Industry News

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

February 19, 2019

MBA: 4Q Mortgage Delinquencies Drop to 18-Year Low

MBA Newslink--Mike Sorohan

The Mortgage Bankers Association reported the delinquency rate for mortgage loans on one-to-four-unit residential properties fell in the fourth quarter to their lowest level since 2000, while foreclosure rates ticked up slightly.

The MBA 4th Quarter National Delinquency Survey reported overall mortgage loan delinquency rates fell to a seasonally adjusted rate of 4.06 percent, down by 4...

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February 19, 2019

Government Accountability Office Recommends Comprehensive Privacy Legislation

Ballard Sparh, LLP--Kristen Poetzel, Philip N. Yannella

The Equifax and Facebook-Cambridge Analytica scandals, coupled with the proliferation of state privacy and security laws such as the California Consumer Privacy Act (CCPA)—as well as proposed laws in Washington and Massachusetts—have increased demand for a comprehensive national privacy law.  Last week, the Senate announced plans to hold hearings to discuss a proposed...

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February 15, 2019

CFPB issues Fall 2018 semi-annual report

Buckley Sandler, LLP--InfoBytes Newsletter

On February 12, the CFPB issued its semi-annual report to Congress covering the Bureau’s work from April 1, 2018, through September 30, 2018. The report, which is required by the Dodd-Frank Act, addresses issues including problems faced by consumers with regard to consumer financial products or services; significant rules and orders adopted by the Bureau...

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Surviving an Onsite Audit

February 15, 2019

HomeStreet Bank moves to sell off almost entire mortgage business

Housingwire--Ben Lane

After struggling to keep up with the mortgage business’ new reality of lower refinance originations due to higher mortgage interest rates, HomeStreet Bank announced Friday that it is plotting a mass exodus from the mortgage business.

Back in July, HomeStreet, a community bank and mortgage lender that operates bank branches and standalone home loan centers, said that it was laying...

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February 15, 2019

In Letter to Kraninger, Reps. Waters and Green Question Lack of Restitution in Recent CFPB Settlements

insideARM--Katie Grzechnik Neill

On February 7, Rep. Maxine Waters (D-CA) and Rep. Al Green (D-TX) submitted a request for documents to the Consumer Financial Protection Bureau (CFPB or Bureau) related to recent settlements the Bureau entered with certain financial services companies. This request was included in a three-page long letter to the Bureau’s Director Kathy Kraninger.

The letter opens with...

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February 15, 2019

Chase launches 21 day closing guarantee

Mortgage Professional America--Steve Randall

Chase customers will benefit from a new guarantee designed to sort their mortgage fast.

The lender says that existing customers – including those with a checking account, credit card, or car loan - will be promised closing on their new home within 21 days or be given $1000 cash when financing with a Chase mortgage.

...
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February 15, 2019

CNBC: JPMorgan to launch first bank-backed cryptocurrency

HousingWire--Caroline Basile

JPMorgan Chase is rolling out the first cryptocurrency backed by a U.S. financial institution, according to a new report by CNBC.

CNBC’s Hugh Son reports that JPM Coin will be a digital token used to settle transactions between clients of the bank’s wholesale payments business.

The bank hasn’t officially rolled out the coin for use just yet. The report...

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ACES Intelligent Questionnaires

February 14, 2019

FHFA Director Nom Calabria Gets Hearing Today

M Report--Radhika Ojha

The Senate Banking Committee is set to begin a hearing on the nomination of Dr. Mark Calabria as Director of the Federal Housing Finance Agency(FHFA).

The Trump administration announced Calabria's nomination to head the FHFA in December. He is currently the Chief Economist to Vice President Mike Pence. If confirmed, Calabria would have significant influence over...

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February 14, 2019

Quicken Reports Widening Gap Between Owner, Appraiser Home Value Opinions

MBA NewsLink--MBA NewsLink Staff

For the third consecutive month, Quicken Loans, Detroit reported an increase in the gap between appraised values of homes and homeowners' perception of their home's value, with Americans believing their home is appreciating faster than what appraisers say.

The company's Home Price Perception Index showed appraised values 0.47% lower than homeowners estimated in December, marking the...

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February 14, 2019

Lenders Aim to Make Private Reverse Mortgages Available in More States

Reverse Mortgage Daily--Chris Clow

Private alternatives to the government-insured Home Equity Conversion Mortgage (HECM) are becoming more popular — particularly for people with high-value properties — and have been seen by some in the reverse mortgage industry as a possible factor that could save the business from generally reduced volume, and the still-felt impact of October 2017’s changes to principal limit...

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February 14, 2019

Senate Confirmation, Ellie Mae Sale, and a Perspective on the Market

Mortgage Media

Some of the topics we're looking at this week With the Mortgage Bankers Association turning its focus this week to commerical lendingat the CREF conference, Mortgage Media has been closely watching a variety of market-moving stories that could shape the industry, the housing market, and the economy. With the budget debate looming large (and despite some conservative pundits calling on...
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