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Volume 9 | Issue 27 | Tuesday, July 09, 2019

The Lede


MBA, ABA Offer Recommendations to FHA Single-Family Loan Sale Program

The Mortgage Bankers Association and the American Bankers Association, in a letter to HUD, offered a series of recommendations to jump-start the FHA Single-Family Loan Sale program, which seen declining participation in recent years.


News & Trends

CoreLogic: Mortgage Delinquencies Reach 20-Year Low

CoreLogic, Irvine, Calif., said April mortgage delinquencies and foreclosure inventories fell to their lowest rates in more than 20 years.

Fitch Ratings: Post-Crisis Enhancements Paying Dividends for GSEs

Fitch Ratings, New York, said numerous operational improvements made in recent years have led to lower operational risk for both Fannie Mae and Freddie Mac.

On 10th Anniversary of Great Recession, Housing Market Still Faces Challenges

Last month marked the 10-year anniversary of the end of the Great Recession. First American Financial Corp., Santa Ana, Calif., said between then and now, housing affordability has improved and borrowers have greater access to credit, which in turn is boosting demand.

Growing Investor Demand for Seniors Housing

Investor appetite for seniors housing is growing. Nearly two-thirds of investors plan to increase their buying over the next 12 months, said CBRE, Los Angeles.

June CMBS Delinquency Rate Increases

The commercial mortgage-backed securities delinquency rate saw a rare increase in June, but that figure comes with a "footnote," reported Trepp, New York.

MBA News

MBA Risk Management, QA and Fraud Prevention Forum in Chicago Sept. 15-17

The Mortgage Bankers Association's Risk Management, QA and Fraud Prevention Forum takes place Sept. 15-17 at the Sheraton Grand Chicago.

MBA Condominium Lending Workshop in D.C. July 18

The Mortgage Bankers Association's annual Condominium Workshop takes place Thursday, July 18 at the Marriott Marquis in Washington, D.C.

Top National News

No Relief Yet for Lenders Where False Claims Enforcement is Concerned

National Mortgage News, July 2, 2019--Brad Finkelstein (subscription)
Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.

Mortgage Bonds at Heart of Crisis Dwindle in Supply as New Breeds Take Root

MarketWatch, July 2, 2019--Joy Wiltermuth
Mortgage bonds packed with crisis-era home loans have dwindled to just $431.5bn from their 2007 peak of more than $2.3 trillion as home foreclosures, borrower defaults and loan repayments have trickled through the system, according to Bank of America Merrill Lynch data.

Propriety Reverse Mortgage Products Could Eclipse FHA's HECM Program in 2019

Forbes, July 2, 2019--Jamie Hopkins
The reverse mortgage market world heads in reverse away from the government created Home Equity Conversion Mortgage and towards new propriety products. This is an encouraging sign because any healthy market needs competition, innovation and variety.

Report: Financial Services Industry Workforce Among Lowest Risk for Phishing Scams

National Mortgage Professional, July 5, 2019--Phil Hall
Among industries facing potential phishing attacks, the employees of the financial services industry are among the lowest risk to fall prey to this form of digital attack, according to a new report from the security company KnowBe4.

Indiana Man Sentenced to Seven Years for Foreclosure Fraud

National Mortgage News, July 5, 2019--Brad Finkelstein (subscription)
Phillip Yoder pleaded guilty to charges of wire fraud, bank fraud, mail fraud and bankruptcy fraud. He was sentenced to serve 87 months on the first three counts, which were related to foreclosure fraud, while he received 60 months for the separate bankruptcy fraud charges; those sentences will be served concurrently.

New York Condo Conversions Near the End, a Casualty of Rent Reform

Wall Street Journal, July 8, 2019--Josh Barbanel, Will Parker (subscription)
A longtime New York City practice that promoted homeownership, transformed neighborhoods and enriched thousands of middle-class renters is effectively over. It ended on June 14, when a New York state law to strengthen tenant protections went into effect.

After Months of Floods and Tornadoes, Midwest Officials Tally Billions in Damage

Wall Street Journal, July 4, 2019--Erin Ailworth (subscription)
As the swollen Mississippi and Missouri rivers slowly recede, communities across the Midwest are starting to add up the damage and make plans for repairs with the help of federal aid.

Debt Collectors Wage Comeback

Wall Street Journal, July 5, 2019--Yuka Hayashi (subscription)
Debt-collection lawsuits have increased in some state and municipal courts, following a decline during a regulatory tightening after the financial crisis. Debt purchases by collectors are also rising, according to data by large publicly traded debt-collection companies.

Could American 'Heroes' Help Reverse Credit Unions' Mortgage Declines?

Credit Union Journal, July 4, 2019--Palash Ghosh, Aaron Passman
Just in time for the Fourth of July, a handful of credit unions are rolling out programs to honor the military, first responders and teachers, all while hopefully adding a little extra juice to their mortgage portfolios.

About Servicing NewsLink

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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 

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