National Mortgage News, Jan. 14, 2016–Collins, Brian
The reverse mortgage industry is optimistic after recent reforms to the Home Equity Conversion Mortgage by the FHA and newfound respect from financial planners.
Category: Top National News
Not Too Big to Fail. Too Expensive to Exist
Wall Street Journal, Jan. 13, 2016–Tracy, Ryan; Rexrode, Christina; Glazer, Emily
Forget too-big-to-fail. The operative question for the country’s largest financial firms is increasingly whether the government has made it too expensive to be big.
Wells Fargo Home Lending Default Servicing Promotes New SVP
HousingWire, Jan. 8, 2016–Swanson, Brena
Wells Fargo promoted Carmen Bell to senior vice president of Wells Fargo Home Lending Default Servicing, where she will lead teams dedicated to helping customers prevent and resolve delinquencies, oversight of collections, single point-of-contact initiatives, underwriting, short sales and mediations.
TRID Training Lacked Effectiveness
Mortgage Professional America, Jan. 8, 2016–da Rosa, Justin
The industry may have trained for it but not all training was equal, according to John Gates, president of the Raleigh Mortgage Bankers Association.
New Reverse Mortgage Laws Should Positively Benefit Retirement Planning, Experts Say
Huffington Post, Jan. 7, 2016–Lazar, Michael
New reverse mortgage laws are actually making retirement planning more feasible, say the leading experts. When used properly as part of a retirement plan, experts like Jamie Hopkins, associate professor of taxation at The American College in Bryn Mawr, Pa., and co-director of the New York Life Center for Retirement Income, says that they can improve the security of retirees.
U.S. Judge Gives Initial Approval to Credit Suisse Mortgage Bond Accord
Reuters, Jan. 7, 2016–Raymond, Nate
A judge has given preliminary approval to a $110 million settlement to resolve an investor lawsuit against Credit Suisse Group AG over toxic mortgage-backed securities issued before the 2008 financial crisis.
JPMorgan Chase Names New Head of Mortgage Servicing
DS News, Jan. 6, 2016–Honea, Brian
Peter Muriungi has been chosen as JPMorgan Chase’s new head of Mortgage Servicing to replace Mike Weinbach, who was named CEO of Chase’s Mortgage Banking division in December.
Toxic Twins’ Potentially Poisonous New Brew
Wall Street Journal, Jan. 5, 2016–Stevens, David
MBA president and CEO, in letter to Wall Street Journal, said credit-risk transfers conducted by Fannie Mae and Freddie Mac require different approaches that minimize taxpayer risk.
JPMorgan Pays $48 Million to Close Regulatory Order on Mortgage Servicing
Wall Street Journal, Jan. 5, 2015–Glazer, Emily
The Office of the Comptroller of the Currency said J.P. Morgan Chase & Co. would pay a $48 million civil penalty to end a regulatory order against the bank related to mortgage-servicing matters. EverBank, a Jacksonville, Fla., lender, also is exiting a so-called consent order with the OCC, paying $1 million as a civil money penalty to the bank regulator.
Fannie Mae Offers New Mortgage Program
Washington Post, Jan. 6, 2016–Lerner, Michele
A new opportunity for home ownership is available to credit-worthy low- to moderate-income borrowers through Fannie Mae’s new HomeReady mortgage program.