New York Times, Nov. 27, 2015–Prevost, Lisa
A little-known program allows police officers, teachers, firefighters and emergency medical technicians to buy certain homes for half price. But financing comes with some strings attached.
Category: Top National News
The New Case for Reverse Mortgages
Wall Street Journal, Nov. 30, 2015–Pfau, Wade
As the government continues to strengthen the rules and regulations for reverse mortgages, and as new research continues to pave the way with an agnostic approach about their role, we may be at a tipping point in which reverse mortgages become much more predominant in the years ahead.
CFPB: Complaints Against Ocwen are Falling
HousingWire, Nov. 24, 2015–Lane, Ben
The data come from the Consumer Financia Protection Bureau’s latest snapshot report about its consumer complaint database, which showed that complaints about Ocwen in the last three months are down by 16% over the same time period last year.
Lew Vows to Resist Congressional Maneuvers to Weaken Dodd-Frank
New York Times, Nov. 24, 2015–Eavis, Peter
As an important deadline looms in Congress, the Obama administration signaled on Tuesday that it would push back hard against any legislation that substantially loosens the sweeping 2010 Dodd-Frank Act.
Bank of America: The Search for Yield Isn’t Dead, It’s Just Moved to Europe
Bloomberg, Nov. 24, 2015–Kawa, Luke
Thanks to extensive monetary accommodation that has pushed returns on corporate bond in Europe to ultra-low levels, investors will have no choice but to search for yield across the Atlantic, Bank of America credit strategists contend.
What the GSE Plan to Collect TRID Documents Means for E-Closings
National Mortgage News, Nov. 30, 2015–Sinnock, Bonnie
A plan by the government-sponsored enterprises to begin electronically collecting the new Closing Disclosure data is designed to promote Fannie Mae and Freddie Mac’s loan quality and risk management goals. But the initiative may also prompt broader use of electronic signatures and paperless processing in the mortgage industry. TRID implementation “was painful” and required the expansion of industry data standards by as many as 300 data points, said Tim Anderson, a director at mortgage software vendor DocMagic. The UCD, which is in testing now, adds a few dozen more data elements to the Mortgage Industry Standards Maintenance Organization guidelines and is “manageable,” he said.
Fed Adopts Dodd-Frank Bailout Limits
Wall Street Journal, Nov. 30, 2015–Harrison, David
The Federal Reserve on Monday adopted a rule curtailing its flexibility to set up loan programs in a crisis, seeking to assuage Capitol Hill concerns about the central bank’s broad powers to pump money into the financial system.
After Subprime Collapse, Nonbank Lenders Again Dominate Riskier Mortgages
Los Angeles Times, Nov. 30, 2015–Koren, James Rufus
PennyMac, AmeriHome Mortgage and Stearns Lending are all among the nation’s largest mortgage lenders and none of them is a bank. They’re part of a growing class of alternative lenders that now extend more than four in 10 home loans.
A Mortgage Lender’s ‘New’ Subprime Pitch…Get Ready for More
American Banker, Nov. 30, 2015–Berry, Kate
Anticipation of rising interest rates has stirred more talk among mortgage lenders about the need to originate loans to borrowers with low credit scores. Mortgage lenders like Angel Oak Home Loans in Atlanta argue there is a distinction between the subprime products being pitched today and the infamous stated-income loans of yore.
How Reverse Mortgages Helped the FHA Fund Bounce Back
National Mortgage News, Nov. 23, 2015–Passy, Jacob
FHA celebrated that its insurance fund had a capital ratio of nearly 2.1% in the recently concluded fiscal year; it was the first time the ratio had surpassed the congressionally mandated 2% level since 2008. MBA President and CEO David Stevens, CMB, said policymakers should look into the role of reverse mortgages in the fund’s value swing.