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Volume 9 | Issue 14 | Tuesday, April 09, 2019

The Lede


January Delinquency, Foreclosure Rates Lowest in 20 Years

CoreLogic, Irvine, Calif., said just 4 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in January, the lowest this century.


News & Trends

Senate Approves Calabria FHFA Nomination After Deploying 'Nuclear Option'

The Senate last week approved Mark Calabria as Director of the Federal Housing Finance Agency, after Senate Majority Leader Mitch McConnell, R-Ky., deployed a controversial rules provision to speed judicial and executive nominations through the chamber.

MBA News

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 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.

Top National News

OCC Taps New Head of Large Bank Supervision

HousingWire, Apr. 2, 2019--Jessica Guerin
The Office of the Comptroller of the Currency said Maryann Kennedy will oversee the nearly 800 staff members who supervise the nation's largest banks and federal branches and agencies, which hold more than $10 trillion in total consolidated assets.

FHFA's Otting Authorizes GSE Affordable Housing Payments

National Mortgage News, Apr. 3, 2019--Hannah Lang (subscription)
Acting Federal Housing Finance Agency Director Joseph Otting has authorized Fannie Mae and Freddie Mac to contribute to the National Housing Trust Fund and Capital Magnet Fund, ending a delay in transferring funds that worried affordable housing advocates.

Warren Doubles Down on Ending 'Too Big to Jail'

American Banker, Apr. 3, 2019--Hannah Lang (subscription)
Sen. Elizabeth Warren, D-Mass., introduced legislation Wednesday that would require executives of large corporations to serve jail time when their companies commit crimes, including for violations of civil law.

Senate Confirms Mark Calabria as Head of Fannine, Freddie Regulator

MarketWatch, Apr. 4, 2019--Andrea Riquier
Calabria, who most recently served as chief economist to Vice President Mike Pence and, before that, at the libertarian think tank the Cato Institute, was confirmed by a 52-44 vote. (MBA mention)

Downsizing Fannie, Freddie Could Help Banks, Hurt Nonbanks

National Mortgage News, Apr. 4, 2019--Bonnie Sinnock (subscription)
If housing finance reform reduces the government-sponsored enterprises' involvement in the mortgage market, banks could gain a funding advantage over nonbanks, according to a Moody's Investors Service report.

AI Is Coming To Take Your Mortgage Woes Away

Forbes, Apr 4, 2019--Douglas Merrill
The survey found that over the next two years, the use of these technologies in the mortgage industry is going to boom. And that will be a good thing for borrowers and the market.

Everyone Has an Opinion on Fannie's Future, One Firm Offers a Rating

National Mortgage News, Apr. 5, 2019--Brad Finkelstein (subscription)
At least one investment bank thinks the prospects of privatization have improved enough that the equity in Fannie Mae has become sufficiently interesting to merit the attention of its analysts.

Quicken Loans, DOJ Sent to Mediation in Ongoing Battle over FHA Loan Violations

HousingWire, Apr. 8, 2019--Ben Lane
Nearly four years after the legal battle between Quicken Loans and the Department of Justice began, the case may finally be decided in court later this year. But not before the parties give settling the matter at least one more try.

Fed Proposes Easing Post-Crisis Rules for Big Banks

Washington Post, Apr. 8, 2019--Renae Merle
The Federal Reserve Board on Monday proposed easing key post-crisis regulations for the country's biggest banks, despite concerns from one member that the proposal goes too far.

Deutsche Bank, the DOJ and How $4B in Aid to Distressed Homeowners Evaporated

American Banker, Apr. 8, 2019--Kevin Wack (subscription)
The multi-billion dollar settlement did not actually require Deutsche to offer any loan modifications; they were merely one option on a menu of choices available to the bank. And after initially pledging to provide modifications, Deutsche Bank recently backed out of that plan, saying that it would instead fulfill its settlement obligations by financing new mortgages, some of which have gone to wealthy borrowers.

CMBS Delinquencies Rise as Late Payments on Retail Properties Increase

National Mortgage News, Apr. 8, 2019--Brad Finkelstein (subscription)
The commercial mortgage-backed securities delinquency rate increased for the first time since October, led by a 31-basis-point rise in late payments for loans secured by retail properties, Fitch Ratings said.

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