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Volume 9 | Issue 10 | Tuesday, March 12, 2019

The Lede


MBA Releases The Roadmap to CFPB 2.0

The Mortgage Bankers Association yesterday released a new paper, The Roadmap to CFPB 2.0, which details recommendations to ensure stability and consistent consumer protections in the Consumer Financial Protection Bureau's practices and consumer financial laws.


News & Trends

MBA: Commercial/Multifamily Mortgage Delinquencies Remain Low in 4Q

Commercial and multifamily mortgage delinquencies remained at a low rate in the final three months of 2018, according to the Mortgage Bankers Association's 4th Quarter Commercial/Multifamily Delinquency Report.

MBA, Trade Groups Ask Agencies to Delay CECL Accounting Standard

The Mortgage Bankers Association and nearly a dozen industry trade groups asked federal agencies to delay the January 2020 implementation of controversial accounting standard, saying more analysis of potential consequences to lenders and consumers is needed.

Fannie Mae, Freddie Mac Begin Accepting Forward UMBS Trades

Fannie Mae and Freddie Mac yesterday announced they will begin accepting forward Uniform Mortgage-Backed Security trades with a trade date on or after March 12 and settlement dates on or after June 3.

CoreLogic: Underwater Homeowners Increase in 4Q

CoreLogic, Irvine, Calif., said while U.S. homeowners with mortgages saw their equity increase in the fourth quarter, the number of homeowners with negative equity increased for the first time in three years.

D.C. Residents Have Most Income After Mortgage Payment

Amid worsening affordability in the U.S., people in the Washington, D.C., metro area have the most money left over after they pay their mortgage, said Zillow Inc., Seattle.

CMBS Delinquency Rate Falls Below 3%

The commercial mortgage-backed securities delinquency rate crossed another threshold in February, falling below 3 percent for the first time since May 2009, reported Trepp, New York.

CoreLogic: December Delinquency, Foreclosure Rates at 19-Year Low

CoreLogic, Irvine, Calif., said despite elevated delinquency rates in areas affected by hurricanes and wildfires, overall delinquency and foreclosure rates fell to levels not see since 2000.

MBA News

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 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 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.

Top National News

MBA Releases 'The Roadmap to CFPB 2.0'

National Mortgage Professional, Mar. 11, 2019--Phil Hall
The Mortgage Bankers Association published "The Roadmap to CFPB 2.0," a new paper that offers the trade group's recommendations on strengthening the mission of the Consumer Financial Protection Bureau.

Q4 Commercial/Multifamily Mortgage Delinquencies Remain Low

National Mortgage Professional, Mar. 7, 2019--Phil Hall
Commercial and multifamily mortgage delinquencies stayed at their rock-bottom levels during the fourth quarter of 2018, according to data from the Mortgage Bankers Association.

MBA: Commercial, Multifamily Mortgages Continue Performing Historically Well

HousingWire, Mar. 8, 2019--Ben Lane
According to newly released data from the Mortgage Bankers Association, delinquency rates on commercial and multifamily mortgages remained near historic lows during the fourth quarter, just as they did all year.

Dems Urge CFPB to Reinstate Military Lending Exams

American Banker, Mar. 5, 2019--Rachel Witkowski (subscription)
Senate Democrats sent a letter Tuesday asking the the Consumer Financial Protection Bureau to reinstate examinations of lenders for compliance with the Military Lending Act.

Democrats Seek Commitment for Change in CFPB Hearing

HousingWire, Mar. 7, 2019--Kelsey Ramirez
The hearing went as anyone would expect--Democrats criticized Consumer Financial Protection Burea Director Kathy Kraninger's actions and looked back on actions taken by former Acting Director Mick Mulvaney, while Republicans asked questions that confirmed their view that the CFPB has too much power and that Congress should act to change the structure.

