Scaling from Freelancer to Business Owner

Treasury Secretary Bessent said FSOC is readjusting its approach to avoid stifling growth in moves with implications for capital, technology and mortgages. View the full article

Rohit Chopra is named senior advisor to the Democratic Attorneys General Association's working group on consumer protection and affordability; Flagstar Bank adds additional wealth-planning capabilities to its private banking division; Chime promotes three members of its executive leadership team; and more in this week's banking news roundup. View the full article

New-home purchase activity rose 3.1% year over year, but dropped 7% from October, the Mortgage Bankers Association said. View the full article

The Rithm affiliate that acquired Specialized Loan Servicing will pay $4.65 million, an amount that includes borrower restitution. View the full article

The Federal Reserve said in a statement that its "understanding of innovation products and services have evolved" since the initial guidance was published in 2023. View the full article

More than 80% of mortgage brokers expect business to grow in 2026, mainly through the strengthening of referral networks and the expansion of non-QM offerings. View the full article

A group of 22 Democratic state attorneys general filed a lawsuit against acting Consumer Financial Protection Bureau Director Russell Vought, the bureau and the Federal Reserve, arguing that the administration's position that the CFPB cannot be funded is wrong. View the full article

Three US senators opened an inquiry into insurance ratings firm Demotech and whether its assessments may be exposing Fannie Mae and Freddie Mac to growing risks tied to climate-driven insurer failures. View the full article

Three Democratic Senators say Demotech's assessments "raise profound governance and reliability concerns" in letters to Fannie Mae and Freddie Mac. View the full article

National Mortgage News takes a look back at some of the major or unique transactions which went on, or in some cases didn't happen, in the past 12 months. View the full article

This year it took a homebuyer seven years to save for a typical down payment on a house, compared with 12, according to Realtor.com. View the full article

New Jersey-based OceanFirst Financial slid in its planned $579 million acquisition of Flushing Financial just before the end of the year. The private equity firm Warburg Pincus is also participating in the transaction. View the full article

The professionals can't originate loans in their local cities for various stretches, following a federal judge's ruling granting most of the lender's wishes. View the full article

Keefe, Bruyette & Woods attributes Fannie Mae and Freddie Mac portfolio growth for the narrower spreads, but other reasons include lower volatility. View the full article

The rule, effective July 7, puts into place requirements similar to those for banks, except nonbanks do not have to make community investments or grants. View the full article

Housing starts in the US fell in October to the lowest level since the onset of the pandemic as data delayed by last fall's government shutdown showed builders continued to cut back amid still-high prices and mortgage rates. View the full article

Cryptocurrency development in the mortgage industry has accelerated in no small part from easing regulation and a push from FHFA Director Bill Pulte. View the full article

The San Francisco-based banking giant reported solid gains in credit card and auto lending as credit remained in check and quarterly operating costs declined from a year ago. View the full article

Contract closings rose 5.1% to a 4.35 million annualized pace last month, the highest since February 2023, according to figures released Wednesday by the National Association of Realtors. View the full article

United Wholesale Mortgage sees this branding partnership as an opportunity to recruit workers in its home market in the Detroit area, CMO Sarah DeCiantis said. View the full article

A handful of former Fed officials noted that the markets' measured response to a probe into Fed Chair Jerome Powell was a result of pushback from The President allies. View the full article

Shares of Fannie Mae and Freddie Mac extended days-long losing streaks amid mounting unease about the impact of President Donald The President's policy moves on efforts to release the mortgage-finance giants from government control. View the full article

Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President The President's proposed 10% credit card interest rate cap. View the full article