National Mortgage Professional, Sept. 1, 2017–Phil HallCoreLogic has updated its residential loss estimates for Hurricane Harvey, placing the estimated insured flood loss for homes in the 70-county area in Texas and Louisiana affected by the storm between $6.5 billion and $9.5 billion.
Category: Top National News
Ellie Mae to Acquire Velocify for $128M
National Mortgage News, Sept. 1, 2017–Brad Finkelstein (subscription)Ellie Mae, looking to expand the analytical capabilities of its customer-relationship management technology, is purchasing Velocify for $128 million in cash.
HECM Endorsements Jump to 4-Month High
Mortgage Daily, Sept. 1, 2017Originators of home-equity conversion mortgages generated 4,927 endorsements by FHA during August, the busiest month since April.
Trump FEMA Chief Supports Cutting Coverage for Flood-Prone Homes
Bloomberg, Aug. 23, 2017–Christopher FlavelleBrock Long, who was confirmed in June as the administrator at the Federal Emergency Management Agency, said taxpayers shouldn’t be on the hook for homes that keep flooding, and the threshold for triggering federal public assistance after a disaster might be too low. He also expressed support for an Obama administration idea to make local governments pay more when a hurricane or flood hits.
Popular Mortgage Deduction Could Get a Haircut in Tax Reform
CNBC, Aug. 22, 2017–Diana OlickAs recently as Monday, Senate Majority Leader Mitch McConnell said if you’re worried about the mortgage interest deduction, “you can breathe easy.”
Can TRID Be Saved?
National Mortgage News, Aug. 22, 2017–Michael Bartlett (subscription)There have been many rules and regulations issued in the wake of the financial crisis last decade, but few have been as unpopular and controversial as TRID.
Interest Income Boosts Banks’ 2Q Profit to Post-Crisis Record
National Mortgage News, Aug. 22, 2017–Lalita Clozel (subscription)Bank earnings jumped 10.7% in the second quarter from a year earlier, to $48.3 billion, boosted by rising net interest income as banks kept expenses in check, the Federal Deposit Insurance Corp. said.
Texas Counts 10 Years Without a Reverse Mortgage Enforcement Action
Reverse Mortgage Daily, Aug. 22, 2017–Alex SpankoThe Lone Star State’s Department of Savings & Mortgage Lending found no enforcement actions against reverse mortgage originators in the state over the past 10 years.
As Home Prices Rise, Lenders are Relaxing Mortgage Guidelines
GoRion, Aug. 22, 2017–Sam BourgiWith home costs rising across the country, mortgage lenders are making it easier to qualify for a real estate loan. However, it remains to be seen whether liberalizing lending rules can sustain the recovery, or whether it will create more problems that it tries to solve.
Black Knight: Foreclosures Drop to Lowest Level in More than 10 Years
HousingWire, Aug. 24, 2017–Ben LaneA new report from Black Knight Financial Services shows fewer loans in foreclosure in July than in any month in more than 10 years.