Associated Press, Feb. 27, 2016
General Electric says the U.S. Department of Justice has subpoenaed the company as part of an industrywide investigation into subprime mortgage lending.
Category: Top National News
Bill Introduced to Protect Widows, Widowers Against Foreclosure
Napa Valley Register (Calif.), Feb. 26, 2016
A new bill introduced by state Sen. Mark Leno, D-San Francisco, would provide protections to widows and widowers who want to stay in their home, the senator’s office said Thursday. But spokesman for the California Mortgage Bankers Association Dustin Hobbs said the bill poses a risk to lenders who would not be able to do necessary underwriting.
Why Blacks and Hispanics Have Such Expensive Mortgages
The Atlantic, Feb. 25, 2016–White, Gillian B.
Today, home loans are consistently more expensive for black and Hispanic buyers than they are for white buyers. Why? Because banks and other lenders direct these groups toward high-risk, high-priced products.
Servicers Seek Greater Automation to Overhaul Onboarding
National Mortgage News, Feb. 25, 2016–Finkelstein, Brad
Amid growing scrutiny of how the hand-off of mortgages is managed after loan closings and bulk sales, servicers are working to automate the entire process to create a consistent and accurate onboarding experience for borrowers.
PHH’s 4Q Loss Widens on Higher Costs
National Mortgage News, Feb. 25, 2016–Peters, Andy
PHH Corp., Mount Laurel, N.J., reported a bigger loss in the fourth quarter, on costs to restructure its business and a loss on sales of mortgage servicing rights.
How Fannie Plans to Use ‘Trended Data’ to Better Assess Risk
National Mortgage News, Feb. 25, 2015–Collins, Brian
Understanding how consumers pay their debts over time is expected to widen access to credit for consumers recovering from financial problems or who were hard to score before. Just how many it will benefit is an open debate.
Nationstar 4Q Earnings Boosted by Servicing, Originations Growth
HousingWire, Feb. 25, 2016–Swanson, Brena
Nationstar Mortgage Holdings’ fourth quarter adjusted earnings were $34 million, or 32 cents per share, compared to $32 million, or $0.30 per share, for the third quarter. The increase was driven primarily by sequential improvement in servicing profitability and strong originations earnings.
Fannie Mae Names Winner of Second Community Impact Pool of NPLs
HousingWire, Feb. 25, 2016–Swanson, Brena
Fannie Mae announced it named New Jersey Community Capital, a non-profit Community Development Financial Institution, as the winning bidder on the company’s second Community Impact Pool of non-performing loans.
CFPB to Financial Industry: Wake Up and Smell the Coffee, We are Not Your Enemy
HousingWire, Feb. 24, 2016–Lane, Ben
The Consumer Financial Protection Bureau wants the financial industry to think of it as “an important new friend and ally” in helping to serve the financial needs of the public, as CFPB Director Richard Cordray told the Credit Union National Association.
Wells Fargo Faces Ongoing Mortgage Probes Despite Recent FHA Settlement
Reuters, Feb. 24, 2016–Freed, Dan
Wells Fargo continues to face federal and state mortgage probes, even after the $1.2 billion settlement it reached in early February to resolve claims of misconduct related to mortgages insured by the Federal Housing Administration.