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  • Ocwen2.26-0.03 -1.31%
  • Zillow38.62+1.03 +2.74%
  • Trulia47+0 +0%
  • NationStar16.17-0.08 -0.49%
  • CoreLogic42.68+0.72 +1.72%
  • RE/MAX59.95+0.60 +1.01%
  • Fannie Mae2.95+0.11 +3.87%
  • Freddie Mac2.77+0.09 +3.17%
  • Wells Fargo54.54-0.02 -0.04%
  • CitiMortgage60.10-0.11 -0.18%
  • Bank of America23.89-0.09 -0.38%
  • Fidelity National Financial40.90+0.40 +0.99%
  • First American40.77+0.30 +0.74%
  • Black Knight Financial Services41.50+0.95 +2.34%
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Home | News | Government

Industry Leaders to Discuss Diversity, Inclusion

The second annual Five Star Diversity Symposium will be a day-long event focused on advancing the conversation on diversity within the mortgage industry featuring keynote addresses from diversity leaders, roundtable discussions, and panels covering the most pressing diversity and inclusion issues facing our industry. This gathering of leaders will lay the groundwork for the coming year by engaging in important conversations covering an array of topics surrounding the advancement of inclusion in our industry.

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Freddie Portfolio Grows, Delinquency Rates Down

Freddie Mac’s total mortgage portfolio grew 4.8 percent from March 2016 to March 2017, according to recent data. The GSE has handled $98 billion in purchase and refinance loans this year to date. Serious delinquencies were down on Freddie single-family loans but stayed steady for multi-family ones.

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State Regulators Sue OCC Over FinTech Charter

When the Office of the Comptroller of the Currency (OCC) released an update to its Licensing Manual, which allows for FinTech companies to receive bank charter, the decision was met with some criticism. On Wednesday, The Conference of State Bank Supervisors (CSBS) announced that it has filed a complaint in the United States District Court for the District of Columbia against the OCC, claiming that the attempt to create a national nonbank charter will harm markets, innovation, and consumers.

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Treasury Announces Corporate Tax Cuts

On Wednesday afternoon, Treasury Secretary Steven Mnuchin released a tax reform plan which could have a significant impact on the mortgage industry and the financial industry as a whole. In an interview with The Hill, Treasury Secretary Steven Mnuchin called the tax cuts in President Trump’s reform “The biggest tax cut and largest tax reform in history of this country.” The proposal calls for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction.

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Ocwen Files Motions Against CFPB

Ocwen has filed three motions against the CFPB in hopes of speeding up a Circuit Court of Appeals decision on the Bureau's constitutionality. The motions arrive on the back of a recent suit filed by the CFPB against Ocwen on April 21. The suit alleged Ocwen committed errors throughout the servicing process and improperly foreclosed on at least 1,000 homeowners.

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The Financial Sector in Trump’s Presidency

Following the election of Donald Trump, the financial sector, including banks, saw a average earning growth of 16.4 percent, with revenue growing over 9 percent. Bank stocks fell 1.5 percent during the first three months, though have remained high and stable since.

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DeMarco Tapped to Head HPC

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The Financial Services Roundtable has appointed Ed DeMarco to head its Housing Policy Council. DeMarco has previously served at FHFA, the Treasury Department, the Milken Institute, and the Social Security Administration. He takes the helm starting June 1.

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Wells Fargo Remedies “Living Will”

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board announced that Wells Fargo had remedied the deficiencies in its 2015 resolution plan. Wells Fargo will no longer be subject to the growth restrictions which were imposed last year. The Dodd-Frank act requires resolution plans, commonly known as “living wills” which describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.

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The Mortgage Market in the Potential Government Shutdown

With the federal funding running out on Friday and a potential government shutdown looming, expect to see an impact on the mortgage industry. Access to tax documents and other government paperwork may prove difficult in the event of a shutdown. CNBC noted that “non-essential” employees, such as those that process paperwork through the Internal Revenue Service, would be furloughed during a shutdown, causing roadblocks for those applying for mortgages.

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The Week Ahead: FSC to Hold Financial CHOICE Hearing

In the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act. Committee Chairman Jeb Hensarling first unveiled the rules and principles guiding Financial CHOICE last June, and the act was approved by the FSC in September. At the center of the act is a plan eliminate bailouts and hold Wall Street accountable. Additionally, the act calls for banks to be better capitalized, and to reduce the strain of regulation on smaller banks.

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