Mortgage Professional America, Dec. 13, 2017–Steve Randall The third quarter saw a resurgence of commercial/multifamily mortgage debt outstanding with a $45.4 billion increase to $3.11 trillion, the Mortgage Bankers Association reported.
Category: Top National News
Wells Fargo Trims Staff in Its Giant Mortgage Unit
Wall Street Journal, Dec. 14, 2017–Emily Glazer (subscription)Wells Fargo & Co. laid off about 60 employees in its mortgage division as the bank continues to reshuffle parts of its business following heightened regulatory scrutiny.
Nearly 5 Million Americans in Default on Student Loans
Wall Street Journal, Dec. 13, 2017–Josh Mitchell (subscription)The number of Americans severely behind on payments on federal student loans reached roughly 4.6 million in the third quarter, a doubling from four years ago, despite a historically long stretch of U.S. job creation and steady economic growth.
David Stevens: Here’s the MBA View on GSE Reform
HousingWire, Dec. 12, 2017–David StevensMBA President and CEO outlines the Association’s strategy for comprehensive secondary mortgage market reform.
Commercial Debt Hits $3.11 Trillion
Scotsman Guide, Dec. 12, 2017–Victor WhitmanCommercial mortgage debt rose across all major investor classes to $3.11 trillion in the third quarter, the Mortgage Bankers Association reported.
Tax Bill Scales Back Mortgage Interest Deduction
Associated Press, Dec. 12, 2017Congressional aides say negotiators have agreed to scale back the mortgage interest deduction, which would allow homeowners to deduct interest on the first $750,000 of a new mortgage.
With California Wildfires, Insurers’ Losses Keep Spiraling Higher
Wall Street Journal, Dec. 12, 2017–Nicole Friedman (subscription)Insurers and reinsurers are already on track for one of the largest ever industrywide losses from natural catastrophes.
PACE Lenders Downplay FHA’s Reversal on Lien Priority
National Mortgage News, Dec. 11, 2017–Glen Fest, Allison Bisbey (subscription)Many mortgage lenders oppose PACE, which creates a lien on a property senior to that of a first mortgage, and were loathe to take advantage policy.
First American Buying BofA Mortgage Lien Release Business
National Mortgage News, Dec. 11, 2017–Brad Finkelstein (subscription)Bank of America is exiting the mortgage lien release business by entering into an agreement to sell this unit to First American Financial Corp.
Another Shakeup at Walter Investment; Nonbank Names New CFO and COO
HousingWire, Dec. 11, 2017–Ben LaneWalter Investment announced recently that Gary Tillett, who serves as executive vice president and chief financial officer, plans to retire in 2018. Replacing Tillett will be that Jerry Lombardo, who most recently served as a managing director & treasurer of the consumer and community bank at JPMorgan Chase.