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Volume 8 | Issue 11 | Tuesday, March 13, 2018

The Lede

 

Senate Begins Crucial Week of Reg Relief Bill Debate

The Senate yesterday kicked off another week of debate on a sweeping regulatory relief bill that includes several provisions strongly supported by the Mortgage Bankers Association.

 

News & Trends

 
Home-Flipping Jumps to 11-Year High in 2017

More than 207,000 U.S. single-family homes and condos flipped in 2017, the highest level since 2006, said ATTOM Data Solutions, Irvine, Calif.

Mortgage Industry Still ‘Late to the Game' in Adopting Technology

It's 2018. Is this the year the mortgage industry finally bridges the Digital Divide? According to J.D. Power, Westlake Village, Calif., the answer is, not quite but it's getting there.

MBA News

 
MBA Legal Issues/Regulatory Compliance Conference in L.A. Apr. 29-May 2

The Mortgage Bankers Association's annual Legal Issues and Regulatory Compliance Conference takes place Apr. 29-May 2 at the J.W. Marriott L.A. Live in Los Angeles.

MBA National Secondary Market Conference & Expo May 20-23

The Mortgage Bankers Association' National Secondary Market Conference & Expo returns to the Marriott Marquis in New York May 20-23.

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

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

MBA Compliance Essentials HMDA Implementation Series Begins Mar. 28

MBA Education and the MBA Compliance Essentials program present a new four-part webinar series on Home Mortgage Disclosure Act issues beginning Wednesday, Mar. 28 with 2018 Issues & Considerations.

Top National News

 
Commercial Loan Delinquencies Stay Down

Scotsman Guide, Mar. 6, 2018--Victor Whitman
Commercial loan delinquency rates ended 2017 at or near record low levels, according to the Mortgage Bankers Association.

HUD Selling Vacant Property Loans

Mortgage Daily, Mar. 6, 2018
The offering from HUD is for 650 notes that have an aggregate unpaid principal balance of $136 million.

Banks Want In on Tax Reform Plan to Spur Investment in Distressed Areas

National Mortgage News, Mar. 6, 2018--Brian Collins (subscription)
In passing President Trump's tax cut bill, Congress approved a new program that allows investors to defer paying taxes on capital gains if they invest in "Opportunity Zones."

CFPB Finalizes Technical Correction to Mortgage Servicing Rule

National Mortgage News, Mar. 8, 2018--Kate Berry (subscription)
The Consumer Financial Protection Bureau's final rule gives mortgage servicers a temporary exemption, for a single statement period, from certain timing requirements in sending periodic statements to borrowers entering and exiting bankruptcy. The rule is a technical revision to the CFPB's 2016 mortgage servicing rule.

CFPB Giving Servicers 'More Latitude' in Dealing with Borrowers in Bankruptcy

HousingWire, Mar. 8, 2018--Ben Lane
Mortgage servicers are about to have "more latitude" when it comes to dealing with borrowers entering or exiting bankruptcy, the Consumer Financial Protection Bureau announced Thursday.

Mulvaney's Idea for Curbing CFPB Clout: Hand It to Other Agencies

National Mortgage News, Mar. 7, 2018--Kate Berry (subscription)
If acting Consumer Financial Protection Bureau Director Mick Mulvaney has his way, his agency would effectively become a backup regulator, ceding authority over virtually every firm for which it has jurisdiction to other state and federal authorities.

Radian Relaxes Mortgage Insurance Requirements

Mortgage Daily, Mar. 6, 2018
Improvements to requirements at Radian Guaranty Inc. include lower mortgage insurance premiums and the insuring of three- and four-unit residential loans.

3 Reasons to Be Optimistic about the Future of Non-QM Loans

HousingWire, Mar, 9, 2018--Tom Millon
For years, fans of non-QM loans have been claiming that this year is the year the market will take off. It's happening once again this year, and it's difficult to separate the reality from the hype.

GSE Credit Risk Transfer Programs are a Housing Reform Model

National Mortgage News, Mar. 7, 2018--Brad Finkelstein (subscription)
The success of the government-sponsored enterprises' credit risk transfer programs shows that they can be the basis for housing finance reform. But there are still steps that can be taken to maximize secondary market liquidity and broaden the investor bases, according to a paper co-written by Annaly Capital Management and the Federal Reserve Bank of New York.

RBS Will Pay N.Y. $500 Million Over Bogus Mortgage Marketing

Bloomberg, Mar. 7, 2018--Erik Larson, Greg Farrell
Royal Bank of Scotland Group Plc agreed to pay $500 million to settle New York's probe into its marketing of toxic mortgage-backed securities that triggered the financial crisis, moving the government-owned lender a step closer to resolving a series of costly U.S. investigations.

Lehman to Pay $2.4 Billion to End Crisis-Era Mortgage Claims

Bloomberg, Mar. 8, 2018--Tiffany Kary
Lehman Brothers Holdings Inc.'s bankruptcy estate will pay $2.38 billion to compensate for its role in the previous decade's mortgage crisis, a federal judge decided, far less than the $11.4 billion some hedge funds had sought.

1 Billboard Inside Wilmington, North Carolina

Mortgage Daily, Mar. 8, 2018
A delinquent borrower has paid for a billboard in Wilmington, North Carolina, in his effort to avoid a foreclosure on his delinquent loan with SunTrust Mortgage Inc.

Texas Mortgage Servicing Layoffs at Wells Fargo

Mortgage Daily, Mar. 9, 2018
Dozens of positions in the Lone Star State have been eliminated by Wells Fargo & Co. The affected employees work in mortgage servicing.

CMBS Delinquency Rates Improve Except for Retail Property Loans

National Mortgage News, Mar. 12, 2018--Brad Finkelstein (subscription)
With the exception of the troubled retail sector, delinquency rates across property types supporting commercial mortgage-backed securities were mostly flat to declining in February compared with January, Fitch Ratings said.

Flagstar Closes on Santandar Bank Mortgage Warehouse Portfolio Acquisition

HousingWire, Mar. 12, 2018
Flagstar Bank announced Monday it closed on the purchase of the mortgage warehouse loan portfolio from Santander Bank, which included $1.7 billion in mortgage warehouse loan commitments.

Blackstone REIT Triples Industrial Holdings With $1.8 Billion Deal

Bloomberg, Mar. 12, 2018--Noah Buhayar
The Canyon Industrial Portfolio includes 146 warehouses and distribution centers concentrated in and around Chicago, Dallas, Baltimore, Washington, D.C., Los Angeles and South and Central Florida, according to a statement from Blackstone on Monday.

About Servicing 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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