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Volume 9 | Issue 11 | Tuesday, March 19, 2019

The Lede


MBA: 2018 Commercial/Multifamily Mortgage Debt Climbs 6.8%

The Mortgage Bankers Association reported commercial/multifamily mortgage debt outstanding at the end of 2018 rose by nearly 7 percent to $3.39 trillion.


News & Trends

SIFMA Approves Changes to Allow Forward Delivery of Loans for UMBS

National Mortgage News, Mar. 12, 2019--Brad Finkelstein (subscription)
The Securities Industry and Financial Markets Association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

Insure or Protect? Analysts Say 'Protect'

A quarterly survey of 100 economists by Zillow Inc., Seattle, and Pulsenomics LLC found with climate change and natural disasters posing a growing threat to communities across the United States, funding for preventative measures and construction regulations makes better sense than the government providing or requiring insurance.

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.

Make the Most of Your MBA Membership: Special Focus on Loan Servicing Webinar Mar. 22

The Mortgage Bankers Association invites you to participate in a Mar. 22 webinar focused on loan servicing.

Top National News

Crapo Planning Two Days of Senate Banking Committee Hearings on GSE Reform

American Banker, Mar. 15, 2019--Hannah Lang (subscription)
The Senate Banking Committee will hold two days of hearings at the end of March on Chairman Mike Crapo's most recent framework for housing finance reform. Robert Broeksmit, President and CEO of the Mortgage Bankers Association, and Vince Malta, president-elect of the National Association of Realtors, are among the witnesses slated to testify at the March 27 hearing.

Mortgage Bankers Association Releases Paper Detailing CFPB Reforms

Financial Regulation News, Mar. 13, 2019--Dave Kovaleski
The Mortgage Bankers Association released a report this week detailing changes it proposes to the Consumer Financial Protection Bureau. The paper, called The Roadmap to CFPB 2.0, seeks to ensure stability and consistent consumer protections in the CFPB's practices and rules.

Multifamily and CRE Loan Debt Sees Largest Rise Since Housing Bubble

National Mortgage News, Mar. 14, 2019--Paul Centopani (free article)
Commercial and multifamily mortgage debt outstanding grew 6.8% in 2018, benefiting from strong employment numbers and strained inventory, according to the Mortgage Bankers Association.

Housing Finance Reform Bill Coming by 2020: Crapo

National Mortgage News, Mar. 13, 2019--Melissa Angell (subscription)
The Senate Banking Committee is planning to tackle legislative reform of the government-sponsored enterprises in the current congressional term, said Chairman Mike Crapo, R-Idaho.

House Lawmakers Still Divided on Flood Insurance Reforms

American Banker, Mar. 13, 2019--Hannah Lang (subscription)
The House Financial Services Committee debated a package of legislation Wednesday to reform and reauthorize the National Flood Insurance Program, a program that both Republicans and Democrats agree needs substantial changes.

Montgomery on FHA Streamlining of 'Unnecessary and Outdated' Regulations

DS News, Mar. 14, 2019--Stephanie Bacot
HUD released a pair of new mortgagee letters earlier this week, and now FHA Commissioner Brian D. Montgomery has spoken of how these latest changes reflect his commitment to further streamlining and improving FHA's processes and providing fewer hindrances to lenders and servicers interacting with FHA.

SIFMA Approves Changes to Allow Forward Delivery of Loans for UMBS

National Mortgage News, Mar. 12, 2019--Brad Finkelstein (subscription)
The Securities Industry and Financial Markets Association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

PwC Reaches $335 Million settlement with FDIC over Taylor, Bean & Whitaker/Colonial Bank Audits

HousingWire, Mar. 18, 2019--Ben Lane
PricewaterhouseCoopers will pay $335 million to the Federal Deposit Insurance Corp. in a settlement that ends claims that the auditor failed in its duties by not discovering the accounting malfeasance that led to the late-2000s collapse of Colonial Bank, which funded the mortgages originated by Taylor, Bean & Whitaker.

This Bubble-Era Mortgage Trick Could Smash Major U.S. Housing Markets

MarketWatch, Mar. 18, 2019--Keith Jurow
The author says cash-out refinances could leave some housing markets particularly vulnerable to the same issues that plagued them during the Great Recession.

Paul Manafort Indicted by Manhattan Prosecutors in Mortgage Fraud Scheme

NBC News, Mar. 13, 2019--Tom Winter
Manafort, President Donald Trump's former campaign chairman, was indicted on 16 counts tied to residential mortgage fraud and conspiracy, according to the indictment unsealed Wednesday.

Fed Chairman: Revisions to Community Reinvestment Act Implementation Must ‘Strengthen' Law's Mission

Wall Street Journal, Mar. 11, 2019--Nick Timiraos (subscription)
Federal Reserve Chairman Jerome Powell said he was supportive of regulators' continuing efforts to improve the way they implement the Community Reinvestment Act, a 1977 law that requires federally insured banks to promote lending to borrowers in low- and moderate-income areas.

Am I Accidentally Committing Mortgage Fraud?

The Mortgage Reports, Mar. 14, 2019--Peter Miller
Unintentional mortgage fraud may seem impossible, but financial criminals can be cunning. They don't come out and announce their illegal acts. Instead, they work diligently to confuse and compromise both lenders and borrowers.

Bill Would Cut Oregon Mortgage Interest Deduction for Second Homes, High Earners

The Oregoninan, Mar. 12, 2019--Elliot Njus
Lawmakers have proposed eliminating the state's piece of the popular mortgage interest deduction for second homes and reducing it for high earners. Eliminating the write-off in those cases would raise $150 million.

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

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