Entrepreneur, Dec. 10, 2015–Moran, Gwen
After 11 years in the mortgage business, Jason van den Brand couldn’t believe that a process so convoluted hadn’t been addressed with new technology. So he left his position at a brokerage firm and started Lenda. Dubbed “TurboTax for mortgages,” San Francisco-based Lenda (originally called GoRefi) lets borrowers apply for and complete a mortgage refi online.
HousingWire, Dec. 10, 2015–Lane, Ben
Despite Consumer Financial Protection Bureau Director Richard Cordray’s recent proclamation that the October implementation of the CFPB’s new TILA-RESPA Integrated Disclosures rule was akin to the unfounded panic that surrounded Y2K, a new report from Moody’s Investors Service finds that TRID compliance violations are running rampant among newly originated loans.
On the Economy, Dec. 9, 2015–Bernstein, Jared
As a financial-markets-muckraker for the New York Times, Gretchen Morgenson provides an important and valuable service, especially when you consider the depth of muck in that sector in recent years. But there can be a fine line between raking muck and pointing fingers at legitimate activity.
HousingWire, Dec. 9, 2015
Last month, Fannie Mae and Freddie Mac dropped the benchmark interest rate for the standard mortgage modification programs below 4% for the first time since the programs began in Jan. 2012. But that’s looking like a singular occurrence.
National Mortgage News, Dec. 8, 2015–Collins, Brian
Fannie Mae has updated its underwriter servicing tool to make it easier for servicers to determine the eligibility of distressed homeowners for a loan modification.
National Mortgage News, Dec. 14, 2015–Collins, Brian
Mortgage lenders and servicers weary from a raft of regulatory changes in recent years may see some respite in 2016. Pete Mills, senior vice president with the Mortgage Bankers Associatoin, said the current good-faith compliance framework is “helpful,” but wants the Consumer Financial Protection Bureau to grant a formal safe harbor.
National Mortgage Professional, Dec. 14, 2015–Hall, Phil
After successfully pushing through bipartisan legislation that capped the salaries of the government-sponsored enterprise (GSE) chief executives, Rep. Ed Royce (R-CA) is taking a new aim at Fannie Mae and Freddie Mac with a bill that would change the GSE credit scoring process.
Wall Street Journal, Dec. 11, 2015–Jenkins, Holman W. Jr.
The New York Times’ ‘investigation’ of the battle over the housing giants’ fate may be nonsensical but that’s OK by certain hedge funds.
Wall Street Journal, Dec. 13, 2015–Kusisto, Laura
Last-minute negotiations in Washington have left real-estate agents and sellers nervous about the possibility that distressed homeowners could receive an unwelcome tax hit. “Borrowers need the certainty that they will not be faced with a large, unexpected tax bill,” said Bill Killmer, senior vice president for legislative and political affairs at the Mortgage Bankers Association.
Ann Arbor News (Mich.), Dec. 13, 2015–Perkins, Tom
Lending institutions leave houses to rot for a simple reason – there is no financial, legal or moral motivation to do otherwise, according to several industry officials.
