National Mortgage News, Apr. 28, 2016–Sinnock, Bonnie
During the mortgage crisis, servicers recruited people from the origination business to help with loan modifications. Now the two sides of the industry are coming together in a new way.
Category: Top National News
Ocwen Responds to National Mortgage Settlement Foreclosure Holds
HousingWire, Apr. 28, 2016–Lane, Ben
Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In response, Ocwen noted the holds are not “frozen foreclosures,” but that “Many of these loans have never been referred to foreclosure and never will be.
Foreclosed Homeowners Forgo New Mortgages
Block News Alliance, Apr. 29, 2016–Grant, Tim
Losing a home to foreclosure has left such a bad taste with some former homeowners that they have lost much of their will and desire to go through the underwriting process to get approved for a new home loan–even though years may have gone by since the foreclosure episode.
Arch’s Mortgage Insurance Income Surges 77% Year-Over-Year
National Mortgage News, Apr. 28, 2016–Finkelstein, Brad
Arch Capital saw a 77% increase in the mortgage insurance segment’s operating income, and its U.S. unit saw its new insurance written increase by 34%.
Mortgage Industry Presses HUD Over Defect Taxonomy
National Mortgage News, Apr. 27, 2016–Collins, Brian
Large lenders are pushing the Federal Housing Administration to revamp its loan defect taxonomy to provide more certainty about potential errors and mistakes that could lead to enforcement actions. “We are trying to get to a place where you don’t have minor errors creating treble damages risk under false claims,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
CFPB’s Cordray Fires Back Over Ongoing Mortgage Disclosure Concerns
National Mortgage News, Apr. 27, 2016–Berry, Kate
Consumer Financial Protection Bureau Director Richard Cordray reiterated in a recent letter to Sen. Bob Corker, R-Tenn., that lenders are allowed to fix non-numerical clerical errors for up to 60 days after the issuance of a corrected mortgage disclosure form.
Here’s What’s Behind America’s Renewed Mania for Home Renovation
MarketWatch, Apr. 27, 2016–Hoak, Amy
Thin housing inventory has contributed to a spike in remodeling as buyers pour money into their current homes instead of moving–often using home equity to do it.
Clayton’s Woes Take Toll on Radian in 1Q
National Mortgage News, Apr. 27, 2016–Finkelstein, Brad
Clayton Holdings reported a $3.7 million pretax first-quarter loss, but Radian’s mortgage insurance business had pretax income of $140 million, a 10% increase over the prior year.
MBA to the Next President: Here are 3 Ideas to Save the Housing Market
Housing Wire, Apr. 26, 2016–Stevens, David
We are in a housing crisis. This statement is not meant to invoke a sense of shock; it’s simply an expression of fact.
Mortgage REITs are Enjoying a Renaissance
MarketWatch, Apr. 26, 2016–Riquier, Andrea
As the housing market recovers, investors are taking another look at some of the investments derived from bets on mortgage credit. Real estate investment trusts that buy mortgage-backed securities and other income-producers may be ready for their moment.