortgage servicing rights on 12,115 Fannie Mae and Freddie Mac single-family loans that had an aggregate unpaid principal balance of $3.005 billion as of Nov. 30.
Top Hensarling Aide to Become CFPB Chief of Staff
HousingWire, Jan. 5, 2018–Ben LaneThe Trump administration is appears to be set to appoint Kirsten Sutton Mork, who currently serves as the House Financial Services Committee’s staff director, to chief of staff of the Consumer Finanicial Protection Bureau.
Wells Fargo’s 2017 Silver Lining Is a Drop in Consumer Complaints
Bloomberg, Jan. 5, 2018–Shahien NasiripourComplaints lodged against the lender with the Consumer Financial Protection Bureau through Dec. 15 dropped 18 percent from the same period of 2016, the steepest decline among major banks, federal figures show. Still, it remained first among that group in total complaints.
Wintrust Closes Deal with Veterans First Mortgage
Chicago Daily Herald, Jan. 5, 2018Wintrust Mortgage also acquired servicing rights from Veterans First Mortgage on 8,300 loans, totaling an estimated $1.4 billion in principal balance.
Record Cashout Share as Mortgage Business Rises
Mortgage Daily, Jan. 5, 2018As rising rates have driven down the share of borrowers seeking rate-term refinances to the lowest level in six months, rising home values have driven the share of borrowers seeking cashout loans to a record high.
Situs Strikes Deal to Buy Mountainview Financial Solutions
National Mortgage News, Jan. 5, 2018–Bonnie Sinnock (subscription)Situs agreed Friday to buy mortgage servicing rights valuation and brokerage firm MountainView Financial Solutions in a deal set to close this month.