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Volume 8 | Issue 24 | Tuesday, June 12, 2018

The Lede


MBA: Independent Mortgage Bankers Report Net Production Losses in the First Quarter

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $118 on each loan they originated in the first quarter, the Mortgage Bankers Association said.


News & Trends

The Empty House Next Door: Paper Examines ‘Hypervacancy'

In a new study by the Lincoln Institute of Land Policy, Cambridge, Mass., The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, researcher Allan Mallach said hypervacancy--defined as areas in which at least one in five properties are vacant within a given area--have disrupted neighborhoods and housing markets.

'Stable' Outlook for REITs

Real estate investment trust property-level fundamentals should remain positive at least through 2018, reported Fitch Ratings, New York.

CoreLogic: Lowest Delinquency Rates in 11 Years

CoreLogic, Irvine, Calif., said just 4.3 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March, down by 0.1 percent from a year ago.

MBA News

MBA Risk Management/QA/Fraud Prevention Forum Sept. 23-25

The Mortgage Bankers Association's annual Risk Management, QA and Fraud Prevention Forum takes place Sept. 23-25 in Los Angeles.

MBA Education Advanced Servicing Workshop Aug. 8-9

MBA Education presents its Advance Servicing Workshop in Irving, Texas Aug. 8-9.

MBA Education School of Mortgage Servicing July 16-26

MBA Education offers its popular School of Mortgage Servicing instructor-guided online course July 16-26.

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).

Top National News

Home Lending Profits Plunge Despite Higher Revenues

Mortgage Daily, June 6, 2018
The Mortgage Bankers Association said although mortgage bankers pushed up quarterly revenues, rising expenses resulting from slowing originations dragged them into the red. Wholesale lenders suffered the most.

Mortgage Banks in The Red For Q

Mortgage News Daily, June 6, 2018--Jann Swanson
The Mortgage Bankers Association said on Wednesday that independent mortgage banks and mortgage subsidiaries of chartered banks reported net production losses in the first quarter of 2018, for only the second time since MBA began tracking the data in 2008.

Angelo Mozilo and His Doomed Mortgage Machine

CNN, June 6, 2018--Matt Egan
Angelo Mozilo of Countrywide Financial got rich selling the American Dream. Then he became the face of America's mortgage nightmare.

PHH 'Extremely Gratified' By CFPB Dismissal

Mortgage Daily, June 8, 2018
PHH Corp. is celebrating the Consumer Financial Protection Bureau's dismissal of a closely watched case involving alleged violations of the Real Estate Settlement Procedures Act.

Mick Mulvaney Guts 3 CFPB Advisory Boards

HousingWire, June 6, 2018--Jeremiah Jensen
Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney gutted three CFPB Advisory Boards today. The Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council were all disbanded.

Mulvaney's Defense of CFPB Upheaval: I'm Trying to Fix Leaks

American Banker, June 8, 2018--Kate Berry (subscription)
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Friday that the agency fired more than 60 members of three advisory boards because the boards were simply too big. Mulvaney also said he wants some future advisory board meetings to be held in private because he fears information will be leaked to the media.

U.S. Bancorp Is The Only Major U.S. Bank Still Reporting Mortgage Servicing Growth

Forbes, June 8, 2018--Trefis Team
The trend of a sequential decline in the total mortgage servicing portfolio for the five largest U.S. banks continued in the first quarter. U..S. Bancorp has bucked this trend over the years, though.

Expert: Big Banks will Pass Stress Tests this Year

HousingWire, June 8, 2018--Kelsey Ramirez
Trepp, a provider of data, analytics and technology to the global securities and investment management industries, is predicting most, if not all, of the nation's 38 largest banks will past this year's test, despite the harsher test.

Future of Genworth PMI Unit Takes Shape after Feds OK Acquisition

National Mortgage News, June 11, 2018--Brad Finkelstein (subscription)
Genworth Financial's mortgage insurance business, which had slipped in market share, has more certainty about its future prospects after a federal government committee approved the holding company's acquisition by China Oceanwide.

Landlords Are Practically Giving Malls Away

Bloomberg, June 12, 2018--Sarah Mulholland (subscription)
As they battle the rise of e-commerce, U.S. mall owners are trying to clear their books of fading centers so they can focus on the most-profitable ones. That's proving difficult, with just a shallow pool of investors who are willing to take on a declining mall and even fewer who would pay what the landlords want.

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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