HousingWire, Jan. 29, 2016–Lane, Ben
In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired “certain assets” of Residential Credit Solutions,a Ft. Worth, Texas-based mortgage servicing company, specializes in servicing delinquent or default loans and so-called “credit-sensitive” residential mortgage loans, where the borrower is at high risk for default.
HousingWire, Jan. 28, 2016–Swanson, Brena
The Federal Housing Administration announced a new plan to reduce multifamily insurance rates in order to encourage capital financing of affordable and energy-efficient apartments. Mortgage Bankers Association President and CEO David Stevens, CMB, said the reduction represents a “significant element to expand the availability of affordable and workforce rental housing in America.”
HousingWire, Jan. 28, 2016–Finlay, Robert
The author, founding partner of Wright, Finlay & Zak, said a new Nevada law aimed at curbing controversy over a 2014 court ruling on homeowner association “super liens” is a right step, but practical application of the law could be challenging.
MortgageOrb.com, Jan. 27, 2016–Barnard, Patrick
It’s been almost four months since the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rules took effect on Oct. 3, and although it would be sensationalist to say that the complex set of rules has devastated the mortgage industry, as some predicted it would, there is solid evidence, at this point, that the rules are delaying closings, slowing originations and increasing the average cost per loan for mortgage lenders.
The Economic Times (India), Jan. 28, 2016–Mendonca, Jochelle
Business process outsourcing company FirstSource said it acquired US-based mortgage service provider ISGN’s BPO business, as it looks to expand into higher-margin services.
The Huffington Post, Jan. 27, 2016–Lazar, Michael
HUD is requesting approval to collect information of consumers who have participated, as mandated by law, in the Home equity Conversion Mortgage counseling sessions.
Wall Street Journal, Jan. 26, 2016–Scism, Leslie; Beilfuss, Lisa
American International Group Inc. will sell its broker-dealer network, conduct an initial public offering of its mortgage-insurance unit and more aggressively cut costs, Chief Executive Peter Hancock said in a strategy update Tuesday, as pressure from investor Carl Icahn grows.
National Mortgage News, Jan. 26, 2016–Godfrey, Hans
The mortgage industry can better manage disparate regulatory requirements with a comprehensive approach that streamlines compliance.
Columbus Dispatch, Jan. 27, 2016–William, Mark
The last time Huntington Bancshares made a big acquisition, the bank got stuck with $1.5 billion in toxic subprime loans that blew up during the recession and help pushed the bank’s stock down to a dollar. This time, Huntington says its acquisition of Akron-based FirstMerit Bank is different.
Wall Street Journal, Feb. 1, 2016–Grind, Kirsten
Wall Street wants to bring back the “low-doc” loan. These mortgages, which are given to borrowers that can’t fully document their income, helped fuel a tidal wave of defaults during the housing crisis and subsequently fell out of favor.
