The NMP Blog
|John Councilman on January 12, 2018Court Rules Mulvaney Stays at CFPB Judge Timothy J. Kelly has just ruled that Leandra English’s request for a preliminary injunction to remove Mick Mulvaney as Acting Director of the CFPB is denied. Kelley, a Trump appointee, said its not about how either would run the CFPB; it is about the merits of her claim to be the rightful Acting Director. Kelley wrote, “The Court finds that English is... Read More|
|John Councilman on January 04, 2018Top Story: Trump Floating Names for CFPB Director In the leaky bucket of Washington politics, a number of names have been floated as the new Director of the CFPB. Reports are that Jeb Hensarling House FSC Chair, Todd Zywicki, a law professor, and Keith Noreika, former acting director of the OCC are on the shortlist. A new name was just added, J. Mark McWatters, chairman of the National Credit... Read More|
John Councilman on December 28, 2017Top Story
What was the Top Story of 2017? Here’s your chance to name the news that was most important to you as the Top Story of 2017. Send me an e-mail with a little blurb why your choice was the most important story of 2017. I’ll include some choice comments from our responses.
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Kimber White on December 27, 2017The Age Old Question Wholesale or Retail?
The relationship between wholesale and retail origination, particularly regarding 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... Read More
|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|
|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|
|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|
|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|
|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|
|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|