Category: Top National News

Mortgage Professional America, Aug. 7, 2017–Francis Monfort The mortgage servicing industry can poise itself for stability and growth by continuing to emphasize oversight practices as it continues to rectify its relationship with the public following the financial crisis, according to a report by S&P Global Ratings.

Mortgage Daily, Aug. 7, 2017While quarterly earnings were solidly higher at Regions Financial Corp., mortgage income receded. Servicing grew with the acquisition of mortgage servicing rights during the quarter.

Mortgage Daily, Aug. 7, 2017Compared to a year earlier, employment in the mortgage industry has expanded. But as quarter-over-quarter headcount was down, some signs point to an increase in layoffs for the sector.

Mortgage Daily, Aug. 7, 2017Weekly mortgage business maintained the pace of the previous seven-day period. Increased refinance activity was offset by lower demand for loans to finance a residential property purchase.

National Mortgage News, July 25, 2017–Bonnie Sinnock (subscription)Prepayments for the second month in a row got a little higher but remain below the levels they were at a year ago, said Black Knight Financial Services.

Reuters, July 25, 2017–Daniel WiessnerThe rule, which was supposed to take effect in December 2016 but was blocked by a federal judge, is a top target for business groups that say it would force employers to convert many salaried employees into hourly workers.

New York Times, July 25, 2017–Matthew GoldsteinHUD sold 108,000 distressed mortgages to private equity firms and hedge funds did so without following the proper rules for setting up the program, a government audit found.

National Mortgage Professional, July 26, 2017–Phil HallThe Mortgage Bankers Association is calling on industry professionals to voice their concern over a proposal by the Federal Housing Finance Agency to accommodate borrowers with limited English proficiency by putting the borrower’s “preferred language” on the Universal Residential Loan Application.

GoRion, July 26, 2017–Sam BourgiThe mortgage lending industry is facing one its toughest market environments in years. Amid the apparent slowdown in origination volumes, excessive regulation has triggered a sharp rise in mortgage servicing costs. Once again, lenders are looking for revolutions in FinTech to tackle new cost burdens.

National Mortgage News, July 26, 2017–Brad Finkelstein (subscription)The government-sponsored enterprises transferred $5.5 billion of credit risk on $174 billion of mortgages in their portfolios during the first quarter, according to a Federal Housing Finance Agency report.