Lending

Lending

ARTICLES

RBS to pay $1.1 billion to NCUA over mortgage securities settlement

Recoveries will offset the total costs to credit unions
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions.
Read More

Appraisal volume remains quiet in September

4-week average slightly edges up
There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, September still followed season trends, especially given the beginning of the month included the Labor Day holiday.
Read More

Here's how the new overtime labor law will change the housing industry

Salaried employees making less than $47K must be compensated for anything over 40 hours
Starting Dec. 1, 2016, overtime will have a whole new meaning since the White Collar Exemption salary threshold is about to jump by more than 100%. There’s just over two months until this law goes into effect, and with the housing industry projected to boom up to $2 trillion this year, the need for overtime isn’t going away anytime soon. Something will have to give.
Read More

Labor Department launches "top-to-bottom" review of Wells Fargo

Answers call from eight senators to open investigation
Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
Read More

NYDFS reportedly looking into Caliber Home Loans

Inquiry seeks information on handling of delinquent mortgages
The New York Department of Financial Services is reportedly looking into how Caliber Home Loans handles distressed mortgages and the lender’s origination practices for borrowers with less-than-perfect credit profiles.
Read More

Freddie Mac launches "Deep MI" credit risk-sharing pilot program

Plans to share even more risk with mortgage insurers
Freddie Mac announced Monday that it is prepared to take the next step in the government’s continuing efforts to shed some of the credit risk facing the government-sponsored enterprises through a pilot program featuring deep mortgage insurance. So, what does this mean? More mortgage risk will now be transferred to private mortgage insurance companies.
Read More

EXCLUSIVE: STRATMOR explains increase in mergers and acquisitions

Sellers leave mortgage industry due to personal exit strategies
Recently, the Mortgage Bankers Association talked about how mergers and acquisitions are heating up, however STRATMOR, which has an active M&A practice with a focus on midsize Independent mortgage banks, is quick to add that they wouldn't characterise the markets as getting hot. Well, not just yet, anyway.
Read More

Fannie Mae sells $20.3m NPLs to familiar non-profit

Frequent buyer snaps up deeply delinquent mortgages
Fannie Mae broke with tradition recently when it announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program to a private equity firm, rather than the non-profits, small investors and minority- and women-owned businesses it is designed to target. But in its fifth Community Impact Pool sale, Fannie Mae is turning back to a non-profit, and a familiar one at that.
Read More

Got tough questions about the CFPB's 900-page mortgage-servicing rule?

HousingWire gets you the answers
For those wondering if the Consumer Financial Protection Bureau’s mortgage-servicing rule is published in the Federal Register yet, the answer is no. This gives the industry a little bit of extra time to digest all the details that are in the final rule. Luckily, HousingWire is hosting a Q&A expert webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business.
Read More

Conference dispatch: The overall non-agency mortgage market struggles, successes

A take on two conferences
Last week, owing to an apparent breakdown in internal communications, one of the industry’s leading conference producers held two competing securitization conferences on the East and West coasts. A few determined conference goers, including Mark Hughes, executive vice president with Clayton Holdings, racked up frequent flyers miles to attend both, giving HousingWire the scoop on what went on.
Read More
Paulina Gonzalez

Paulina Gonzalez

Paulina Gonzalez is the executive director of the California Reinvestment Coalition, which advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of over 300 nonprofit organizations and public agencies across the State. Follow her on Twitter @calreinvest