Scotsman Guide, Aug. 21, 2017–Victor WhitmanThe nation’s largest mortgage banking trade group, the Mortgage Bankers Association, recently urged its members to reach out to representatives in support of bills that would extend the program.
Category: Top National News
Mr. Cooper Launching Mortgage-Linked Credit Card
HousingWire, Aug. 21, 2017–Ben LaneMr. Cooper, the nonbank that officially left the name Nationstar behind on Monday, is already the most unique name in the mortgage business. When using the Mr. Cooper Home Rewards credit card, customers can earn cash back that will be applied to the principal balance on their mortgage.
Fannie to Allow Some Appraisal-Less Transactions
Mortgage Daily, Aug. 21, 2017Like its secondary cousin, Fannie Mae will begin allowing some home-purchase financing loans without appraisals.
NY Re-Adopts Laws Requiring NY Mortgage Loan Servicers to Register and Post Surety Bonds
National Mortgage Professional, Aug. 21, 2017–Vic LanceThe New York State Department of Financial Services recently re-adopted a registration procedure for mortgage loan servicers. As a part of the process, professionals need to meet bonding requirements and provide appropriate errors and omissions insurance coverage.
Biggest VA Lender Settles RESPA Violations
Mortgage Daily, Aug. 14, 2017A firm that has claim to be among the biggest home-purchase lender for veteran programs has agreed to pay over $1 million to settle alleged violations of the Real Estate Settlement and Procedures Act.
MBA President Stevens Defends Need for Multiple Guarantors in GSE Reform
Housingwire, Aug. 11, 2017–Brena SwansonAs the list of people commenting on how to execute GSE reform continues to grow, Mortgage Bankers Association President and CEO David Stevens, CMB, highlighted one of MBA’s main points and defended the need for multiple guarantors in the new system.
Investors Take on Mortgage Risk from Taxpayers
Wall Street Journal, Aug. 14, 2017–Sam Goldfarb (subscription)Investors are snapping up a new type of security sold by Fannie Mae and Freddie Mac, increasingly assuming the risk of mortgage defaults from taxpayers.
Fannie and Freddie Will Stick With FICO Formula for at Least Two More Years
Washington Post, Aug. 10, 2017–Kenneth HarneyThere will be no modernization of the mortgage giants’ controversial scoring systems before mid-2019 at the earliest, according to Fannie Mae and Freddie Mac’s top government regulator.
Drop in Rates Boosts Weekly Mortgage Applications 3 Percent
CNBC, Aug. 9, 2017–Diana OlickA drop in interest rates drove homeowners and homebuyers to the mortgage market last week. “Mortgage rates decreased last week, which led to the highest volume of refinance applications since mid-June,” said Mortgage Bankers Association Chief Economist Mike Fratantoni.
PHH Continues to Reduce Mortgage Business
Mortgage Daily, Aug. 9, 2017As the parent of PHH Mortgage continues to execute on its strategy to shrink its mortgage business, losses grew from a year earlier as originations and servicing were slashed.