News

National Credit Union Administration sued over updated membership rule

The role of credit unions called into question by ABA
Not more than a day after the National Credit Union Administration published its Field of Membership final rule in the Federal Register, the American Bankers Association filed a lawsuit. To the trade group, the final rule steps away from the intended purpose of credit unions to serve only a single, well-defined local community.
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Freddie Mac takes next step to single securitization

Implements Release 1
Freddie Mac just implemented the next step of the single securitization process. Freddie Mac is now using CSP for data acceptance, issuance support and bond administration activities released to current single-class, fixed-rate, mortgage backed securities. The timeline for the implementation for Release 2 is still to come.
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Home flipping comes down off 6-year high

Investors buying with cash drops to 8-year low
Home flipping came down off of last month’s high as inventory pushed home prices up and competition closer. A new report from ATTOM Data Solutions details the decrease, and the new low in investors using cash to buy the home.
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Independent mortgage bank profits slowly trudge higher

Profits hampered by MSRs
While the increase isn’t as significant as last quarter’s rise, independent mortgage banks and mortgage subsidiaries of chartered banks still recorded a net gain on each loan they originated in the third quarter of 2016. It might not be extreme, but here are all the changes in mortgage banker profit in the 3Q.
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Fannie Mae, Freddie Mac hike mortgage modification interest rate for first time in 2016

Benchmark rate increased back to February 2016 level
The market mortgage interest rates aren’t the only ones on the way up, as Fannie Mae and Freddie Mac announced Wednesday that they are increasing the benchmark interest rate for standard mortgage modifications to a level not seen in 10 months. The increase will be the first time that the GSEs increased the modification benchmark interest rate in 2016.
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New York unveils bill of rights for borrowers facing foreclosure

State takes final steps to implement new foreclosure laws
The state of New York is taking the next step in its fight against abandoned foreclosures and neighborhood blight by unveiling a consumer bill of rights for borrowers facing foreclosure. The consumer bill of rights reminds consumers of the various rights they have before, during, and after the foreclosure process.
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