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.
Category: Top National News
UBS Beefs Up Funds for U.S. Mortgage Mis-Selling Case to $1.4 Billion
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.
Wells Fargo Agrees to $50 Million Settlement over Homeowner Fees
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.
MSRs on Nearly $1 Billion in Agency Loans For Sale
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.
Fannie Mae: Even Big Lenders Have Questions about Front-End Risk Sharing
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.”
Borrowers Who Make Less Money Are Now Getting Jumbo Home Loans
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.
Tech and Scale Are Key to Tackling Tight Servicing Margins
National Mortgage News, Oct. 18, 2016–Passy, Jacob
By decreasing costs through technology, outsourcing and scale, mortgage servicers not only can give their margins a much-needed boost but also set themselves up to reap the rewards in the future.
GSE Refinances Jump to 16-Month High
Mortgage Daily, Oct. 18, 2016
Government-sponsored enterprise mortgages refinanced by loan originators reached the highest level in almost a year-and-a-half.
Wells Fargo Delays Bond Sale After S&P Revises Outlook
Wall Street Journal, Oct. 18, 2016–Goldfarb, Sam
Wells Fargo & Co. on Tuesday delayed selling a 10-year bond after S&P Global Ratings revised the outlook on its credit rating to negative from stable.
After Court Ruling, Secret Payoff Schemes May Raise Settlement Costs
Washington Post, Oct. 19, 2016–Harney, Kenneth R.
A decision last week by a federal appellate court is casting new light on practices in the real estate field that buyers and sellers often know little about: creative, under-the-table payoff schemes among realty brokers, mortgage lenders and title companies that can stifle market competition and raise settlement costs to consumers by hundreds or even thousands of dollars.