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Volume 18 | Issue 39 | Wednesday, February 27, 2019

The Lede

 

Broeksmit: Servicers, Customers Need Consistent Standards

ORLANDO--Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, said the mortgage servicing industry needs clear and definable standards to improve customer service and reduce costs.

 

Top National News

 
MBA Servicing: What Does the Future of Mortgage Servicing Look Like?

HousingWire, Feb. 26, 2019--Sarah Wheeler
So what does that future look like? More M&A, more tech investment and, if you've got a really long lens, more standardization.

Overuse of GSE Tools in the Private-Label Market Adds Risk: Moody's

National Mortgage News, Feb. 26, 2019--Brad Finkelstein (subscription)
Being too dependent on the automated underwriting tools created by the government-sponsored enterprises to originate loans underlying private-label mortgage-backed securitizations could negatively affect their credit quality, Moody's said.

Nearly Half of Homebuyers Paying Above Asking Price

National Mortgage Professional, Feb. 26, 2019--Phil Hall
Forty-five percent of homebuyers who purchased a residential property in the past five years wound up paying more than the asking price before having their offer accepted, according to the 2019 NerdWallet Home Buyer Report.

Zillow as Mortgage Lender: Real Estate Giant Going 'Further Down the Funnel' of Buying a House

GeekWire, Feb. 26, 2019--Nat Levy
Seattle-based online real estate giant Zillow is preparing to go deeper into the business of mortgage origination, making loans to help people buy the same homes they come across in the Zillow app.

Altisource Takes Losses as it Realigns Its Business, Reduces Ocwen Ties

National Mortgage News, Feb. 26, 2019--Bonnie Sinnock (subscription)
Altisource Portfolio Solutions recorded multimillion-dollar net losses in the fourth quarter and the full year for 2018, due to the reduction of the Ocwen Financial servicing portfolio and other repositioning activities.

Accountant Pleads Guilty for Role in Mortgage Fraud Scheme

Associated Press, Feb. 26, 2019
The U.S. Attorney's office says 53-year-old David Plunkett, of Lynn, entered his plea Monday to a charge of bank fraud and aiding in the submission of false tax returns. Prosecutors say Plunkett prepared fake tax returns for borrowers that were submitted to lenders in support of fraudulent loan applications.

Residential Finance News

 
Mortgage Applications Up Again in MBA Weekly Survey

Mortgage applications increased for the second week in a row as key interest rates held steady, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending February 22.

Senate Panel Advances Calabria Nomination to Head FHFA

On strict party lines, the Senate Banking Committee yesterday approved the Trump Administration's nomination of Mark Calabria as director of the Federal Housing Finance Agency.

Housing Starts End 2018 on Sour Note

Housing starts finished 2018 on a disappointing note, falling by more than 11 percent from November improving slightly by 2017, HUD and the Census Bureau reported yesterday.

S&P: Home Price Annual Gains Slow to End 2018

The S&P CoreLogic Case-Shiller U.S. National Home Price Index reported a 4.7 percent annual gain to end 2018, down from November and a year ago.

Commercial/Multifamily News

 
CRE Loans 'Attractive Investment' for Insurers

The U.S. life/annuity industry's exposure to commercial real estate mortgages is growing because loans provide better returns than bonds, reported credit rating agency AM Best, Oldwick, N.J.

Dealmaker: MetroGroup Realty Finance Provides $16M for Retail, Industrial

MetroGroup Realty Finance, Newport Beach, Calif., provided $15.7 million in financing for retail and industrial assets in California and Nevada.

MBA News

 
MBA State & Local Workshop Apr. 1-2

The Mortgage Bankers Association's popular annual State & Local Workshop takes place Apr. 1-2 at the Capital Hilton in Washington, D.C.

MBA Education Advanced Risk Management for Pros June 3-5 in D.C.

MBA Education presents its popular Advanced Risk Management for Mortgage Pros Workshop, in conjunction with the Robert H. Smith School of Business at the University of Maryland, in Washington, D.C. June 3-5.

MBA Disaster Recovery Guide Now Available in Spanish

The Mortgage Bankers Association and the National Association of Hispanic Real Estate Professionals have developed a Spanish-language version of Disaster Recovery: A Resource for Homeowners, a consumer-facing informational guide.

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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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.