Mortgage Daily, Nov. 1, 2017Ocwen Financial Corp.’s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.
Category: Top National News
Trump Signs Resolution Killing CFPB Arbitration Rule
National Mortgage News, Nov. 1, 2017–John Heltman (subscription)President Trump has signed the congressional measure invalidating the Consumer Financial Protection Bureau’s arbitration rule, killing the regulation that was unpopular with banks and other financial institutions.
Fannie, Freddie Reveal One Place Being Neglected by New Mortgage Tech
HousingWire, Nov. 1, 2017–Kelsey RamirezThe mortgage industry is ripe for disruption, said Fannie Mae Executive Vice President for Single-Family Business Andrew Bon Salle, referring to the need for new technology updates.
Storms Drive Loan Application Defect Rise in Texas and Florida
National Mortgage News, Nov. 1, 2017–Brad Finkelstein (subscription)Hurricanes Harvey and Irma were responsible for an increase in loan application defects during September in Texas and Florida, according to First American Financial Corp.
Mark Calabria: Trump Administration ‘Committed’ to Ending Conservatorship
HousingWire, Nov. 1, 2017–Kelsey RamirezDuring a wide-ranging discussion about the government’s role in housing, Vice President Mike Pence’s chief economist Mark Calabria revealed Wednesday that the Trump administration is “committed” to ending the conservatorship of Fannie Mae and Freddie Mac.
GOP Tax Plan Would Shrink Mortgage Interest Benefit, Slash Corporate Tax Rate
Washington Post, Nov. 2–Damian Paletta; Mike DeBonis House Republican leaders on Thursday proposed legislation that would overhaul the U.S. tax code, slash corporate and individual income tax rates and jettison numerous tax breaks Americans and businesses have used for years to limit their tax bills.
Fannie Mae Makes $3Bn; One-Third of Single-Family Now Private Risk Transfer
HousingWire, Nov. 2, 2017–Jacob GaffneyThe largest financier of single-family homes in the nation, Fannie Mae, made $3 billion in the third quarter. That’s a decrease of $177 million from the second quarter of 2017 driven primarily by hurricane-related provision for credit losses.
Fannie Mae Keeping an Eye on Servicers’ Hurricane Response
National Mortgage News, Nov. 2, 2017–Bonnie Sinnock (subscription)Expected losses from the recent hurricanes put a dent in Fannie Mae’s third-quarter earnings and the mortgage agency is keeping a close eye on how its servicers manage the pressures of the recovery effort.
Ocwen Moves Closer to Profitability Amid Extensive Business Changes
HousingWire, Nov. 2, 2017–Ben LaneIt’s been a rough year for Ocwen Financial, but the company’s executives said Thursday that they believe they have the company pointed in the right direction.
MBA Weighs in on GOP Tax Plan
Scotsman Guide, Nov. 3, 2017–Victor WhitmanThe Mortgage Bankers Association expressed reservations about how the House GOP plan addresses the mortgage-interest deduction and other housing incentives. House Republicans rolled out a sweeping bill in the House Ways and Means Committee on Thursday.