Bloomberg, Oct. 12, 2017–Prashant GopalDuring hurricanes Harvey and Irma, wind and water damaged almost 1.8 million homes, causing uninsured flood losses of as much as $57 billion, according to CoreLogic Inc., a real estate data firm. Homeowners without federal flood insurance are most likely to be desperate. Those with policies don’t yet know how much they’ll get for their losses, which is key to deciding whether it makes sense to sell.
Category: Top National News
Small Portfolio of GSE MSRs On the Market
Mortgage Daily, Oct. 12, 2017Investors hungry for servicing have an opportunity to buy mortgage servicing rights on nearly $200 million in government-sponsored enterprise loans with a Golden State concentration.
Homebuyers Rush to Riskier Mortgages as Home Prices Heat Up
CNBC, Oct. 3, 2017–Diana OlickHome prices are heating up yet again, and that is sending more potential buyers looking for ways to afford a monthly mortgage payment.
Watt Suggests GSEs Need to Hold on to Some Capital, Urges Congress to Act on Housing Reform
HousingWire, Oct. 3, 2017–Brena SwansonFederal Housing Finance Agency Director Mel Watt once again pressed Congress on the urgent need for housing finance reform due to the looming deadline of the government-sponsored enterprises’ capital buffer timeline.
Lawmakers Berate Former Equifax CEO Over Huge Data Breach
New York Times, Oct. 3, 2017–Tara Siegel Bernard, Stacy CowleyMembers of Congress tore into Equifax on Tuesday, berating the company’s former chief executive for a breach of its computer systems that potentially exposed the sensitive personal information of more than 145 million Americans.
Private Flood Insurance Bill Avoids Costs of Floodplain Management
National Mortgage News, Oct. 3, 2017–Brian Collins (subscription)While lawmakers appear eager to help develop private flood insurance as an alternative to the federal program, some are worried that private policies won’t help support flood mapping and the enforcement of flood codes.
Biggest HECM Lenders
Mortgage Daily, Oct. 3, 2017The volume of HECM activity moved down from the preceding month, when FHA mortgagees generated 4,927 endorsements.
Wells Fargo to Refund Fees Charged for Mortgage Delays that Were Primarily Its Own Fault
Los Angeles Times, Oct. 4, 2017–Lauren RaabAs it looks to win back trust after a scandal over its sales practices, the San Francisco bank said it will reach out to customers who paid so-called “rate-lock extension” fees from Sept. 16, 2013, through Feb. 28, 2017, and give refunds to customers who don’t think they should have paid.
Senators Rip Credit-Reporting Model in Wake of Equifax Breach
Wall Street Journal, Oct. 4, 2017–AnnaMaria Andriotis, Michael Rapoport, Christina Rexrode (subscription)Senators questioning Equifax Inc.’s former chief on Wednesday attacked the business model of the credit-reporting industry, asking why consumers shouldn’t have power over the data that the companies collect on them.
Ocwen Dodges SEC Investigations; Settles with 3 More States
HousingWire, Oct. 4, 2017–Ben LaneOcwen announced the Securities and Exchange Commission concluded two different examinations of the nonbank’s business, and said that the agency will not be seeking enforcement actions in either matter.