news was connected to Short Takes: story on Inside Mortgage Finance
other stuff less relevant so only posted CEO resignation
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December 27, 2018
Short Takes: Wells Fargo Executive Takes a Job with UCM / The NAR is Not Happy with FEMA / No Word From Peter Bell and NRMLA / Fannie Mae Director Haywood Moves On / Trouble in the Sandbox
By Paul Muolo and Brandon Ivey pmuolo@imfpubs.com, bivey@imfpubs.com
United Capital Markets, Denver, hired Timothy Covington as a senior vice president in its St. Louis office. The industry veteran joins the mortgage servicing rights hedging firm from the nation’s largest servicer of residential loans, Wells Fargo, where he worked for 19 years. Covington will be responsible for analytics, business development and trading/hedging of mortgage servicing assets…
The National Association of Realtors is none too happy with the government shutdown, issuing a press statement late Wednesday slamming FEMA’s decision to disallow new or renewal flood insurance policies during the closure. NAR Senior Vice President of Government Affairs Shannon McGahn said the move by the agency is “contrary to Congressional intent and is in conflict with FEMA’s decision to allow NFIP operations during the 16-day government shutdown in 2013. NAR and its 1.3 million members are extremely disappointed by this abrupt and ill-conceived change of course…”
Without a flood insurance policy, a lender will not extend credit to a home buyer. So you can see why the NAR is upset. Stated differently: No flood insurance = no home sale = no mortgage…
The government shutdown also means the FHA will not endorse new insurance policies on reverse mortgages. We reached out to the National Reverse Mortgage Lenders Association but at press time had not heard from trade group chief Peter Bell…
MORTGAGE PEOPLE: Fannie Mae Director George Haywood has handed in his resignation notice. His last day at the GSE will be Dec. 31. Haywood has been a self-employed private investor since 1998. Prior to that he was the director of corporate and high-yield bond investments for Moore Capital Management, a hedge fund.
IN CASE YOU MISSED IT: The Consumer Financial Protection Bureau recently proposed new policies regarding “no-action” letters and the establishment of a “product sandbox.” The proposal aims to help financial services companies develop innovative products. Lauren Saunders, associate director of the National Consumer Law Center, is highly critical of the proposal, claiming that it could “wipe out consumer protection laws for entire industries.” She said the proposal is certain to face a legal challenge.
