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Volume 8 | Issue 49 | Tuesday, December 04, 2018

The Lede


MBA: 3Q IMB Profits Lag

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $480 on each loan they originated in the third quarter, down from $580 per loan in the second quarter and $929 a year ago, the Mortgage Bankers Association reported last Thursday.


News & Trends

MBA: 3Q Commercial and Multifamily Mortgage Delinquencies Remain Low

Delinquency rates for commercial and multifamily mortgage loans remained low in the third quarter, according to the Mortgage Bankers Association's latest Commercial/Multifamily Delinquency Report.

MBA Offers Recommendations on HVCRE Exposures

The Mortgage Bankers Association weighed in yesterday on proposed changes to the High Volatility Commercial Real Estate risk-based capital rule, offering recommendations on implementation issues and expressing concerns about certain rule interpretations.

FHFA Announces 7% Increase in GSE Conforming Loan Limits

The Federal Housing Finance Agency yesterday announced a nearly 7 percent increase in conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2019.

CRE's Risk (or Not) to the Financial System

Several factors could trigger the next recession, but it's unlikely a sharp downturn in commercial real estate will be the cause, said Wells Fargo Securities, Charlotte, N.C.

CMBS Delinquency Rate Resumes Decline

After a brief uptick in October the commercial mortgage-backed delinquency rate resumed its long-term downward trajectory in November, reported Trepp LLC, New York.

MBA News

MBA National Mortgage Servicing Conference & Expo in Orlando Feb. 25-28

The Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2019 (Servicing19) returns to Orlando Feb. 25-28.

MBA Education School of Mortgage Servicing Mar. 4-14

MBA Education presents its School of Mortgage Servicing instructor-guided online course Mar. 4-14.

MBA Education Compliance Essentials State Mortgage Servicing Rules Deep Dive Workshop Feb. 25

MBA Education and the Compliance Essentials program present State Mortgage Servicing Rules Deep Dive Workshop on Feb 25 at the Hyatt Regency Orlando in conjunction with the MBA National Mortgage Servicing Conference & Expo.

Top National News

MBA Reports Net Gain Per Loan Drops

The Mortgage Leader, Nov. 29, 2018
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $480 on each loan they originated in the third quarter, down from a reported gain of $580 per loan in the second quarter, according to the Quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association.

Mortgage Lender Profits Reach New Low for Q3

HousingWire, Dec. 3, 2018--Kelsey Ramirez
Lenders reported a lower net production income in the third quarter this year, down from the previous quarter and the previous year and reaching a new low for the third quarter, the Mortgage Bankers Association reported.

NFIP Gets Seven-Day Extension

National Mortgage Professional, Nov. 30, 2018--Phil Hall
Congress passed a seven-day extension of the National Flood Insurance Program, hours before its scheduled expiration.

Waters Likely to Raise Affordable Housing's Profile in GSE Debate

American Banker, Dec. 3, 2018--Hannah Lang (subscription)
One particular difference between a House Financial Services Committee likely led by Rep. Maxine Waters, D-Calif., and her GOP predecessor could be a newfound focus on affordable housing issues.

Natural Disasters Hasten Housing Market Slowdown

HousingWire, Nov. 29, 2018--Alcynna Lloyd
Mortgage Bankers Association Chief Economist Mike Fratantoni cites California's recent wildfires as cause for concern. "The hurricanes in the South and wildfires in the West likely impacted both month's numbers and continue to cloud the picture of the housing market's overall strength," Fratantoni said.

Former Head of FHA and MBA David Stevens Blasts Reverse Mortgages

HousingWire, Nov. 29, 2018--Jessica Guerin
The former commissioner of the Federal Housing Administration--who recently stepped down as president and CEO of the Mortgage Bankers Association--posted a comment about HECMs on LinkedIn last week that ignited a chain of heated commentary about the product.

Senate Vote Puts Kraninger Step Closer to Leading CFPB

American Banker, Nov. 29, 2018--Kate Berry (subscription)
A motion to limit debate on Kraninger's nomination passed along strictly party lines, 50-49, advancing the nominee to a final vote.

Corelogic: California's Wildfire Cost Estimated $15B-$19B

The Mortgage Leader, Nov. 29, 2018
According to the analysis, losses from the Camp Fire, the most destructive wildfire in the state's history, are estimated to be between $11 billion and $13 billion. In addition, losses from the Woolsey Fire in Southern California are estimated to be an additional $4 billion to $6 billion.

Conventional Loan Limits Increase for a Third Year

The Press-Enterprise (Calif.), Nov. 29, 2018--Jeff Lazerson
It's a trifecta for Southern California mortgage shoppers as the Federal Housing Finance Agency, or FHFA (Fannie and Freddie's conservator and regulator), boosted local conforming and so-called agency high-balance or super-conforming loan limits three years in a row.

FHA Automates Reverse Mortgage Second-Appraisal Process

HousingWire, Nov. 30, 2018--Jessica Guerin
HECM lenders can enter their loan data into FHA Connection and receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.

Private-Label RMBS Issuance Could Peak This Year: KBRA

National Mortgage News, Dec. 3, 2018--Bonnie Sinnock (subscription)
Private-label residential mortgage-backed securitization is approaching a post-crisis peak, according to Kroll Bond Rating Agency.

About Servicing 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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