Scotsman Guide, July 17, 2017–James S. MacLeodThe author, chairman and CEO of CoastalSouth Bancshares, says MBA plan for GSE reform protects and provides opportunitiets for both large and small lenders.
Category: Top National News
CFPB Suffers Setback in RESPA Case
National Mortgage News, July 17, 2017–Kate Berry (subscription)A district court judge has ruled in favor of a Louisville, Ky., law firm that was sued by the Consumer Financial Protection Bureau in 2013 for allegedly paying illegal kickbacks in exchange for referrals.
Banking Regulator Urges CFPB to Delay Rule Barring Mandatory Arbitration
Wall Street Journal, July 17, 2017–Rachel Witkowski (subscription)The Trump-appointed acting head of the national banking regulator urged Monday that the Consumer Financial Protection Bureau delay a rule barring mandatory arbitration requirements between financial firms and customers.
HUD Secretary Promotes Reverse Mortgage Reforms
National Mortgage News, July 17, 2017–Brian Collins (subscription)HUD is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.
Freddie Mac Joins Fannie Mae in Reducing Mortgage Modification Interest Rate
HousingWire, July 17, 2017–Ben LaneThe standard modification program is “designed to help those borrowers who are ineligible for the Home Affordable Modification Program,” Freddie Mac said.
Student Debt Is a Major Reason Millennials Aren’t Buying Homes
Bloomberg, July 17, 2017–Shahien NasiripourCollege tuition hikes and the resulting increase in student debt burdens in recent years have caused a significant drop in homeownership among young Americans, according to new research by the Federal Reserve Bank of New York.
What’s Behind the Mortgage Reshoring Trend?
Mortgage Orb, July 5, 2017–Nora CaleyBanks and other financial entities are increasingly announcing that they are opening call centers in the U.S. and creating domestic instead of offshore jobs. Some industry experts say this has been a trend for several years and is due to several factors, from regulatory pressure to cost savings to bad publicity.
HSBC in Talks with U.S. to End Crisis-Era Mortgage Probe
American Banker, July 5, 2017 (subscription)HSBC Holdings is in talks to resolve a U.S. probe into its sale of toxic mortgage bonds a decade ago, according to people familiar with matter, a negotiation that could offer an early look at how the Trump Justice Department will deal with global banks.
PHH Completes Sale of Fannie Mae MSRs
Mortgage Daily, July 5, 2017Proceeds from the sale of the mortgage servicing rights, which was originally announced back in December, amounted to $333.1 million.
Fed Officials Divided on When to Begin Balance-Sheet Unwind
Bloomberg, July 5, 2017–Craig TorresA divided Federal Reserve policy committee couldn’t reach agreement in June on the timing of when to begin shrinking its massive balance sheet, according to minutes of the meeting.