Mortgage Daily, Nov. 29, 2016
Even though the volume of complaints filed against financial services providers has risen from a year ago, mortgage complaint volume was down, the Consumer Financial Protection Bureau said.
Category: Top National News
CFPB Warns Companies About Engaging in Wells Fargo-like Sales Incentives
HousingWire, Nov. 29, 2016–Lane, Ben
The Consumer Financial Protection Bureau just fired a shot across the bow of all companies that provide financial services to consumers, warning companies about the risks inherent in sales incentives programs like the one that led to a massive fine being handed down against Wells Fargo.
FHA Endorsements Fall, Could Go Lower
Mortgage Daily, Nov. 29, 2016
Monthly volume of residential loans endorsed by the Federal Housing Administration declined and could move even lower. A modest improvement was recorded for delinquency.
2017 Mortgage Deduction: What Every Taxpayer Should Know
Fox Business, Nov. 29, 2016–Caplinger, Dan
Right now, there aren’t major legal changes on the books that will affect the mortgage deduction in 2017, but the recent results of the presidential election point to a broader shift that could have implications for some homeowners in the future.
Freddie Mac Releases List of Approved E-Mortgage Vendors
National Mortgage News, Nov. 29, 2016–Passy, Jacob
Freddie Mac has published a list of companies that meet its requirements regarding the creation, signing and storage of electronic promissory notes.
GSE Privatization Would Mean More Competition Between Fannie and Freddie
National Mortgage News, Nov. 30, 2016–Sinnock, Bonnie
Removing Fannie Mae and Freddie Mac from government control, as Treasury Secretary-designate Steven Mnuchin would like to, could mean the two entities will do more to compete for lenders’ loans. “Private companies can be more innovative and they can compete more for customer service, potentially, if we do this right,” said Mortgage Bankers Association CEO David Stevens.
FHA-Backed Mortgages Look Attractive with Rates on the Move
The Street, Nov. 30, 2016–Ragusa, Gina
Rising mortgage rates and an uncertain financial future is prompting house hunters to seek a low down payment mortgage option as finding an affordably priced home remains arduous. MBA President and CEO David Stevens noted investor expectations are driving jump in mortgage rates.
Fannie and Freddie Have Yet to Change Scoring System for Mortgage Applicants
Washington Post, Nov. 30, 2016–Harney, Kenneth R.
The two behemoths of the mortgage business–Fannie Mae and Freddie Mac–continue to use a credit-scoring model that even its developer, FICO, says is not as “predictive” as its much newer models. Michael Fratantoni, chief economist for the Mortgage Bankers Association, said “by sticking to old models we are disadvantaging” sizable numbers of consumers.
Survey Says! The Biggest Threats to Housing: Compliance Burdens, Access to Credit
HousingWire, Nov. 30, 2016–Swanson, Brena
Genworth survey of attendees at MBA Annual Convention shows industry making progress in compliance and access to credit, but headwinds persist.
The Conservatorship Was Never Supposed to Last This Long
GoRion, Nov. 29, 2016–Bourgi, Sam
With Republicans controlling both houses of Congress, talks about ending the conservatorship are resurfacing. After all, it was never meant to last this long.