The hedge fund manager and former Goldman Sachs partner was addressing concerns about subprime mortgage loans by a bank he formerly ran when the name came up. "The most troubling loan was actually to the Octomom and we worked very, very hard... to move her to another home," Mnuchin said while addressing the practice of offering subprime loans. And here is the moment a Trump cabinet nominee referenced Octomom at his confirmation hearing. In a matter of moments, the moniker "Octomom" became a nationally trending topic on Twitter. The bank in question was OneWest, which Mnuchin formed to purchase what was left of subprime lender Indy Mac from the Federal Deposit Insurance Corporation in 2009 following the country's massive financial crisis, CNN reported last month.
The idea of banking has drastically changed. But this change is based on a small device in your pocket, your smartphone. This piece of technology has had a profound effect on how consumers have helped to drive innovation in banking like never before. The ways in which consumers manage their finances has changed beyond all recognition. How often do you drop into a branch to pay in money, withdraw cash, re-negotiate your current or savings account, mortgage, insurance and loan agreements?
BANK OF JAPAN: Japan's central bank ended a policy meeting by announcing it will maneuver for better control of short-term and long-term interest rates. By pushing yields on long-term government bonds higher, the central bank is expanding investment options for institutional investors such as life insurance companies. The BOJ kept its short-term policy rate at minus 0.1 percent but said it might cut it further to encourage banks to lend more.
Average long-term U.S. mortgage rates slid this week to their lowest level since February 2015, luring prospective purchasers during the spring home-buying season. Mortgage buyer Freddie Mac says the average rate on a 30-year, fixed-rate mortgage fell to 3.59 percent from 3.71 percent last week. The benchmark rate was far below the 3.66 percent level it marked a year ago. The average rate on 15-year fixed-rate mortgages declined to 2.88 percent from 2.98 percent last week. A recent speech by Federal Reserve Chair Janet Yellen reaffirmed the Fed's plans to move slowly in raising the interest rates it controls.
Custom DU is an automated underwriting system that enables mortgage lenders to build their own business rules that facilitate assessing borrower eligibility for different mortgage products. By means of the user interface, lenders can also customize their underwriting findings reports, test the rules that they have defined, and publish changes to business rules on a real-time basis, all without any software modifications. The user interface enforces structure and consistency, enabling business users to focus on their underwriting guidelines when converting their business policy to rules. Using Custom DU, lenders can create different rule sets for their products and assign them to different channels of the business, allowing for centralized control of underwriting policies and procedures--even if lenders have decentralized operations.