Mortgage Compliance Magazine, Apr. 17, 2017No matter how or why lenders have required flood insurance on a property, if the flood insurance lapses during the term of the covered loan, it’s a problem.
Category: Top National News
CFPB Sues Ohio Law Firm for Illegal Debt Collection Practices
National Mortgage News, Apr. 17, 2017–Kate Berry (subscription)The Consumer Financial Protection Bureau filed a lawsuit Monday against Weltman, Weinberg & Reis for allegedly engaging in illegal debt collection practices after the firm said it refused to agree to a settlement.
Commercial Mortgages: Debt Funds Seek to Fill a Void
Richmond (Va.) Times-Dispatch, Apr. 17, 2017–Andrew Little Debt funds–non-bank lenders formed with contributed equity from institutional investors–are seeking to fill the void left as bank lenders have dialed back their leverage levels.
Big Opportunities in Alternative Mortgages for 2017
GoRion, Apr. 4, 2017–Mark FogartyAlternative mortgages will present investors a $150 billion minimum choice versus agency product in 2017, even if the overall origination market declines, according to one executive whose firm is starting to securitize non-QM loans.
Small Banks Need Reg Relief Fast, Says BofA’s Moynihan
National Mortgage News, Apr. 4, 2017–Ian McKendry (subscription)Although the Dodd-Frank Act made some positive changes, including requiring stress tests and giving government the power to unwind large banking companies, the weight of its regulations is killing small banks, Brian Moynihan, the CEO of Bank of America, said Tuesday.
Jamie Dimon Pushes for Simpler, More Coordinated Bank Regulations
Wall Street Journal, Apr. 4, 2017–Emily Glazer (subscription)J.P. Morgan Chase & Co. Chief James Dimon laid out his wishlist of regulatory changes in his annual shareholder letter Tuesday, calling for simpler and better coordinated rules that could help to spur more lending and in turn economic growth.
Window Closing for Republican Stealth Assault on U.S. Regulations
Reuters, Apr. 4, 2017–Lisa Lambert; Sarah N. LynchThe clock began running out this week on a strategy that has provided U.S. Republicans in Congress with their only notable legislative successes this year: aggressive use of an obscure U.S. law known as the Congressional Review Act.
Younger Homeowners More Likely to Be HELOC Borrowers
National Mortgage News, Apr. 4, 2017–Brad Finkelstein (subscription)Over the next 18 months, 35% of the millennials responding said they would consider applying for a HELOC versus 15% of Gen-Xers and 4% of baby boomers, a survey of over 1,350 U.S. homeowners conducted for TD Bank found.
A New Look At The Lasting Consequences Of Student Debt
NPR, Apr. 4, 2017–Anya KamenetzAttending college can boost your earning power, but student debt can affect your chances of owning a home, a new Federal Reserve Bank of New York report said.
Green-Energy PACE Home Loans Catch Congress’s Ire
Wall Street Journal, Apr. 5, 2017–Kirsten Grind (subscription)Sen. Tom Cotton, R-Ark., introduced legislation Wednesday that would require private lenders in a loan program known as Property Assessed Clean Energy, or PACE, to be regulated much like traditional mortgage lenders.