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Volume 9 | Issue 13 | Tuesday, April 02, 2019

The Lede


MBA CEO to Senate Committee: GSE Reform Should Proceed 'Without Delay'

Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, in testimony Mar. 27 before the Senate Banking Committee, said Congress should move forward with comprehensive housing reform legislation without delay.


News & Trends

MBA, Trade Groups Urge House to Reject Carried Interest Bill

The Mortgage Bankers Association and more than a dozen industry trade groups sent a joint letter to Capitol Hill urging that House to reject legislation that would end capital gains treatment of carried interest.

MISMO Recommends DMN Standard

MISMO, the mortgage industry's standards organization, recommended use of the Decision Model and Notation standard for documentation, implementation, execution and exchange of business rules and decisions across the mortgage industry.

CMBS Defeasance Volume Rebounds

Commercial mortgage-backed securities defeasance volume rebounded last year after a two-year decline, reported Moody's Investors Service, New York.

MBA News

MBA Commercial/Multifamily Servicing & Technology Conference in L.A. May 14-17

The Mortgage Bankers Association's annual Commercial/Multifamily Servicing & Technology Conference takes place May 14-17 at the J.W. Marriott L.A. Live in Los Angeles.

MBA National Secondary Market Conference & Expo May 19-22

The Mortgage Bankers Association's National Secondary Market Conference & Expo returns to the New York Marriott Marquis May 19-22.

MBA Education Advanced Risk Management for Pros June 3-5 in D.C.

MBA Education presents its popular Advanced Risk Management for Mortgage Pros Workshop, in conjunction with the Robert H. Smith School of Business at the University of Maryland, in Washington, D.C. June 3-5.

MBA Legal Issues & Regulatory Compliance Conference in New Orleans May 5-8

The Mortgage Bankers Association's Legal Issues & Regulatory Compliance Conference takes place May 5-8 at the Hyatt Regency New Orleans.

MBA Education UMBS and Your Business: Best Practices for Readiness Webinar Apr. 10

MBA Education presents a webinar, UMBS and Your Business: Best Practices for Readiness Webinar, on Wednesday, Apr. 10 from 2:00-3:30 p.m. ET.

Top National News

Housing Industry Responds to Trump's Calls for Housing Finance Reform

HousingWire, Mar. 28, 2019
The Mortgage Bankers Association commended President Trump for championing change that would foster competition in real estate finance and protect taxpayers."We are heartened the memorandum recognizes the GSEs should be released from conservatorship only after specified reforms, and that it insists on other core principles such as preserving the 30-year fixed-rate mortgage and leveling the playing field for lenders of all sizes," said MBA President and CEO Robert Broeksmit.

Trump Directs Treasury, HUD to Enact Housing Finance Reform

Mortgage Orb, Mar. 27, 2019--Patrick Barnard
The memorandum comes the same day numerous housing finance groups testified before the Senate Banking Committee on a proposed housing finance reform bill introduced by Chairman Mike Crapo, R-Idaho. "The housing finance system requires structural reforms that will ensure a stable, liquid secondary market to support a vibrant, diverse primary market, and comprehensive legislation is essential for such reforms," said Robert D. Broeksmit, CMB, president and CEO of the Mortgage Bankers Association.

Trump Officially Calls for End to Fannie Mae, Freddie Mac Conservatorship

HousingWire, Mar. 27, 2019--Jessica Guerin, Ben Lane
President Donald Trump is officially calling for an end to the conservatorship of Fannie Mae and Freddie Mac, the White House said Wednesday.

Mortgage Profitability Hits All-Time Low in Q4

HousingWire, Mar. 27, 2019--Kelsey Ramirez
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $200 for each loan they originated in the fourth quarter, according to the Quarterly Mortgage Bankers Performance Report released by the Mortgage Bankers Association.

GSE Capital Rule Expected This Summer: FHFA's Otting

National Mortgage News, Mar. 28, 2019--Hannah Lang, Rachel Witkowski (subscription)
The Federal Housing Finance Agency is planning to finalize its proposed capital requirements for the government-sponsored enterprises this summer, according to acting Director Joseph Otting.

Mortgage Bond Market on Edge After a Spike in Home Refinancings

Bloomberg, Mar. 28, 2019--Christopher Maloney
A spike in home loan refinancing, falling mortgage rates and newer collateral sporting prepayment red flags have increased prepayment concerns among mortgage-backed securities investors. (MBA mention)

Trump Asks HUD to Address Financial Viability of Reverse Mortgage Program

HousingWire, Mar. 28, 2019--Jessica Guerin
President Trump's memorandum directs HUD Secretary Ben Carson and his team to develop a legislative reform plan that achieves the agency's objective to maintain the financial soundness of the reverse mortgage program.

Income Application Fraud Risk to Rise in Buying Season: First American

National Mortgage News, Mar. 29, 2019--Brad Finkelstein (subscription)
Income-related mortgage application fraud risk holds potential to increase among rising buyer competition during the peak spring season, First American said.

Ocwen Settles with Masssachusetts over Alleged 'Widespread' Mortgage Servicing Issues

HousingWire, Mar. 29, 2019--Ben Lane
The settlement brings an end to a lawsuit filed by the state against the nonbank back in May 2017. The lawsuit came on the heels of a sweeping round of sanctions placed on Ocwen by more than 30 other states over alleged escrow and other mortgage servicing issues.

California Lawmaker Considers Statewide CFPB

American Banker, Mar. 27, 2019--Kate Berry (subscription)
Assemblywoman Monique Limon, D-Santa Barbara, said Wednesday that California needs more consumer protection, either through the creation of a new agency similar to the federal Consumer Financial Protection Bureau, or by increasing the enforcement budget of the state's Department of Business Oversight.

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

MBA Servicing NewsLink, a weekly electronic publication, is a member benefit free to employees of MBA member companies, and available by paid subscription to non-members. For membership information, click here.

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