House Democrats Target CFPB Politicos, Other Mulvaney Changes in New Bill

American Banker, Mar. 6, 2019--Neil Haggerty (subscription)
A day before Consumer Financial Protection Bureau Director Kathy Kraninger is set to testify to the House Financial Services Committee, House Democrats introduced legislation to undo efforts to weaken the agency by her predecessor, former acting Director Mick Mulvaney.

Private Investors Encroach on Fannie and Freddie's Domain

Wall Street Journal, Mar. 9, 2019--Ben Eisen (subscription)
Private investors are directly buying a small but growing share of loans that have long been the domain of Fannie Mae and Freddie Mac, a sign of the changing dynamics in the $11 trillion mortgage industry.

Takeaways from Trump Budget: CFPB Reform, FHA Fees and Student Loans

National Mortgage News, Mar. 11, 2019--Neil Haggerty, Kate Berry (free article)
Republican lawmakers have sought to reform the CFPB's funding every year since the bureau was created, in 2011, by proposing to add the agency to congressional appropriations. The president's budget proposes much of the same. Yet it is unlikely that Congress--particularly the Democratic-controlled House--would enact such a measure.

Insurance Rates Seen Rising in Flood-Prone Areas With Trump Plan

Bloomberg, Mar. 12, 2019--Christopher Flavelle
FEMA said it didn't yet know what the effect of the new system would be on premiums. But rates are likely to go up in neighborhoods with the greatest exposure to flood risks, which could hurt property values in those areas, according to Michael Berman, a former chairman of the Mortgage Bankers Association.

FHFA Chief-to-Be's Top Priority: More Capital for Fannie, Freddie

National Mortgage News, Mar. 10, 2019--Hannah Lang (subscription)
Despite recent speculation that the White House and Federal Housing Finance Agency were planning a dramatic shake-up of Fannie Mae and Freddie Mac, observers say the nominee poised to run the FHFA will have a more targeted agenda on the job.

Why NY Denied the FNF-Stewart Deal

The Title Report, Mar. 5, 2019 (subscription)
The New York Department of Financial Services wrote Fidelity National Financial Chief Compliance Officer Paul Perez on Jan. 31, detailing its response to the proposed acquisition of Stewart Title by FNF.

Housing Industry to FHFA: Go Slow on GSE Reform

HousingWire, Mar. 6, 2019--Kelsey Ramirez
Talk of housing reform is heating up, and now several members of the housing industry (including the Mortgage Bankers Association) are encouraging the Federal Housing Finance Agency not to go too fast, and to make sure affordable housing remains a priority throughout the process.

Ocwen Planning to Lay Off More than 2,000 Mortgage Employees

HousingWire, Mar. 6, 2019--Ben Lane
Ocwen Financial plans to reduce its overall workforce by more than 2,000 employees over the course of this year, as the nonbank moves to reduce its costs after its $360 million acquisition of PHH.

Florida Officials Used Hardest Hit Mortgage Rellief for Luxury Hotel Stays

Tampa Bay Times, Mar. 7, 2019--Susan Taylor Martin
Florida officials used a federal fund designed to help struggling homeowners as a "deep pocket'' for travel and stays in high-end hotels, a new report says. Between 2011 and 2016, officials of the Florida Housing Finance Corp. charged the Hardest Hit Fund all or part of the cost of attending conferences in San Diego, Orlando, Miami, Boston and Nashville, Tenn.

Mr. Cooper Group Records $136M Loss as Mortgage Rates Drop

National Mortgage News, Mar. 7, 2019--Bonnie Sinnock (subscription)
Mr. Cooper Group took a net loss of $136 million in the fourth quarter of 2018 after lower rates hit the mark-to-market fair value of its mortgage servicing rights portfolio harder than its peers.

CECL Spells Trouble for Small Banks, Consumers

American Banker, Mar. 11, 2019--Blaine Luetkemeyer (free article)
The author, a Democrat from Missouri on the House Financial Services Committee, says the Current Expected Credit Loss standard proposed by the Financial Accounting Standards Board threatens to eliminate some lending services and restrict access to credit, particularly for low-income families.

About Servicing NewsLink

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