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Volume 17 | Issue 190 | Monday, October 01, 2018

The Lede

 

MBA Advocacy Update

This past Wednesday, the House passed H.R. 6737, the Protect Affordable Mortgages for Veterans Act, which addresses an unintended consequence from the enactment of Section 309 of S. 2155 (now PL 115-174) that caused certain VA-guaranteed loans to be ineligible for pooling as Ginnie Mae securities.

 

Top National News

 
Supreme Court Clash Puts Regulatory Nominees on Back Burner

National Mortgage News, Sept. 28, 2018--Neil Haggerty (subscription)
The protracted and hyperpartisan confirmation process for Supreme Court nominee Brett Kavanaugh has complicated the Senate's efforts to advance financial regulatory nominees before the midterm elections. Trump administration picks for the Consumer Financial Protection Bureau, National Credit Union Administration and Ginnie Mae are still in limbo.

'It is an Issue for All of Us': Dissent Spreads at CFPB over Top Aide's Writings

American Banker, Sept. 30, 2018--Kate Berry, Rachel Witkowski (subscription)
Kirsten Donoghue, the CFPB's assistant director of enforcement, became the second senior leader at the agency to question the fitness of Eric Blankenstein, her boss as policy director of supervision, enforcement and fair lending, after his past writings were uncovered that used a racial slur for African Americans and suggested most hate crimes were "hoaxes."

Lawmakers Urge Fed to Follow Through on Reg Relief for Midsize Banks

American Banker, Sept. 28, 2018--Neil Haggerty (subscription)
Nearly 30 House Republicans are calling on the Federal Reserve Board to use new authority to relieve all banks with less than $250 billion of assets from enhanced supervision that was established after the crisis.

Housing Market Slows, as Rising Prices Outpace Wages

New York Times, Sept. 29, 2018--Ben Casselman
The specifics vary, but economists, real estate agents and home builders say the core issue is the same: Home buyers are reaching a breaking point after years of breakneck price increases that far exceeded income gains.

2nd Appraisal to Be Required on Some HECMs

Mortgage Daily, Oct. 1, 2018
Ongoing losses in the FHA reverse mortgage program have led to a new policy that will require a second appraisal on some transactions.

Ocwen's $360 Million Acquisition of PHH to Close Within Days

HousingWire, Sept. 28, 2018--Ben Lane
Ocwen Financial's $360 million acquisition of PHH Corp. is set to close within the next two weeks after the companies received approvals from all relevant regulatory agencies and governmental entities, the companies announced Friday morning.

SEC Fines Former Ocwen Exec for Insider Trading Before CFPB, PHH News

National Mortgage News, Sept, 28, 2018--Brad Finkelstein, Bonnie Sinnock (subscription)
Bryan R. Ziegenfuse, who previously was a vice president of servicing at Ocwen, agreed to pay $128,130 plus interest, double the profits he made from the three transactions. He did not admit or deny wrongdoing.

A 'Turning Point' In The Housing Market

NPR, Sept. 28, 2018--Stacey Vanek Smith; Cardiff Garcia
Ever since the end of the financial crisis, rents have been rising all across America. But a recent report from Zillow could signal a turning point in the housing recovery.

Nationstar Affiliate Laying Off Dozens in Texas

Dallas Morning News, Oct. 1, 2018--Karen Robinson-Jacobs
Xome Realty Services, a real estate auction service that's part of the company that operates mortgage servicer Nationstar Mortgage Holdings Inc. is planning to lay off 72 employees permanently beginning days before Thanksgiving.

Helping Your Kids Become Homeowners

UExpress, Sept. 28, 2018--Lew Sichelman
According to new research from the Urban Institute, a nonpartisan think tank, if Mom and Dad are homeowners instead of renters, the likelihood of their children becoming owners increases 8.4 percentage points.

Residential Finance News

 
MBA Chart of the Week: Key Market Rates

This week's chart features key market rates that impact the economy and housing markets.

Loan Defect Index Flat in August As Hurricane Damage Looms

In the wake of major natural disasters this summer, the risk of mortgage loan application fraud increased in August, said First American Financial Corp., Irvine, Calif.

The Week Ahead

The Mortgage Bankers Association's Annual Convention & Expo is less than two weeks away, running Oct. 14-17 at the Walter E. Washington Convention Center here in Washington, D.C.

Commercial/Multifamily News

 
Tech Sector's CRE Influence Grows

The technology sector's impact on commercial real estate may appear sudden, but it has been building for years, reported Cushman & Wakefield, New York.

Dealmaker: Newmark Arranges $51M for Office, Retail

Newmark, San Francisco, arranged $50.7 million for office and retail assets in Washington and California.

MBA News

 
‘The Future of Mortgage Lending' at MBA Annual Convention & Expo

Join industry trailblazers Bill Emerson and Anthony Hsieh as they discuss the future of mortgage lending at the Mortgage Bankers Association's Annual Convention & Expo, Oct. 14-17 in Washington, D.C.

MBA Education Mortgage Accounting I: Drilling into Mortgage Accounting Oct. 3

MBA Education presents Part 1 of its series on Mortgage Accounting, Drilling into Mortgage Accounting on Wednesday, Oct. 3 from 2:00-3:30 p.m. ET.

Upcoming MBA Education School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II Nov. 27-30 at USAA in Tampa, Fla.

MBA Education Roadmap for Moving from Paper to Digital Webinars Oct. 2, Oct. 4

MBA Education offers an informative two-part webinar series, Roadmap for Moving from Paper to Digital, on Tuesday, Oct. 2 and Thursday, Oct. 4.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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