Mortgage Daily, Dec. 7, 2017On Thursday, the government-owned corporation announced restrictions for streamline and cashout refinances being pooled into Ginnie Mae I Single Issuer Pools and Ginnie Mae II Multiple Issuer Pools.
Category: Top National News
Tax Servicing an ‘Intricate Part of the Loan Servicing Industry’
Mortgage Orb, Dec. 6, 2017–Marcus Balocca, John PermejoTax servicing is a complex but important part of loan servicing. There are more than 24,000 tax agencies or taxing authorities across the country and U.S. territories, each with their own rules, processes and guidelines for providing tax information and collecting and processing tax payments.
Breaking Down Hensarling’s GSE Reform Overture
National Mortgage News, Dec. 6, 2017–Rob Blackwell, Ian McKendry (subscription)House Financial Services Committee Jeb Hensarling shifted tactics on housing finance reform Wednesday, acknowledging that a bill he’s pushed for years to virtually eliminate the government’s role in the mortgage market lacks the support to become law.
Homebuying Doesn’t Hinge on the Mortgage Tax Break
Bloomberg, Dec. 7, 2017–Joe Light, Prashant GopalThe $64 billion mortgage-interest deduction has long been touted as fuel for U.S. homeownership. Yet as the real estate industry fights the Republican tax plan that’s set to diminish its use, finding economic supporters of the perk is tough, even among affordable-housing advocates.
Cuts to Homeowner Tax Breaks Could Cost Republicans in 2018 Races
Reuters, Dec. 6, 2017–Sharon Bernstein, Howard SchneiderThousands of homeowners in Republican-leaning areas could be hit by the elimination or reduction of tax breaks for homeowners, a Reuters analysis of federal mortgage and tax data shows, potentially opening those districts to a Democratic challenge in the November 2018 mid-term elections.
U.S. Comptroller Halts Plan to Remove In-House Bank Examiners
Reuters, Dec. 6, 2017–Pete SchroederBank examiners can continue working inside the banks they supervise, Comptroller of the Currency Joseph Otting said on Wednesday, in a policy reversal for the U.S. banking regulator.
Jumbo, Reverse and Nonprime RMBS Issuance to Rise
Mortgage Daily, Dec. 6, 2017Issuance of residential mortgage-backed securities filled with jumbo mortgages, nonprime loans and reverse mortgages is forecasted to rise next year, while credit standards are likely to ease, said Moody’s Investors Service.
Senate Panel Overwhelmingly Approves Powell as Fed Chair
National Mortgage News, Dec. 5, 2017–John Heltman (subscription)A Senate panel on Tuesday morning approved Federal Reserve Gov. Jerome Powell’s nomination to chair the Fed beginning early next year, putting President Trump’s pick one step closer to assuming one of the nation’s most important executive offices.
JPMorgan Chase: Mortgage Modifications Just as Effective Without Principal Reduction
HousingWire, Dec. 5, 2017–Jacob GaffneyReducing the amount a homeowner, facing default, owes on their mortgage sounds like it would be a great idea to include in a mortgage modification. But it’s likely just a feel-good factor, according to newly released research from JPMorgan Chase Institute, a think tank arm of the bank.
How The Rise Of Private Lending Is Reshaping The Mortgage Market
Forbes, Dec. 5, 2017–Bobby MantagneTraditional mortgage funders may be put off by properties that require extensive remodeling or structural repairs, creating a growing market for private money lenders.