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Volume 8 | Issue 5 | Tuesday, January 30, 2018

The Lede


Three Big Policy Trends for 2018

AMELIA ISLAND, FLA.--GSE reform. Tax reform. Regulatory reform. Three issues that will keep the real estate finance industry busy this year.


News & Trends

'An Extraordinary Time' for IMBs

AMELIA ISLAND, FLA.--When the Mortgage Bankers Association's Independent Mortgage Bankers Conference first began six years ago, it attracted 300 participants. This week, more than 800 IMB representatives have gathered here.

CSBS Head: IMBs Should Expect ‘Reasonable,' ‘Robust' Supervision

AMELIA ISLAND, FLA.--John Ryan, President and CEO of the Conference of State Bank Supervisors, said in the decade since the financial crisis, the non-bank (independent) mortgage bank has emerged as a major player in the real estate finance industry.

Zillow: U.S. Housing Market Gains Back All $9 Trillion in Value Lost During Recession

Zillow, Seattle, said the U.S. housing market has gained back all $9 trillion in value it lost when the market collapsed, but the uneven nature of the crisis and subsequent recovery has left many housing markets trailing behind, while others surge further ahead.

90-Day Delinquencies Jump Again as Hurricane Fallout Continues

Black Knight, Jacksonville, Fla., said another 60,000 mortgages became 90 days delinquent in December, driven by both continued hurricane-related fallout as well as upward seasonal and calendar-related pressures.

CMBS Payoffs Likely to Increase

The payoff rate for securitized commercial real estate mortgages should bounce back this year following two years of weak performance, said Morningstar Credit Ratings, New York.

MBA News

MBA National Mortgage Servicing Conference & Expo Feb. 6-9

The Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2018 returns to the Gaylord Texan in Grapevine, Texas (Dallas) Feb. 6-9.

MBA Chairman Dave Motley, CMB, Preview MBA National Mortgage Servicing Conference & Expo

In this MBA video, Mortgage Bankers Association Chairman Dave Motley, CMB, previews the MBA National Mortgage Servicing Conference & Expo, taking place Feb. 6-9 in Dallas.

MBA Education CFPB Mortgage Servicing Rules Deep Dive Workshop Feb. 6-7

MBA Education presents The CFPB's Mortgage Servicing Rules Deep Dive Workshop, Feb. 6-7 at the Gaylord Texan in Dallas in conjunction with the MBA National Servicing in Mortgage Banking Conference & Expo.

MBA Education Foundational Concepts in Residential Mortgage Servicing in Dallas Feb. 6

MBA Education presents a workshop, Foundational Concepts in Residential Mortgage Servicing, on Tuesday, Feb. 6 in Dallas in conjunction with the Mortgage Bankers Association's National Servicing in Mortgage Banking Conference & Expo.

MBA Education School of Mortgage Servicing Feb. 26-Mar.8

MBA Education offers its popular School of Mortgage Servicing instructor-guided online course from Feb. 26-Mar. 8.

MBA Education Advanced Servicing Workshop in Phoenix Apr. 4-5

MBA Education presents its Advance Servicing Workshop in Phoenix Apr. 4-5.

Top National News

Backers of Senate GSE Plan Reject Claims That It's Too Conservative

National Mortgage News, Jan. 24, 2018--Ian McKendry (subscription)
Supporters of an unreleased Senate bill to revamp the housing finance system are fighting back against suggestions that the latest revision has become more conservative. David Stevens, CMB, President and CEO of the Mortgage Bankers Association, said the plan gaining consensus in the Senate is similar to the housing finance proposal being developed by MBA.

MBA Chairman: 2018 Will Be a Year of Change

Scotsman Guide, Jan. 25, 2018--Victor Whitman
2018 could prove to be a key year of change for the mortgage industry as Congress takes up housing-finance reform, the future of Fannie Mae and Freddie Mac, and regulatory reform. J. David Motley, the 2018 chairman of the Mortgage Bankers Association, discussed the trade group's priorities and a range of pending issues that affect the mortgage industry.

