The NMP Blog

News From NAMB: December 22, 2017

Submitted by John Councilman on December 22, 2017Top Story: Tax Reform Passes ... What Does It Mean for Mortgages? The landmark tax reform bill has now officially passed both houses.  We would have to say the big winners are people who rent, corporations, and high-earners.  Real estate and mortgages were affected negatively, but due to the work of those in the industry it could have been much worse.  The mortgage interest deduction was... Read More

News From NAMB: December 15, 2017

Submitted by John Councilman on December 15, 2017Top Story: New App Shows Brokers Gaining Volume I am often asked, “What is the broker share of the market?”  Thompson-Reuters is claiming to be able to answer that question and many others within seconds.  They are giving a free peek at some of the statistics in their Mortgage Aggregation App.  One must interpolate because all of the figures are not shown, but it looks like brokers account for 15... Read More

News From NAMB: December 8, 2017

Submitted by John Councilman on December 08, 2017Top Story: Changes Start At CFPB Acting Director Mick Mulvaney has begun reshaping the CFPB.  His first act was to place a freeze on any new hiring and regulatory action.  This week, Mulvaney appointed Brian Johnson, an attorney and aide to House Financial Services Committee Chairman Jeb Hensarling, to essentially run the Bureau.  Hensarling has been the most critical member of Congress but is... Read More

A Message From Florida Association of Mortgage Professionals President Kimber White, CRMS

Submitted by Kimber White on December 07, 2017The relationship between wholesale and retail origination, particularly with regard to companies doing business in both channels, has once again become a popular topic of conversation in industry circles. Specifically, the recent conversation has focused on a new spotlight that is being shined on the age-old issue of retail refinancing of mortgage broker-originated loans.   For a variety of... Read More

News From NAMB: November 30, 2017

Submitted by John Councilman on November 30, 2017Top Story: Cordray Resigns, Attempts to Name His Successor CFPB Director Richard Cordray turned in his resignation Friday.  That was expected, but Cordray also hand-picked his own successor, or at least tried to.  Cordray named Leandra English, who was the agency's chief of staff, as deputy director.  Within hours, President Trump named his own acting replacement, Mick Mulvaney, the current... Read More

News From NAMB: November 22, 2017

Submitted by John Councilman on November 22, 2017Top Story: Reverse Mortgage Foreclosures Jump 646% in 2016 A huge spike in HECM reverse mortgage foreclosures was revealed when the California Reinvestment Coalition and Jacksonville Area Legal Aid filed a Freedom of Information Act (FOIA) against HUD.  The National Consumer Law Center claims those facing foreclosure had difficulty accessing loss mitigation and faced inconsistent and arbitrary... Read More

News From NAMB: November 17, 2017

Submitted by John Councilman on November 17, 2017Top Story: CFPB Director Cordray Resigns CFPB Director Richard Cordray sent a letter to his staff today informing them that he will resign by the end of the month.  Democrats loved Cordray but Republicans has no use for him.  There is little doubt that President Trump will appoint someone who is more industry-friendly.  One of the big questions is what will happen to the lawsuits in which the... Read More

News From NAMB: November 13, 2017

Submitted by John Councilman on November 13, 2017FHA Reports Show Slight Gain
FHA releases two important reports that tell us about the size and performance of its guarantee portfolio.  In the 3rd quarter, FHA endorsed 305,438 forward mortgages, for an annualized figure over 1.2 million; very respectable.  In FHA’s report to Congress, it shows that FHA was expecting 337,000 people to refinance out of their FHA loan by this time.   Instead... Read More

News From NAMB: November 3, 2017

Submitted by John Councilman on November 03, 2017Top Story: Top Financial Congressman to Retire The Chairman of the House Financial Services Committee, Jeb Hensarling, announced that he will not run for reelection in 2018.  Hensarling is a constitutional conservative who believes government’s role in the financial sector should be limited.  He detests the CFPB and its Director, Richard Cordray, calling for Cordray’s firing many times. ... Read More

News From NAMB: October 26, 2017

Submitted by John Councilman on October 26, 2017Top Story: MBA’s Stevens Announces His Retirement Mortgage Bankers Association President and CEO David Stevens announced at the MBA Conference that he plans to retire effective September 30, 2018.  The announcement shocked conference attendees who have watched Stevens bring the association to its strongest financial position in its 104-year history.  Stevens has been battling cancer but says now... Read More