Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 




October 15, 2018

The Unforeseen Consequences of Dodd-Frank

DS News--Jeff Dickstein

Following the financial crisis of 2008, the United States government sought to enact legislation to protect American consumers and prevent such a crisis from happening again. The result: the Dodd-Frank Wall Street Reform and Consumer Protection Act, more commonly known simply as DoddFrank—2,300 pages of legislation that significantly impacted the financial system. A decade after it was signed...

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October 15, 2018

Volatile Markets Impacting Housing Values

M Report--J S Khan

A new Corelogic report reveals that, during the 12-month period ending in June 2018, the CoreLogic HPI (Home Price Index) Forecast of a 5.3 percent increase deviated only 1 percent from the 6.3 percent increase revealed in actual HPI. According to the CoreLogic HPI Forecast Validation  Report, the forecast’s most accurate projections concerned the Portland-Vancouver-Hillsboro...

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ARMCO Mortgage QC Industry Trends Report

October 12, 2018

Hurricane Michael endangers more than 1,600 mortgage transactions

M Report--Ryan Smith

Hurricane Michael, which slammed into Florida’s Gulf Coast Wednesday, has put more than 1,600 pending mortgage transactions in jeopardy, according to new data.

ClosingCorp, a provider of closing-cost data and technology for the mortgage and real estate services industries, said Thursday that the endangered loans, which are being originated by more than 100 lenders, have a combined...

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October 12, 2018

MISMO Seeks Input on Standardized Dataset for Private Label Mortgage Assets

MBA NewsLink--Adam De Sanctis 

MISMO®, the mortgage industry's standards organization, seeks participants to define a standardized mortgage asset dataset to support rating agency asset valuation efforts necessary for securitizing residential mortgages.

Those interested in collaborating with MISMO are invited to join MISMO's new Private-Label RMBS Valuation Workgroup, which will be responsible for defining and implementing a standard dataset and related materials...

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October 12, 2018

Foreclosure risk of problem mortgages has faded says ATTOM

Mortgage Professional America--Steve Randall

The quality of US mortgage loans continues to rise with foreclosures in the third quarter of 2018 near a 13-year-low.

There were 177,146 US properties with foreclosure filings in the third quarter, down 6% from the previous quarter and down 8% from a year ago to the lowest level since Q4 2005.

A report from ATTOM...

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October 12, 2018

MBA, Trade Groups Urge House to Improve IRS Security Protocols

MBA Newslink--Mike Sorohan

The Mortgage Bankers Association and nearly a dozen industry trade groups asked a House Ways and Means subcommittee to support legislation that would improve security protocols at the Internal Revenue Service.

The letter to Ways and Means Subcommittee on Oversight Chair Lynn Jenkins, R-Kan., and Ranking Member John Lewis, D-Ga., asks for support of H.R. 3860, the...

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Customer Testimonials

October 12, 2018

Why the South is Delinquency Prone

DS News--Radhika Ojha

Foreclosure and delinquency rates fell to a 12-year low in July, according to the latest loan performance data released by CoreLogic recently. While 4.1 percent of mortgages were in some form of delinquency during this period, foreclosure inventory rate in July stood at 0.5 percent.

In July 2017, delinquency rates were at 4.7 percent while foreclosure...

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October 12, 2018

Mortgage Apps and DTI Ratios

M Report--Radhika Ojha

A new analysis by CoreLogic has found that since 2015 debt-to-income (DTI) ratio has become the number one reason that lenders have turned down purchase-mortgage applications, and the number has only risen over the past few years. Citing Home Mortgage Disclosure Act (HMDA) data, the analysis indicated that 30.3 percent of denied applications were attributed “debt-to-income ratio” as the...

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October 12, 2018

Citi facing penalty for charging affluent minorities more for their mortgages: Reuters

Housingwire--Jacob Gaffney

The Office of the Comptroller of the Currency will reportedly penalize Citibank for denying minority customers the kinds of mortgage discounts that the bank offered to many other borrowers, according to this report in Reuters.

Patrick Rucker and Pete Schroeder report some minority borrowers “were not getting the discounts they were due under a program that gives a break on mortgage rates to customers...

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