CFPB Seeks Comment on How it Investigates Firms

National Mortgage News, Jan. 24, 2018--Kate Berry (subscription)
The Consumer Financial Protection Bureau is seeking comment on its process for investigating companies that face possible enforcement actions as part of a comprehensive review of the agency.

Mulvaney Could Use Dodd-Frank to Gut CFPB Mortgage Rules

National Mortgage News, Jan. 29, 2018--Kate Berry (subscription)
Mick Mulvaney's recasting of the Consumer Financial Protection Bureau marks a new day for the agency, but a substantial part of his authority to unwind rules--particularly on mortgages--was already part of the agency's tool chest before he arrived.

Will Dodd-Frank Reform Get Entangled in Shutdown Politics?

National Mortgage News, Jan. 25, 2018--Ian McKendry (subscription)
In the current political environment, the idea that a dozen senators from the minority would join Republicans to support a limited bill to ease certain Dodd-Frank Act restrictions seems unusual.

Is the Mortgage Forgiveness and Debt Relief Act Coming Back?

The Mortgage Reports, Jan, 29, 2018--Peter G. Miller
The Mortgage Relief and Debt Act is not in the news, and that's a crime. Probably it seems odd that after more than a decade, we're still picking and pulling over the mortgage meltdown.

Tax Law to Impact Home-Equity Products

Tribune News Service, Jan. 25, 2018--Alexander Soule, Chris Bosak
Under the Tax Cuts and Jobs Act enacted in December, homeowners can no longer deduct interest owed on home-equity loans if they use the money for purposes besides home renovations or the purchase of property.

New Tax Laws Likely to Increase High Net Worth Investment in Real Estate

National Real Estate Investor, Jan. 24, 2018--John Egan
For high-net-worth investors in commercial real estate, the federal tax overhaul is practically a financial home run.

Toys R Us to Close 180 Stores Across the U.S.

CNBC, Jan. 24, 2018--Lauren Thomas
Toys R Us is planning to shutter roughly 180 stores across the country, or about one-fifth of its U.S. store fleet, in a bid to restructure the company and emerge from bankruptcy protection.

Hurricanes Blamed for New Spike in Mortgage Delinquencies

The impact of Hurricanes Harvey and Irma continue to bedevil the housing market, as Black Knight determined the hurricane-related fallout was a primary factor in having an additional 60,000 mortgages becoming 90 days delinquent last month.

Mortgage Delinquency at 2-Year High

Mortgage Daily, Jan. 23, 2018
Thirty-day mortgage delinquency soared to a two-year high, while serious delinquency climbed to a 19-month high. But foreclosure starts were the fewest since the recession.

Sounding the Alarm: Mortgage Wire Fraud is a Much Bigger Threat Than You Realize

HousingWire, Jan. 23, 2018--Joseph Murin
The speed at which these scams are evolving, and the lengths scammers are willing to go to in order to fool us are at once impressive and terrifying. The latest iteration of wire fraud is one that will take an entire industry to stamp out.

Justice Department Investigating Lennar Mortgage Unit

Mortgage Daily, Jan. 25, 2018
The mortgage subsidiary of home builder Lennar Corp. is being investigated over its handling of the lending process on government-insured loans.

U.S. Regulators Ready to Ease check on Property Values

Reuters, Jan. 26, 2018--Patrick Rucker
U.S. bank regulators plan to relax commercial real estate lending rules by allowing more deals to go ahead without an independent appraisal of the property's value, according to several sources familiar with the discussions.

Adjustable-Rate Mortgages Make a Comeback

UExpress, Jan. 26, 2018--Lew Sichelman
Adjustable-rate mortgages are back, especially in the higher price brackets around $453,000 and above. And as loan rates climb, as they are expected to do throughout the year, they probably will become more popular.

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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