Why consumer protection regulation is necessary — but often useless

The TILA-RESPA Integrated Disclosure rule was conceived as part of the CFPB’s noble goal of giving consumers information about their total loan costs before they signed documents that bound them in a 30-year contract. But for all the good intentions behind this rule, it’s just not practical. Like me, most homeowners are shopping lenders before they even know their property address, so what they are comparing are pre-qualifications or pre-approvals, not loan estimates.
Source: HousingWire Magazine

Watchdog: FHA incorrectly insured $1.9 billion in mortgages in 2016

A new report from a federal watchdog finds that the Federal Housing Administration incorrectly insured approximately $1.9 billion worth of mortgages in 2016. The new report, which was published recently by the Department of Housing and Urban Development Office of Inspector General, found that in 2016, the FHA insured an estimated 9,507 borrowers who were actually ineligible for FHA insurance.
Source: HousingWire Magazine

Housing authorities see greatest benefit from spending bill

New reports from S&P Global Ratings and Moody’s Investors Service show the housing sector could become the greatest beneficiaries to the recently passed spending plan. The ratings agencies explained the omnibus spending plan is good news for the housing sector supports their stable outlook for 2018.
Source: HousingWire Magazine

Fannie Mae completes first credit insurance risk transfer of 2018

Fannie Mae announced it completed its first Credit Insurance Risk Transfer transaction of 2018, transferring risk on $16.9 billion in single-family loans. The deal, CIRT 2018-1, is part of the company’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market.
Source: HousingWire Magazine

Here's your final preview of the 2018 HW Tech100

Hundreds of companies applied for the honor of being named to the HW Tech100, a list of the most innovative tech companies in the housing and mortgage finance space… but only 100 were crowned. This week, we are previewing several of the companies that made our list. Today is our final sneak peek before we unveil the complete list of winners on Monday.
Source: HousingWire Magazine

CFPB wants your input on its guidance and implementation support

The Consumer Financial Protection Bureau issued its ninth request for information, requesting input on its guidance and implementation support. The bureau is seeking comments and information from interested parties to assist in assessing the overall effectiveness and accessibility of its guidance materials and activities, including implementation support.
Source: HousingWire Magazine

Consumer sentiment hits highest level since 2004

Consumers are still on edge about proposed trade tariffs, however, despite this fear, consumer sentiment in March rose to its highest level since 2004. The University of Michigan survey showed that households with incomes in the bottom third saw a surge in confidence, while those in the top third saw confidence decrease slightly.
Source: HousingWire Magazine

Angel Oak Capital Advisors hires Namit Sinha to oversee firm’s non-QM investments

Earlier this year, Angel Oak Capital Advisors, an investment management firm that specializes in mortgage credit, raised $291 million to invest in mortgages that don’t fit inside the Qualified Mortgage box. Now, the company is tasking Namit Sinha with managing its non-QM investments.
Source: HousingWire Magazine

Freddie Mac sells $22.4 million NPLs to minority, woman-owned business

Freddie Mac announced it sold $22.4 million in deeply non-performing loans to New Penn Financial, a minority, woman-owned business. Freddie Mac explained the loans in the pool have been delinquent for an average of more than two years, and are therefore more likely to have been evaluated for or are in various stages of loss mitigation.
Source: HousingWire Magazine

Silver Lake acquiring $500 million stake in Credit Karma

Silver Lake, a private equity firm that led a $500 million round of funding online lender SoFi last year, is increasing its interest in the personal finance space by acquiring a “significant minority stake” in Credit Karma, the personal finance company. Specifically, Silver Lake plans to invest $500 million in Credit Karma in a deal that values the company at $4 billion.
Source: HousingWire Magazine