In the Money

Capital One suddenly exits mortgage and home equity business

Says mortgage business is too competitive
Capital One announced Tuesday it is exiting the mortgage and home equity business immediately, just a few years after becoming a major player in the mortgage finance market. The sudden move will mean about 900 layoffs across the division, the majority of whom are in the Dallas area. Click the headline to see why Capital One says it’s leaving the mortgage industry.
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Mr. Cooper leads $7 million funding for digital homeowners insurance agency Matic

Will make Matic’s services available in coming digital mortgage platform
Mr. Cooper, the nonbank formerly known as Nationstar, is getting into the homeowners insurance business – sort of. Mr. Cooper isn’t going to be writing its own insurance policies, at least not yet, but the company did invest in Matic Insurance Services, a digital homeowners insurance agency that allows mortgage borrowers to buy homeowners insurance during the mortgage transaction.
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Equifax clears execs in data breach insider trading probe

Company says execs did not know about breach when they sold company stock
Four Equifax executives were not aware of the massive data breach at the credit reporting agency when they sold off more than $1.5 million in company stock before the breach became public knowledge, the company said Friday. Here's the timeline.
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Republican tax plan will trigger another Fannie, Freddie bailout

Reduction in corporate tax rate would impact GSEs’ deferred tax assets
On Thursday, the Republicans finally released their highly anticipated tax reform plan, and as it turns out, the Tax Cuts and Jobs Act could bring a flashback to the housing crisis that many thought they’d never see again – another bailout of Fannie Mae and Freddie Mac, according to an investigation by HousingWire.
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Ocwen moves closer to profitability amid extensive business changes

Posts net loss of $6 million in third quarter
It’s been a rough year for Ocwen Financial, but the company’s executives said Thursday that despite the nonbank posting its 4th straight quarterly loss, they believe they have the company pointed in the right direction. Here's why Ocwen is positive about its future.
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Fannie Mae CEO: We are now devoting attention to mortgage servicing tech

"It's now technically possible to get to fully digital mortgages"
Fannie Mae CEO Tim Mayopoulos told HousingWire Thursday that Fannie Mae remains focused on trying to address frictions in the mortgage finance space. So what does all this mean? Fannie Mae is not just actively engaging with private vendors on the origination side. Indeed, the GSE intends to ramp up similar activities on the servicing side.
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Trump reportedly picks Jerome Powell as next Fed Chair

Experts say will play historic role in housing affordability through the next decade
After much anticipation over who will lead the Federal Reserve after current chair Janet Yellen’s term is up next year, President Donald Trump reportedly made his decision on Wednesday. The administration notified the next Fed Chair of its plans to complete the official nomination Thursday morning. Here’s who Trump chose.
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Mark Calabria: Trump administration "committed" to ending conservatorship

Pence’s chief economist renews commitment for GSE reform
During a wide-ranging discussion about the government’s role in housing, Vice President Mike Pence’s chief economist Mark Calabria revealed Wednesday that the Trump administration is "committed" to ending the conservatorship of Fannie Mae and Freddie Mac. What else did Calabria say? Click through to find out.
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TCF Bank buying Rubicon Mortgage Advisors

Lender operates in Minnesota, North Dakota, California, others
TCF National Bank, a Minnesota-based depository, announced this week that it will acquire Rubicon Mortgage Advisors, a mortgage lender with offices in Minnesota and North Dakota and licenses to operate in South Dakota, Wisconsin, Colorado, and California. The companies say the deal is a win-win. Here's why.
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