Mortgage News Daily, June 10, 2016–Chrisman, Rob
Are storm clouds gathering in the market for mortgage servicing rights? Some industry insiders are suggesting that it could be the perfect storm of the unintended consequences of regulation and a supply & demand mismatch.
UExpress, June 10, 2016–Sichelman, Lew
Sometimes, lenders are smart not to do business with clients whose credit scores are below 650. But, many of those with scores below that magic number are acceptable credit risks, as long as they are properly underwritten.
New York Times, June 10, 2016–Lieber, Ron
If you don’t have a reverse mortgage and don’t know anyone who does, your familiarity with the product probably comes from television commercials. So it may surprise you to learn that some community bankers are quietly offering the loans, too, bringing a kind of Main Street respectability to a product that has long lacked it.
The Hill, June 13, 2016–Stevens, David
MBA President and CEO David Stevens, CMB, said recapitalizing the GSEs without first reforming the secondary mortgage market would threaten the very housing finance system that the industry has worked so hard to sustain.
National Mortgage News, June 13, 2016–Finkelstein, Brad
Marketing and advertising compliance have always been low-hanging fruit for regulators. After all, they get the same fliers in their mail at home and see the same television and newspaper ads that regular people do.
HousingWire, June 13, 2016–Lane, Ben
When the Consumer Financial Protection Bureau began publishing consumers’ complaints against financial services companies several years ago, many of those companies and other industry observers took issue with the fact that the complaints were, in many cases, unverified and unproven. But that could be about to change, thanks to a new bill that Congress is set to consider soon.
24/7 Wall Street, June 3, 2016–Ausick, Paul
Data compiled by the Mortgage Bankers Association show a recent annual low of 39.8% of refinancings in 2014, rising to 46% in 2015. Refinancing reached an annual peak of 71.2% in 2012, when the annual average mortgage loan rate was 3.66%, according to data from Freddie Mac.
HousingWire, June 3, 2016–Lane, Ben
In a letter sent this week to Mel Watt, the director of the Federal Housing Finance Agency, and Jack Lew, the secretary of the Department of the Treasury, a group of 32 Democratic members of the House of Representatives say that the GSEs dwindling capital base, which is set to completely expire in 2018, has “serious consequences” for “underserved markets.”
HousingWire, June 2, 2016–Lane, Ben
The ghosts of Countrywide past just struck again, as the Federal Deposit Insurance Corporation announced Thursday that eight major financial institutions will pay $190 million total to settle a series of lawsuits tied to toxic Countrywide mortgage bonds that subsequently led to the failure of five banks during the housing crisis.
Wall Street Journal, June 2, 2016–Tracy, Ryan
Federal Reserve officials strongly signaled they will toughen big-bank capital requirements even more than they have since the 2008 crisis, a move that will add to the pressure on the largest U.S. banks to consider shrinking.
