Mortgages

The National Association of Home Builders is backing off long-held support for the mortgage interest deduction in hopes that the Trump administration can deliver on its promise of lower taxes.

Though FHFA Director Mel Watt stopped short of saying he would break with a Treasury agreement that forces all profits of the GSEs to go to the government, he emphasized that it couldn’t continue indefinitely.

The Seattle company, which has cut about 130 positions in the business in recent months, pointed to lower originations tied to a shortage of new and resale housing.

In a recent letter, two trade groups representing that industry lobbied Treasury Secretary Steven Mnuchin to support a bill that would give oversight of nonbank mortgage lenders exclusively to state regulators.

The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac.

Ocwen Financial reached a settlement with 10 states under which it can't acquire servicing rights for eight months but will not face any financial penalties.

Stephen Sessler, the director of mortgage banking at the $4 billion-asset Camden National Bank, provides other lenders a peek at the benefits and pitfalls of digital mortgages.

At the American Credit Union Mortgage Association’s annual fall conference, Credit Union Journal asked attendees to describe the biggest mortgage lending challenge for their CU in the year ahead.

The share of purchase and refinance loans originated by nonbanks are at their highest point since at least 1995, according to an analysis of new Home Mortgage Disclosure Act data.

Putting faith in its team of experts analyzing every loan application, the Arkansas bank is shrugging off warnings of a real estate downturn.

The House passed a bill Thursday making it easier to obtain private flood insurance policies, but moments later the Senate took a pass on the legislation.

Regulators disagree whether proposed changes to capital requirements would ease burden on community banks; JPMorgan on hook if jury award not overturned.

While credit unions may have dodged a bullet on taxation, some in the housing industry expressed concern that the plan would double the standard deduction to $24,000 for married couples and $12,000 for individuals—a move that could dramatically lessen the impact of the mortgage interest write-off.

Analysts at this year's American Credit Union Mortgage Association conference said CUs would be better served by collaborating on cybersecurity solutions than waiting on Congress to pass reg reform.

Some in the housing industry expressed concern that the plan would double the standard deduction to $24,000 for married couples and $12,000 for individuals—a move that could dramatically lessen the impact of the mortgage interest write-off.

A panel of experts at this year's ACUMA conference says credit unions must find ways to collaborate while still remaining innovative.

Sen. Bob Corker has been a key voice in the housing finance reform debate. His departure at the end of next year puts a deadline of sorts on his efforts to unwind and replace Fannie Mae and Freddie Mac.

In light of the recent disbursement of nearly $40 million in grants to credit unions from The Treasury Department’s Community Development Financial Institutions Fund, Credit Union Journal surveyed some credit unions which have received CDFI grants in the past to find out how these funds are being used.

Diana Reid's real estate unit accounts for roughly one-third of PNC’s annual revenue.

A pay hike for front-line employees is one example of how Karen Larrimer has shaken up the status quo in PNC’s retail banking division.