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Mick Mulvaney Is Having a Blast Running the Agency He Detests
Bloomberg, May 25, 2018--Devin Leonard, Elizabeth Dexheimer (subscription)The ultimate goal, Mulvaney says, is to move the Consumer Financial Protection Bureau beyond the realm of partisan bickering and turn it into what he calls one of the "gold-standard" regulators, like the U.S. Securities and Exchange Commission. To do that, he says he'll have to disassociate the CFPB from its origins.
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CFPB’s Mulvaney Plots HMDA Rollback, But it May Not Matter
National Mortgage News, May 25, 2018--Kate Berry (subscription)On the one hand, acting Consumer Financial Protection Bureau Mick Mulvaney's comments that he wants to ease Home Mortgage Disclosure Act requirements imposed by his predecessor is welcome news. But on the other, more data helps lenders know how they stack up to the competition, and lenders may end up collecting the data anyway.
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Mortgage Servicing, Staffing Grow at TMS
Mortgage Daily, May 25, 2018Not only did the mortgage servicing portfolio grow at The Money Source Inc., but the number of people working for the home lender increased.
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Trump Signs Dodd-Frank Rollback
The Hill, May 24, 2018--Sylvan LanePresident Trump on Thursday signed a bipartisan bill to loosen key portions of the Dodd-Frank Act of 2010, cementing the first major changes to President Obama's landmark banking laws.
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1,000 Cuts to Dodd-Frank: Tracking Trump’s Wave of Deregulation
Bloomberg, May 24, 2018--Yalman Onaran (subscription)Trump signed into law on Thursday a bill that provides community and regional banks with relief, exempting them from significant oversight. Last year, he pledged to "do a big number" on the 2010 Dodd-Frank Act, the bedrock law enacted to prevent a future financial meltdown. Yet the latest move is relatively restrained, leaving most of the act intact.
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Ginnie Mae Preparing to Make Digital Mortgage Leap
National Mortgage News, May 22, 2018--Brad Finkelstein (subscription)The mortgage industry has been looking for Ginnie Mae to speak about its plans for digital mortgages, said Michael Drayne, senior vice president, issuer and portfolio management at the Mortgage Bankers Association National Secondary Market Conference in New York.
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MBA Secondary: The Industry’s Appetite for Non-QM is Growing
HousingWire, May 23, 2018--Sarah WheelerOne thing that stood out at the MBA Secondary Marketing conference this year was the growing appetite for non-QM loans. It's a tough market, and the easy loans where borrowers neatly line up with qualified mortgage standards are harder and harder to find.
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GSEs Vying to Help Lenders Manage Mortgage Servicing Rights
National Mortgage News, May 23, 2018--Bonnie Sinnock (subscription)Government-sponsored enterprises Fannie Mae and Freddie Mac are in a race to offer services and technology that help mortgage bankers raise cash from mortgage servicing rights.
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FHFA’s Watt Plows Ahead on Housing Finance Fixes
National Mortgage News, May 23, 2018--Neil Haggerty (subscription)With the clock ticking down on his term as head of the Federal Housing Finance Agency, Mel Watt made clear Wednesday that he will continue implementing administrative housing finance reforms as Congress fails to achieve legislative changes.
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MBA Secondary: Can Fannie and Freddie Help Fix the Housing Shortage?
HousingWire, May 23, 2018--Sarah WheelerThe challenges facing the mortgage market are many: a significant shortage of housing, rising interest rates and first-time homebuyers who need specialized underwriting are just the start. But leaders from Fannie Mae and Freddie Mac assured attendees at the MBA Secondary Marketing Conference on Tuesday that the GSEs were ready to partner with them to meet these challenges.
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6 Trends We Learned at MBA Secondary 2018
National Mortgage News, May 23, 2018--Brad Finkelstein (free story)Rising interest rates, fewer applications and tighter margins were on the minds on lenders at the 2018 Mortgage Bankers Association Secondary Market Conference in New York.
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How a Blurry Photo Can Ruin a Digital Mortgage Loan Sale
National Mortgage News, May 23, 2018--Bonnie Sinnock (free story)Digital mortgage efficiencies span from origination to the secondary market and beyond, but something as small as a low-quality image in the loan file can cause headaches with investors.
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Negative Mortgage Delinquency Trend Reversed
Mortgage Daily, May 23, 2018A seven-month run for year-over-year increases in mortgage delinquency came to an end last month as the number of loans in active foreclosure was the lowest in more than a decade, said Black Knight.
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First-Time Homebuyers Key to Opening Access to Credit
HousingWire, May 22, 2018--Kelsey RamirezPanelists at the MBA National Secondary Market Conference said the key to expanding access to credit is focusing on first-time homebuyers. Currently, the homeownership rate among younger families is not only below 2007 levels but also below the 2001 to 2006 levels, according to Tian Liu, Genworth Mortgage Insurance chief economist.
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Who Needs a Down Payment? Trade In Your Old Home Instead
Wall Street Journal, May 22, 2018--Laura Kusisto (subscription)Soon it may be nearly as easy to trade in an old home for a new one as it is to dispense with a used car. Open Door Labs Inc., a San Francisco startup that buys homes in cash and turns around and flips them, is getting into business with home builders.
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Stability Encumbers CMBS Market
Commercial Property Executive, May 22, 2018--Paul FiorillaForged out of crisis and sharpened during a cycle of frenetic activity, the commercial mortgage-backed securities market is struggling to adjust to a period of relative calm.
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