National Mortgage News, Oct. 18, 2017–John Heltman (subscription)The Consumer Financial Protection Bureau released non-binding principles Wednesday for third parties that use consumer financial data to help guide the development of innovative but safe fintech solutions.
Category: Top National News
Trump’s Pick to Run Mortgage Agency Has Helped Lenders Fight It
Bloomberg, Oct. 19, 2017–Joe LightFor the past eight years, Brian Montgomery has helped mortgage lenders fight penalties sought by the Federal Housing Administration. Now he’s President Donald Trump’s nominee to lead the agency.
Freddie Mac Revises Requirements for Income-Based Student Loans
National Mortgage News, Oct. 19, 2017–Bonnie Sinnock (subscription)Freddie Mac is revising the way lenders need to submit payment information on certain student loans in order to calculate a borrower’s monthly debt-to-income ratio.
Equifax Restoring The Work Number Portal with Beefed-Up Security
National Mortgage News, Oct. 20, 2017–Bonnie Sinnock (subscription)Equifax continues work to add new security features and restore full access to The Work Number following a report highlighting potential security vulnerabilities in a browser-based portal of its employment verification service. The Work Number employee portal was taken offline for servicing on Oct. 8.
Stearns Lending Cutting Southern California Jobs
Mortgage Daily, Oct. 20, 2017Well over a hundred mortgage jobs are being eliminated by Stearns Lending LLC. The impacted employees are located in the Golden State.
‘Regulation by Enforcement’ Makes Compliance Unpredictable, New MBA Chair Says
American Banker, Oct. 23, 2017–Elina Tarkazikis (subscription)The Consumer Financial Protection Bureau’s practice of “regulation by enforcement” forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, according to David Motley, the new chairman of the Mortgage Bankers Association.
Are Servicers Ready for The Next Wave of Defaults?
Servicing Management, Oct. 23, 2017–Graham SmithAlthough the impact of hurricanes Harvey and Irma on the national mortgage default rate has yet to be fully realized, unforeseen events such as these can result in a wave of defaults that can challenge a servicing shop.
MBA’s Stevens Challenges Industry on Overcoming the Unpredictable
National Mortgage Professional, Oct. 23, 2017–Phil HallMBA President and CEO David Stevens said MBA has established a vibrant relationship with the Administration and continues to be a prominent thought leader in the nation’s capital.
Stevens: Legislation is the Only Cure for the Industry’s False Sense of Security
HousingWire, Oct. 23, 2017–Sarah WheelerMBA President and CEO David Stevens said the safety the industry now feels could be quickly undone, Stevens said, depending on the leaders the Trump administration chooses to lead the Federal Housing Finance Agency and the Consumer Financial Protection Bureau.
Ben Carson Vows to Pull Back on Mortgage Penalties at HUD
Bloomberg, Oct. 23, 2017–Joe Light”Innocent errors should not create chaos and fear and make people less likely to get involved in the first place,” Carson said in a speech at a Mortgage Bankers Association conference in Denver.