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Volume 18 | Issue 97 | Monday, May 20, 2019

The Lede


MBA Advocacy Update

Craig Phillips, Special Advisor to Treasury Secretary Steven Mnuchin, is leaving the administration. He will stay on until formal completion of the Treasury's portion of a Housing Reform Plan requested via a recent presidential Executive Order.


Top National News

MBA Renames Leadership Award for Ohio's Collins

Dodd-Frank Update, May 20, 2019
The Mortgage Bankers Association will rename its annual award for members who demonstrate outstanding state and local association leadership for retiring Ohio Mortgage Bankers Association Executive Director and Chief Operating Officer Marianne Collins.

Trump Says Looking at Alternatives to Fannie Mae, Freddie Mac

Reuters, May 17, 2019--Roberta Rampton
President Donald Trump said on Friday his administration was looking at alternatives to the conservatorship of mortgage giants Fannie Mae and Freddie Mac.

Ellie Mae Lays Off 10% of Its Staff after Recent Acquisition

National Mortgage News, May 17, 2019--Brad Finkelstein (subscription)
Mortgage technology company Ellie Mae, which was recently bought by private equity investor Thoma Bravo, underwent restructuring and reduced its staff by 10%.

'We Were Willing to Shock Historical Norms:' Otting on OCC's Makeover

American Banker, May 19, 2019--Rachel Witkowski (subscription)
For a year and a half, Comptroller of the Currency Joseph Otting has conducted an overhaul of key processes - reforming bank supervision, changing certain aspects of the comptroller's role at the agency and aiming to cut $20 million in expenses by the end of 2019.

Government Watchdog: Ben Carson's Office Decor Spending Spree Violated Law

HousingWire, May 17, 2019
The GAO, which was tasked with investigating whether Ben Carson's use of HUD funds violated federal laws, released a letter Thursday detailing its findings. While it approved of some of Carson's office expenditures for the benefit of the staff, it took issue with the purchase of a $31,000 dining set as well as a dishwasher and associated water treatment system for Carson's office.

California Man Sentenced to 13 Years in Mortgage Fraud Scheme

National Mortgage Professsional, May 17, 2019
California Attorney General Xavier Becerra announced sentencing of Andrew Valles for operating a $2 million mortgage fraud scheme throughout Southern California. Valles was sentenced to 13 years in state prison, and restitution was ordered in the amount of $2.3 million.

How Non-Qualified Lending Lives Up to Its 400% Growth Expectation

National Mortgage News, May 17, 2019--Paul Centopani (subscription)
The market for non-qualified mortgages has been robust thus far in 2019, offering a pragmatic option for otherwise viable borrowers, as long as lenders stay vigilant about pushing the envelope too far.

How Much Is Free Advice Worth?

UExpress, May 17, 2019--Lew Sichelman
Just as some people look for love in all the wrong places, some homebuyers and sellers look for advice in all the wrong places.

Residential Finance News

MBA Chart of the Week: Mortgage Delinquency Rates by Loan Type

MBA Research last week released first quarter 2019 results of its National Delinquency Survey. The overall delinquency rate rose from an 18-year low, to a seasonally adjusted rate of 4.42 percent.

Spring Home Sales 'Back on Pace' as Price Increases Moderate

RE/MAX, Denver, said April home sales finished just 1% below from a year ago as selling times shortened and tight inventory held steady.

The Week Ahead

NEW YORK--MBA NewsLink comes to you this week from the MBA National Secondary Market Conference & Expo at the Marriott Marquis in Times Square.

Commercial/Multifamily News

Loan Servicers Target Cyber Security Threats

LOS ANGELES--As cyber threats grow and evolve, loan servicers need to actively identify and neutralize attacks, panelists said here at the MBA Commercial/Multifamily Servicing and Technology Conference.

Dealmaker: Sims Mortgage Funding Closes $45M Hospital Loan

Sims Mortgage Funding, Inc., Montvale, N.J. closed a $45 million HUD-insured hospital loan in Baton Rouge, La.

MBA News

MBA Document Custody Workshop June 20

The Mortgage Bankers Association's popular Document Custody Workshop takes place Thursday, June 20 at the Ritz-Carlton Tysons Corner in McLean, Va.

MBA Education Webinar: Technology & CRE Finance--Where Are We & Where Are We Headed? May 29

Join MBA Education for an informative webinar, Technology & CRE Finance: Where Are We & Where Are We Headed?, on Wednesday, May 29 from 2:00-3:30 p.m. ET.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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