MarketWatch, Dec. 31, 2015–Goldstein, Daniel
The Consumer Financial Protection Bureau gave lenders a post-holiday present–telling anxious bankers that they wouldn’t be held liable for most minor errors in loan processing and paperwork under the new “Know Before You Owe” rule.
Wall Street Journal, Dec. 29, 2015–Light, Joe
Beginning in 2016, the two government-controlled housing giants will ramp up sales of a new type of security that will transfer most of the cost of defaults on all but their safest mortgages to private investors.
Los Angeles Times, Dec. 29, 2015–Koren, James Rufus
Nearly a decade later, fallout from the housing crash continues to dog big banks, including San Francisco lending giant Wells Fargo, which is facing a new lawsuit from an investor that took huge losses on mortgage-backed securities that went bust.
National Mortgage News, Dec. 31, 2015–Witkowski, Rachel
The Dodd-Frank Act is a burden on community banks and credit unions but regulators are struggling to quantify the costs, according to a report released Wednesday by the Government Accountability Office.
Boston Agent Magazine, Jan. 4, 2016–McClister, James
Following the Oct. 3 implementation of the new disclosure rules, Richard Cordray, director of the Consumer Financial Protection Bureau, compared the fears surrounding TRID to those inspired by Y2K. But after receiving a letter from the Mortgage Bankers Association, the CFPB responded in a letter of its own (addressed to MBA President and CEO David Stevens) this time with a much more reassuring message.
National Mortgage News, Jan. 4, 2015–Peters, Andy
The delinquency rate on commercial mortgage-backed securities rose slightly in December, according to Trepp. The rate of U.S. commercial real estate loans embedded in CMBS that were delinquent rose 4 basis points in December to 5.17%, compared to November, Trepp said.
National Mortgage News, Dec. 18, 2015–Finkle, Victoria
Sen. Bob Corker, R-Tenn., championed a provision he added to the budget bill that would temporarily prevent the Treasury Department from recapitalizing Fannie Mae and Freddie Mac and discussed other banking priorities.
Mortgage Professional America, Dec. 18, 2015–da Rosa, Justin
It remains to be seen how refinance activity will react to the increase in rates; increases that have already been implemented by most big banks.
Daily Herald (Chicago), Dec. 18, 2015–Harney, Kenneth R.
Here’s some housing cheer for the end of the year: The stock market may have taken your 401(k) and other funds on scary rides in 2015, but new data from the Federal Reserve suggest that if you’ve owned a house, you’ve probably seen steady, if not spectacular, growth in your home equity.
World Property Journal, Dec. 16, 2015
The Mortgage Bankers Association’s Quarterly Mortgage Bankers Performance Report said independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,238 on each loan they originated in the third quarter, down from a reported gain of $1,522 per loan in the second quarter.
