Mortgage Daily, Dec. 1, 2017Walter Investment Management Corp. has filed for bankruptcy as expected. The company hopes to wipe out nearly $1 billion in outstanding debt.
Category: Top National News
Loan Production Expenses Hurt Bank Profits
Mortgage News Daily, Nov. 30, 2017–Jann SwansonMortgage bank profits declined in the third quarter when compared to the second quarter, but remained substantially higher than in the two quarters that preceded it, the Mortgage Bankers Association said.
The Surprising State With the Highest Hidden Flood Risk
Wall Street Journal, Nov. 30, 2017–Adam Bonislawski (subscription)Which state has the highest hidden flood risk? Take a guess. Heck, take 49 guesses. You might not get it even then. (It’s Arizona.)
FHFA Adds Incentives to Go the Extra Mile in Duty to Serve
National Mortgage News, Nov. 30, 2017–Bonnie Sinnock (subscription)Final “duty to serve” evaluation guidance for Fannie Mae and Freddie Mac aim to include more incentives for the agencies to go above and beyond mandatory increases in lending to underserved markets.
To Better Assess the Risk of FHA Programs, Separate Reverse and Forward Mortgages
Urban Institute, Nov. 30, 2017–Edward Golding, Laurie GoodmanFormer HUD official and Urban Institute exec say Congress could take a positive step by removing the HECM portfolio from the MMI Fund.
Tax Reform Threatens to Drain GSEs’ Dwindling Capital
National Mortgage News, Nov. 29, 2017–Ian McKendry (subscription)As the Senate launched into debate on tax reform Wednesday, a still-unanswered question was whether lawmakers will address a potentially huge negative consequence for Fannie Mae and Freddie Mac.
Mortgage Cap Would Hit California, Florida, New York Hardest
Bloomberg, Nov. 29, 2017–Vincent Del Guidice, Wei LuAssuming a 20 percent down payment, the three states together are estimated to have more than 80,000 homes currently listed for sale where the mortgage could reach at least $500,000, the limit laid out for new home sales in the House Republican tax plan. In California, that’s 44 percent of homes on the market.
RoundPoint Mortgage Servicing Expanding into Mortgage Lending
HousingWire, Nov. 29, 2017–Ben LaneRoundPoint announced Wednesday that it recently launched a retail mortgage lending division, which is licensed in 42 states.
Court Sides with Trump in Consumer Agency Fight
The Hill, Nov. 28, 2017–Sylvan LaneA federal judge on Tuesday rejected a lawsuit from an official who claims that she, and not President Trump appointee Mick Mulvaney, is the rightful director of the Consumer Financial Protection Bureau.
Trump Team to Recommend Keeping Dodd-Frank Liquidation Power
Wall Street Journal, Nov. 29, 2017–Ryan Tracy (subscription)The Trump administration doesn’t plan to recommend stripping regulators of their power to seize and unwind a failing financial firm in a crisis, according to people familiar with the matter, a development likely to make defenders of the 2010 Dodd-Frank financial law breathe a sigh of relief.