HousingWire, Nov. 28, 2017–Ben LaneThe Federal Housing Finance Agency announced Tuesday that it is increasing the conforming loan limits from $424,100 to $453,100 for 2018.
Category: Top National News
Wells Fargo Is Dubbed a Repeat Offender and Faces New Wrath From Its Regulator
Wall Street Journal, Nov. 29, 2017–Gretchen Morgenson, Emily Glazer (subscription)A federal regulator has advised Wells Fargo & Co.’s board of directors that it is weighing a formal enforcement action against the bank over improprieties in its auto-insurance and mortgage operations.
Wells Fargo, U.S. Bancorp See Rare Growth In Mortgage Servicing Portfolios
Forbes, Nov. 28, 2017–TrefisWells Fargo joined its smaller rival U.S. Bancorp to report a sequential improvement in its total mortgage servicing portfolio for the third quarter, making this the first time in more than four years that two of the nation’s five largest banks bucked the industry-wide trend of quarter-on-quarter declines in this figure.
NAMB and MBA Seek Industy Support on Congressional Legislation
National Mortgage Professional, Nov. 21, 2017–Phil HallThe Mortgage Bankers Association’s (MBA) Mortgage Action Alliance called for industry professionals to lobby on behalf of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act.
CFPB Approves Redesigned Mortgage Application
Mortgage Daily, Nov. 21, 2017The Consumer Financial Protection Bureau approved a redesigned Uniform Residential Loan Application to be used by Fannie Mae and Freddie Mac.
PHH vs. CFPB: Cordray Won’t Be Around to See the Outcome of the Case
HousingWire, Nov. 21, 2017–Brena SwansonThe case questions whether the structure of the CFPB is unconstitutional, with PHH arguing that the bureau’s director has too much power and that the bureau operates without supervision or oversight.
Hurricanes Drive October’s Increase in Late Mortgage Payments
National Mortgage News, Nov. 21, 2017–Brad Finkelstein (subscription)Late payments from borrowers living in areas hardest hit by Hurricanes Harvey and Irma were responsible for October’s increase in loan delinquencies, said Black Knight.
Ocwen Announces Millions in New Mortgage Debt Forgiveness in Ohio
DS News, Nov. 21, 2017–David WhartonFinancial services holding company Ocwen announced in November that it had worked closely with various nonprofit agencies to forgive $14.6 million in mortgage debt for struggling Ohio homeowners.
CFPB’s English Sues Trump Administration to Block Mulvaney Appointment
American Banker, Nov. 26, 2017–Kate Berry (subscription)Leandra English, the deputy director of the Consumer Financial Protection Bureau, sued the Trump administration late Sunday to block the appointment of Office of Management and Budget Director Mick Mulvaney as interim director of the consumer agency.
Safe as Houses? Both GOP Tax Bills Undermine the Mortgage Interest Deduction
Washington Examiner, Nov. 26, 2017–Joseph LawlerWhatever happens with Republican tax reform, the mortgage interest deduction is in trouble.