National Mortgage News, Mar. 8, 2017–Jacob Passy (subscription)Twelve of the top 15 quality control issues in 2016, as identified by third-party mortgage compliance service provider MetaSource, were TRID-related. The findings were based on a review of thousands of post-close QC audits performed by the Utah-based company.
Category: Top National News
Congress Set for Heated Debate on Flood Insurance Program
Wall Street Journal, Mar. 9, 2017–Rachel Witkowski (subscription)What to do about extending the National Flood Insurance Program divides Congress along regional rather than party lines.
Trump Meets with U.S. Community Bankers, Pledges to Scale Back Regulations
Reuters, Mar. 9, 2017–David Lawder; Amanda BeckerPresident Donald Trump promised in a meeting with community bankers on Thursday to strip away some Dodd-Frank financial regulations and ensure they can continue giving small businesses access to capital.
AIG CEO Peter Hancock to Resign After Turnaround Plan Falters
Wall Street Journal, Mar. 9, 2017–Leslie Scism; Joann S. Lublin (subscription)American International Group Inc. Chief Executive Peter Hancock, apparently having lost the faith of the insurer’s directors, quit at a board meeting Wednesday where his future was being discussed.
Overdues Still Causing Need for Investor Vigilance
GoRion, Mar. 9, 2017–Mark FogartyInvestors heaving a sigh of relief that the foreclosure crisis isn’t an imminent danger to their collateral any more are mostly right.
Oregon Lawmakers Look to Rein In Massive Mortgage Interest Tax Break
The Oregoinan, Mar. 9, 2017–Gordon R. FriedmanLawmakers are looking to trim the popular mortgage interest deduction that gives more than a half-million Oregon households a break on their state income taxes.
MBA Supports Flood Insurance Reform Legislation
National Mortgage Professional, Mar. 10, 2017–Phil HallIn a letter to leaders of the Senate and House, the Mortgage Bankers Association announced its backing of S. 563 and H.R. 1422, both named the Flood Insurance Market Parity and Modernization Act.
Adjustable-Rate Mortgages Make a Comeback as Rate Rises Loom
MarketWatch, Mar. 10, 2017–Andrea Riquier Adjustable-rate mortgages are more popular now than at any time in more than two years as interest rates start climbing, the Mortgage Bankers Association reported.
New Bill Threatens CFPB’s Freedom as Independent Agency
HousingWire, Mar. 10, 2017–Brena SwansonEarlier this month, the House passed (241 to 104) the “OIRA Insight, Reform, and Accountability Act,” H.R. 1009, which would subject independent regulatory agencies to the regulatory review process of the Office of Information and Regulatory Affairs within the Office of Management and Budget.
Four Myths in the Battle Over Dodd-Frank
American Banker, Mar. 10, 2017–Kate Berry (subscription)In their drive to revamp the Dodd-Frank Act, Republicans have repeatedly asserted that the 2010 financial reform law has increased the cost of consumer lending and cut off access to credit. Yet the available data indicates otherwise.