Reuters, Apr. 20, 2017–Jason Lange, Lindsay DunsmuirThe Trump administration will unveil a tax reform plan very soon, U.S. Treasury Secretary Steven Mnuchin said on Thursday.
Category: Top National News
Ocwen Blocked From Acquiring New Mortgage Business by States
Bloomberg, Apr. 20, 2017–David McLaughlin, Dan WilchinsA group of state mortgage regulators blocked Ocwen Financial Corp. from acquiring new business and said the company’s financial condition is significantly deteriorating, the North Carolina bank regulator said Thursday.
New Insurance Written Growth Drives MGIC’s Earnings
National Mortgage News, Apr. 20, 2017–Brad Finkelstein (subscription)MGIC Investment Corp. had net income of $89.8 million for the first quarter, an increase of nearly 30% over the same period last year of $69.2 million.
Mortgage Servicing Up at Huntington, Assets Off
Mortgage Daily, Apr. 20, 2017A quarter-over-quarter decline was recorded for mortgage originations and assets at Huntington Bancshares Inc. But the firm boosted the size of its servicing portfolio.
NAHREP Stands Behind Mortgage Banker Association Proposition for GSE Reform
HousingWire, Apr. 21, 2017–Kelsey RamirezThe National Association of Hispanic Real Estate Professionals issued a statement of support for the Mortgage Bankers Association’s proposal for GSE reform.
Government Shutdown Would Create Mortgage Roadblocks
CNBC, Apr 21, 2017–John W. SchoenMBA President and CEO David Stevens said in event of shutdown, work on FHA mortgage paperwork would stop. “There’s no ‘wink-wink, keep your laptops and we’ll call you,” he said.
Trump’s Industry, Real Estate, Poses Hurdle to Tax Overhaul
New York Times, Apr. 22, 2017–James B. StewartPresident Trump has promised a sweeping tax plan, arriving in the days ahead, that will be “bigger, I believe, than any tax cut ever.” It will aim to bring down individual and corporate rates, simplify the overall tax code and unleash economic growth. But there is a major roadblock to that fundamental change, and it comes from a sector well known to the president: the real estate industry.
Ocwen Answers State Regulators’ Charges of Widespread Servicing Errors
HousingWire, Apr. 21, 2017–Ben LaneOcwen released a lengthy statement Thursday stating that it intends to fight the Consumer Financial Protection Bureau’s lawsuit, claiming that the bureau’s charges are “inaccurate” and “unfounded.” And early Friday morning, Ocwen released another lengthy statement, but this one is in response the state banking regulators allegations.
MSRs on Over $2 Billion in Ginnie Loans for Sale
Mortgage Daily, Apr. 21, 2017A new offering has hit the market for mortgage servicing rights on more than $2 billion in Ginnie Mae loans.
House Committee Considers Bill to Open Records at Fannie Mae and Freddie Mac
HousingWire, Apr. 24, 2017–Kelsey RamirezUnder the bill, the GSEs would be directed to accept and process FOIA requests from the public and release information to satisfy those request for as long as they remain under federal conservatorship. However, this bill would only apply to the mortgage giants while they are under federal conservatorship, and the administration could be already looking at plans for GSE reform. The Mortgage Bankers Association recently released its roadmap to GSE reform that breaks down what it sees as the best option for reform.