Bloomberg, Oct. 27, 2016–Ring, Suzi; Morris, Stephen; Farrell, Greg
Barclays Plc is trying to draw a line at $2 billion in penalties to settle a U.S. investigation into its sale of mortgage securities after it received an opening offer that it considered too high.
National Mortgage News, Oct. 27, 2016–Sinnock, Bonnie
A market that some Ginnie Mae issuers tap to help finance their mortgage operations has a dwindling number of investors.
National Mortgage News, Oct. 27, 2016–Passy, Jacob
Millions of consumers’ credit reports will no longer reflect past mortgage problems, which could open up borrowing opportunities for many of them.
National Mortgage News, Oct. 28, 2016–Kilgore, Austin Mortgage brokers were among the companies that received the regulator’s warning letters, but brokers are not required to report HMDA data – leading many to suspect mini-correspondents, which straddle the line between broker and lender, were the recipients.
Mortgage Daily, Oct. 28, 2016
Among the changes being made are alternatives being added for the borrower’s signature on tax returns such as a signed IRS Form 8879.
Reuters, Oct. 28, 2016–Franklin, Joshua; Gruber, Angelika
UBS revealed it set aside an extra $417 million to cover potential penalties tied to mis-selling mortgage-backed securities ahead of the financial crisis as it delivered an 11 percent rise in third-quarter profit.
Reuters, Oct. 31, 2016–Aubin, Dena
Wells Fargo & Co. agreed to pay $50 million to settle a racketeering lawsuit accusing it of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans.
Mortgage Daily, Oct. 31, 2016
Bids are being accepted for mortgage servicing rights on nearly $1 billion in agency home loans. The portfolio has a significant concentration in New York.
ValueWalk, Oct. 18, 2016–Investors Unite
“MBA has for decades advocated for a bright line between primary and secondary markets,” MBA President David Stevens wrote in the letter to the Federal Housing Finance Agency. “One aspect of this bright line is that primary market lenders select front-end credit enhancements, while the GSEs structure back-end credit enhancements.”
Wall Street Journal, Oct. 18, 2016–Friedman, Robyn
Even as sales of luxury homes slow in some markets, jumbo lending has picked up. That’s because looser underwriting rules–especially income requirements–have enabled more people to qualify for credit.
