Industry News

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

December 10, 2018

Fannie Weighs in on Housing Sentiment

Ds News--Radhika Ojha

Homebuyers were more optimistic about purchasing real estate in November, according to the latest data from Fannie Mae's Home Purchase Sentiment Index (HPSI) released on Friday.

The index, which reflects consumers’ current views and forward-looking expectations of housing market conditions, inched up slightly to 86.2 in November driven primarily by an increase in the net share of...

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December 10, 2018

Where’s Property Preservation Heading?

M Report--Radhika Ojha

On Tuesday, Ed Delgado, President, and CEO of the Five Star Institute led a discussion on the state of the housing industry at the 2018 National Property Preservation Conference in Baltimore.

“The National Property Preservation Conference has been an important forum for the industry to discuss and build consensus over policies and services impacting the mortgage...

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December 10, 2018

Monday Morning Cup of Coffee: Appraisers may not get paid as CoesterVMS runs out of money

Housingwire--Kelsey Ramírez

Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on larger issues.

Last week, rumors began to circulate that appraisal management company CoesterVMSmay be going out of business after FVC Bank announced it was shutting down a $700,000 line of credit to the AMC. However, owner Brian Coester denied that...

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Customer Testimonials

December 10, 2018

Freddie Mac: Housing market is short 2.5 million units

Housingwire--Kelsey Ramírez

The housing market needs an additional 2.5 million units just to match what is needed for long-term demand, according to a new analysis from Freddie Mac.

As it turns out, housing inventory is far behind what is needed for the housing market, driving up rent and home prices, which will continue to outpace income growth, according to the report...

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December 06, 2018

CFPB-BCFP Issues Annual Fair Lending Report

Fair Lending Diversity--Tammy Butler, Master CMB

The CFPB released their annual fair lending report on December 4, 2018.  This report is mandated by Congress as a means to report fair lending “happenings” by the agency. This report covers 2017 and the actions brought against lenders and financial institutions.

It is no secret that the CFPB/BCFP has been laying low this year...

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December 06, 2018

Senate Votes on Kathy Kraninger

DSNews--Radhika Ojha

Kathleen Laura Kraninger will become the next Director of the Bureau of Consumer Financial Protection after a Senate vote confirmed her nomination. She will succeed Acting Director Mick Mulvaney at the bureau if her nomination passes the Senate vote next week.

Kraninger's nomination was passed by the Senate Banking Committee in August. During that hearing, Sen. Mike Crapo...

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December 06, 2018

Cybersecurity experts warn of massive scam targeting mortgage companies, banks

Mortgage Professional America--Ryan Smith

A Nigeria-based hacker group called “London Blue” has compiled a list of thousands of CFOs of businesses including top banks and mortgage lenders, and is trying to scam the executives into sending them company funds.

The hackers are employing a scam known as “business email compromise” (BEC), according to a CNN report. In that scam, attackers...

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Surviving an Onsite Audit

December 06, 2018

The Impact of Price Trends on Mortgage Defaults

DSNews--Radhika Ojha

A number of factors drive default rates in mortgage, but a new study by Collateral Analyticshas found that price uncertainty and actual and expected home equity are important drivers.

To reach this conclusion, researchers  Dr. Michael Sklarz, Dr. Norman Miller, and Anthony Pennington-Cross analyzed the typical pattern of mortgage default in response to negative price trends and high...

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December 05, 2018

CFPB-to-BCFP name change could cost companies $300 million

Housingwire--Jessica Guerin

Since March, the Consumer Financial Protection Bureau has been pushing for a name change, and while rearranging the four letters in its acronym doesn’t seem like much, a report suggests the move could cost companies as much as $300 million.

Under CFPB Acting Director Mick Mulvaney, the agency has been calling itself the Bureau of Consumer Financial Protection, issuing a 

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December 05, 2018

Gauging the GSEs’ NPL Performance

DS News--Donna Joseph

The Federal Housing Finance Agency’s (FHFA) semiannual report, released on Tuesday, found that Fannie Mae and Freddie Mac (the Enterprises) sold 98,061 non-performing loans (NPL) with a total unpaid principal balance (UPB) of $18.7 billion through June 30, 2018.

The report comprises information about NPLs sold from August 1, 2014, through June 30, 2018, reflecting the borrower outcomes as...

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December 04, 2018

Why Are Mortgage Applications Declining?

MReport--Donna Joseph

According to a report by the Federal Reserve Bank of New York’s Center for Microeconomic Data, mortgage loan application rates decreased from 7.1 percent in June to 6.7 percent, due to higher mortgage interest rates. However, application rates for mortgage refinancing rose from 7.5 percent in June to 9.2 percent. Overall, mortgage and mortgage refinance application rates remained low...

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