OCC to begin offering bank charters to nonbank fintech companies

Tuesday was a big day for fintech companies. In addition to the Department of the Treasury rolling out a series of proposals that could alter the playing field for fintech companies, the Office of the Comptroller of the Currency also announced Tuesday that it will begin offering bank charters to nonbank fintech companies.
Source: HousingWire Magazine

Trump administration calls for sweeping changes to financial ecosystem

The Trump administration on Tuesday called for a series of changes to the country’s financial and mortgage ecosystems that, if enacted, would supercharge the financial industry’s technological revolution, upend the current regulatory environment, and potentially change the face of mortgage lending.
Source: HousingWire Magazine

HUD approves Puerto Rico's $1.5B recovery plan

U.S. Department of Housing and Urban Development Secretary Ben Carson recently announced HUD has approved a $1.5 billion disaster recovery plan aimed at helping Puerto Rican citizens recover from hurricanes Irma and Maria. Puerto Rico’s plan focuses primarily on the restoration of damaged and destroyed homes, businesses and infrastructure.
Source: HousingWire Magazine

Senate passes flood insurance reform at 11th hour

Tuesday, the day the current National Flood Insurance Program was set to expire, the Senate passed yet another short-term extension of the program. But while the housing industry is pleased Congress did not let the current program expire, it also emphasized the need to create a long-term solution.
Source: HousingWire Magazine

Public housing is now smoke-free nationwide

In 2016 the U.S. Department of Housing and Urban Development announced plans to ban smoking in all subsidized housing. Today that plan has been actualized, according to an article by Caitlin O’Kane for CBS News. Notably, public housing tenants must be informed of the smoking ban in their leases, and violators cannot be evicted for only one instance of smoking.
Source: HousingWire Magazine

Mortgage lender Ditech partners with Tavant Technologies for digital solution

Ditech recently announced the launch of personalized mortgage point-of-sale system, particularly geared towards Millennials and Generation Z. Here’s how the lender is making this happen.
Source: HousingWire Magazine

Freddie Mac CEO: Our innovations help lenders help borrowers

Much has changed, Freddie Mac CEO Donald Layton admits, on the mortgage lending front. “Life is very different now,” than when he took over 6 years ago, he said. “Our innovations are aimed at our ‘customers’… and that’s lenders and ultimately that’s help for borrowers.”
Source: HousingWire Magazine

Case-Shiller: Home prices rising at least twice the rate of inflation

To absolutely no one’s surprise, home prices increased once again in May, and even showed double-digit gains in some markets on the West Coast. The latest Case-Shiller report shows that home prices are rising rapidly at two to three times the rate of inflation.
Source: HousingWire Magazine

Pricing is just one piece of the puzzle

UWM’s CEO Mat Ishbia writes that the mortgage business is so commoditized that it’s easy to focus on price as a difference maker – but if you’re a mortgage broker or correspondent that picks a lender based solely on its cheap rates, it will likely cost you big in the long run. Read more about what matters most: customer satisfaction.
Source: HousingWire Magazine

Freddie Mac reports income of $2.4 billion in Q2

Freddie Mac reported Tuesday it posted a comprehensive income of $2.4 billion in the second quarter of 2018. The company explained the reason for its strong second quarter results, including a nearly 30% increase in mortgage originations from the second quarter last year.
Source: HousingWire Magazine