Washington Post, Oct. 18, 2017–Kenneth Harney A recent legal settlement between the federal government and a title insurance agency is drawing fresh attention to one of the murkiest, least understood and costly items you get charged for in a real estate closing: title insurance.
Category: Top National News
Third-Quarter Profits Rise for Mortgage Insurer MGIC
Milwaukee Journal-Sentinel, Oct. 18, 2017–Paul GoresThird-quarter profits more than doubled for MGIC Investment Corp. as mortgage delinquencies continued to decline and the quarterly results comparison benefited from a one-time loss in last year’s third period.
Radian Restructures Services Business; Jeff Tennyson Out as President of Clayton
HousingWire, Oct. 18, 2017–Ben LaneIn a release, the company says that the moves are designed to “reposition the segment for sustained profitability by focusing on the core products and services that Radian believes have higher growth potential, produce more predictable and recurring fee-based revenues, and better align with customer needs.”
Mortgage is Top CFPB Complaint Category Among Older Consumers
Mortgage Professional America, Oct. 18, 2017–Francis MonfortMortgages are the leading source of complaints to the Consumer Financial Protection Bureau among consumers 62 years old and older, according to a report by the US Public Interest Research Group and the Frontier Group.
Refinance Loans Rise on Lower Interest Rates in September
National Mortgage News, Oct. 18, 2017–Elina Tarkazikis (subscription)The percentage of refinance loans rose to 38% in September as interest rates dipped to their lowest level in 2017, according to Ellie Mae’s Origination Insight Report. Last month, refinances comprised 35% of total loans.
What to Look for in a Mortgage Servicer
Wall Street Journal, Oct. 18, 2017–Robyn A. Friedman (subscription)Some mortgage servicers have a bad reputation for service: In a survey released earlier this year, unhappy mortgage customers said their servicers were more focused on profit than on their customers.
Senate Poised for Crucial Vote Related to Tax Reform Measure
Reuters, Oct. 19, 2017–David MorganThe budget resolution contains a legislative tool called reconciliation, which would enable Republicans, who control the 100-seat Senate by a 52-48 margin, to move tax legislation through the Senate on a simple majority vote. Otherwise, tax reform would need 60 votes and would likely fail.
CFPB Issues Principles on Financial Data Sharing
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.
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.