The NMP Blog
|John Councilman on February 08, 2018Top Story: Quicken Knocks Wells Fargo Out as Top Retail Lender Wells Fargo has held the top spot as the nation’s largest retail mortgage lender for many years. In 2014, upstart Quicken, started by billionaire Dan Gilbert, had only half the retail production of Wells. But, the gap slowly narrowed and now Quicken has taken the top spot in the 4th quarter of 2017 according to Inside Mortgage... Read More|
|John Councilman on February 01, 2018Top Story: Appeals Court Rules CFPB is Constitutional The full Federal Appeals Court ruled 7-3 to overturn the 2016 decision that declared the CFPB’s single, irremovable director structure is unconstitutional. The suit, brought as part of PHH v. CFPB, threw out the fines against PHH saying the CFPB’s legal interpretations were incorrect and wrongly applied retroactively. But, the court ruled in... Read More|
|John Councilman on January 29, 2018Top Story: Entire CFPB Agency and Rules to Undergo Review Acting CFPB Director Mick Mulvaney intends to do a complete review of the CFPB and everything it has done since its inception. "In coming weeks, the Bureau will be publishing in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education... Read More|
|John Councilman on January 19, 2018Mel Watt Says “Take Fannie and Freddie Private” In a somewhat surprising emergence from silence, Mel Watt, FHFA Director, says FHFA believes Fannie Mae and Freddie Mac should be reincorporated as private entities. They would become the first of the government authorized explicit guarantee. FHFA would presumably only need the government guarantee to kick in for catastrophic losses. Under the FHFA'... Read More|
|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|