Category: Top National News

National Mortgage News, Oct. 25, 2017–Kate Berry (subscription)The Senate’s razor slim vote to repeal the Consumer Financial Protection Bureau’s arbitration rule was arguably the industry’s biggest policymaking victory since passage of the Dodd-Frank Act. But does it mean the regulatory tide has turned in banks’ favor? Many are skeptical.

Mortgage Orb, Oct. 25, 2017–Patrick BarnardThe GSEs have been exploring the use of alternative credit scoring models as a means to give more self-employed or “credit invisible” consumers access to mortgage loans. This can include consumers who have income from nontraditional sources or who hold significant assets but are not traditional W-2 wage earners.

HousingWire, Oct. 25, 2017–Ben LaneThe nonbank could soon only have one active lending channel, as the company disclosed this week that it is considering selling off more pieces of its lending business.

Wall Street Journal, Oct. 25, 2017–Bart Higgins (subscription)Just when you think you have a handle on the brick-and-mortar retail crisis, the prognosis gets worse. More than 8,600 stores will close their doors in 2017, according to Credit Suisse analysts-a number that exceeds store closures during 2008, when America was in recession.

HousingWire, Oct. 26, 2017–Ben LaneA bill to change part of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule has bipartisan support in the House of Representatives and a coalition of many of the biggest trade groups in housing [including the Mortgage Bankers Association].

HousingWire, Oct. 26, 2017–Ben LaneThe bill would repeal the life of loan requirement and reinstate the FHA’s previous policy of requiring borrowers to pay mortgage insurance premiums until the outstanding principal balance reaches 78% of the original home value.

Reuters, Oct. 26, 2017–Jonathan StempelRoyal Bank of Scotland Group Plc agreed to pay more than $44 million and enter a non-prosecution agreement to settle a Department of Justice criminal probe of traders accused of defrauding customers on bond prices.

Scotsman Guide, Oct. 27, 2017–Victor Whitman”Actions may take shape that will motivate members of Congress, particularly on the Senate Banking Committee, which I think is the most important voice on the subject to begin moving forward,” said MBA President and CEO David Stevens, CMB.

HousingWire, Oct. 27, 2017–Brena SwansonFresh into his new position as chairman of the Mortgage Bankers Association, Colonial Savings President Dave Motley discusses the next big initiatives for the association heading into 2018.

HousingWire, Oct. 27, 2017–Ben LaneThe section of the report in question focuses on HUD’s potential application of the disparate impact rule to the insurance industry, specifically homeowners’ insurance.