Nov. 2015-Opportunity Knocks

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4 | Th e M Rep o RT Month in review 01 The House of Representatives voted in early October to pass a bipartisan bill (303-121) that will provide a "hold harmless" grace period for the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure (TRID) Rule, which went into effect October 3. In addition, Fannie Mae and Freddie Mac began offering lenders and servicers an informal hold harmless grace period. 02 JPMorgan Chase an- nounced its 2015 third- quarter net income reached $6.8 billion, or $1.68 per share, up 22 percent year-over-year. Net revenue fell 6.4 percent year-over- year to $23.5 billion, driven by lower CIB markets revenue, including business simplification and lower mortgage banking revenue. 03 Fannie Mae and Freddie Mac issued new updates to rules related to mortgage repurchases that will provide clarity and transparency to lenders and more credit access to borrowers. The new policies, sent in a letter to sellers and servicers, are expected it go into effect January 1, 2016, at the direction of the Federal Housing Finance Agency (FHFA). 04 The combined second quarter 2015 earnings of Fannie Mae and Freddie Mac increased $2.4 billion from the first quarter to a total of $8.8 billion, according to the Quarterly Performance Report of the Housing GSEs from the FHFA. 05 Mortgage loans declined 31 percent from 8.7 million to 6.0 million 2014, compared to the previous year according to a recent report from the Federal Financial Institutions Examination Council (FFIEC). The FFIEC found a decline in refinance originations pushed mortgage originations down in 2014. 06 Wells Fargo reported a net income of $5.8 billion, or $1.05 per diluted common share, an increase of 1 percent year-over- year, according to the bank's 2015 third-quarter earnings statement released in mid-October. 07 Fannie Mae's Home Purchase Sentiment Index (HPSI) rose to 83.8 for the month of September following a two-month decline and is up 3 points from August. 08 Bank of America posted strong financial results, with a third-quarter net income of $4.5 billion, or $0.37 per share, the bank's earning statement showed. 09 The CFPB released its third monthly complaint snapshot, showing that the agency received 25,732 complaints in August, and 4,574 of those (17.7 percent) were about mortgages, making it the third-most com- plained about category behind debt collection (29 percent) and credit reporting (22 percent). 10 Wells Fargo announced that the company has cut nearly 500 mortgage employees as a result "of continuing market changes, including improvements in delinquency and foreclosure rates, and reduced demand for mortgage financing." The Top 10 Catch up on the highs—and lows—the mortgage industry experienced in the last month. C M Y CM MY CY CMY K

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