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Volume 9 | Issue 20 | Tuesday, May 21, 2019

The Lede

 

Broeksmit: Housing Finance Reform Entering Critical Phase

NEW YORK--Mortgage Bankers Association President & CEO Robert Broeksmit, CMB, said housing finance reform is "critically important" to the real estate finance industry, to consumers and the American economy.

 

News & Trends

 
MBA: 1Q Mortgage Delinquencies Increase; Foreclosure Inventories Remain Low

Mortgage delinquencies rose in the first quarter, the Mortgage Bankers Association reported last week, while foreclosure inventories remained at nearly 25-year lows.

Stoffers: 'Change is the Only Constant'

LOS ANGELES--The world is changing at an increasing rate, and servicing professionals need to be prepared, Brian Stoffers, CMB, CBRE Global President of Debt and Structured Finance and MBA Chair-Elect said here at the MBA Commercial/Multifamily Servicing & Tech Conference.

Woodwell: Is CRE 'Winter' Coming?

LOS ANGELES--Commercial real estate is enjoying good times, but to paraphrase Game of Thrones, is Winter coming? MBA Vice President of Commercial Real Estate Research Jamie Woodwell shared his outlook for the sector here at the MBA Commercial/Multifamily Servicing & Technology Conference.

Calabria: Housing Finance System Status Quo ‘Not an Option'

NEW YORK--Federal Housing Finance Agency Director Mark Calabria reiterated his vow to end the conservatorships of Fannie Mae and Freddie Mac and called for new legislation in Congress to address meaningful housing finance reform.

ATTOM: April Foreclosure Activity Down 13%

ATTOM Data Solutions, Irvine, Calif., said foreclosure filings, including default notices, scheduled auctions and bank repossessions, fell by 5 percent in April from March and by 13 percent from a year ago.

Loan Servicers Target Cyber Security Threats

LOS ANGELES--As cyber threats grow and evolve, loan servicers need to actively identify and neutralize attacks, panelists said here at the MBA Commercial/Multifamily Servicing and Technology Conference.

MBA News

 
MBA Document Custody Workshop June 20

The Mortgage Bankers Association's popular Document Custody Workshop takes place Thursday, June 20 at the Ritz-Carlton Tysons Corner in McLean, Va.

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.

Mortgage Servicers Earn MBA Education CCMS Designation

LOS ANGELES--Eight mortgage servicers earned Certified Commercial Mortgage Servicer designations here at the Mortgage Bankers Association CREF Servicing and Technology Conference.

Top National News

 
MBA's Broeksmit Seeks Increased Action on Housing Policy Changes

National Mortgage Professional, May 20, 2019--Phil Hall
Bob Broeksmit, president and CEO of the Mortgage Bankers Association, challenged both Congress and federal regulators to ratchet up efforts in enacting sweeping new housing policy changes.

U.S. Mortgage Delinquencies Rose in First Quarter from 18-Year Low at Year End--MBA

Reuters, May 14, 2019--Richard Leong
The number of U.S. homeowners who fell behind on their mortgage payments climbed in the first quarter from an 18-year low at the end of 2018, while the share of mortgages at the start of foreclosure actions slipped, the Mortgage Bankers Association said on Tuesday.

Industry Reacts: Lawmakers Introduce Guaranteed Fee Bill

MReport, May 15, 2019--Seth Wellborn
"Guarantee fees are a critical risk management tool used by Fannie Mae and Freddie Mac to protect against losses," said MBA President and CEO Robert Broeksmit, CMB. "Any increase of these fees that is not related to housing is effectively a tax on home ownership."

Fannie, Freddie Need Strong Capital Position to Exit Conservatorship: FHFA Chief

National Mortgage News, May 14, 2019--Hannah Lang (subscription)
In his first public policy discussion as director of the Federal Housing Finance Agency, Mark Calabria stressed that a strong capital position will determine the future for Fannie Mae and Freddie Mac, eventually helping to lead them out of conservatorship.

Mortgage Borrowers Win Protection in Ditech Bankruptcy; Ditech Fights Back

HousingWire, May 14, 2019--Jessica Guerin
The long and winding saga of Ditech's bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. But not long after the petition was granted, Ditech filed a motion objecting to such a committee, asking that it be disbanded or, alternatively, that the scope of its involvement be limited.

Gap Between Democrats, GOP on Bank Regulation Wide as Ever

American Banker, May 15, 2019--Neil Haggerty (subscription)
Nearly nine years after the passage of the Dodd-Frank Act, Republican and Democratic lawmakers still live in alternative universes when it comes to financial regulatory policy.

Rise in Hurricane Recovery Times Could Strain Mortgage Servicers

National Mortgage News, May 15, 2019--Brad Finkelstein (subscription)
The potential for longer homeowner recovery times from hurricanes could hurt mortgage companies that need to advance funds to investors from missed payments.

U.S. Poised to Let Phone Companies Block Robocalls

Wall Street Journal, May 15, 2019--Ryan Tracy, Sarah Krouse (subscription)
Responding to widespread consumer complaints, the Federal Communications Commission says it will take steps to give phone companies permission to block unwanted robocalls.

Treasury Official Hired to Fix Fannie and Freddie Is Leaving

New York Times, May 16, 2019--Emily Flitter
When Craig S. Phillips, a veteran Wall Street mortgage trader, agreed to join the Treasury Department as a top aide to Secretary Steven Mnuchin in 2017, his mandate was to overhaul the way that American home loans are guaranteed and then traded by the federal government. More than two years later, with that ambitious agenda far from fruition, Mr. Phillips is returning to the private sector.

Wells Fargo Moves Closer to Recouping Some Losses Tied to Scandal

American Banker, May 16, 2019--Kevin Wack (subscription)
A federal judge has given preliminary approval to the proposed $240 million settlement of a lawsuit in which Wells Fargo stands to recover for financial losses the bank incurred as a result of its phony-accounts scandal.

'Absolutely Devastating' to Small Lenders: Lawmakers Lay into CECL

National Mortgage News, May 16, 2019--Neil Haggerty (subscription)
At a hearing with banking regulatory chiefs Thursday, criticism by members of the House Financial Services Committee about the Financial Accounting Standards Board's Current Expected Credit Loss standard ranged from calling for a delay in its implementation to suggesting legislation that would stop the new standard from taking effect.

Trump Says Looking at Alternatives to Fannie Mae, Freddie Mac

Reuters, May 17, 2019--Roberta Rampton
President Donald Trump said on Friday his administration was looking at alternatives to the conservatorship of mortgage giants Fannie Mae and Freddie Mac.

California Man Sentenced to 13 Years in Mortgage Fraud Scheme

National Mortgage Professsional, May 17, 2019
California Attorney General Xavier Becerra announced sentencing of Andrew Valles for operating a $2 million mortgage fraud scheme throughout Southern California. Valles was sentenced to 13 years in state prison, and restitution was ordered in the amount of $2.3 million.

How Non-Qualified Lending Lives Up to Its 400% Growth Expectation

National Mortgage News, May 17, 2019--Paul Centopani (subscription)
The market for non-qualified mortgages has been robust thus far in 2019, offering a pragmatic option for otherwise viable borrowers, as long as lenders stay vigilant about pushing the envelope too far.

Opinion When Will Non-QM Loans and HELOCs Take Off?

National Mortgage News, May 20, 2019--Christopher Whalen (Free content)
As the Mortgage Bankers Association convenes its annual secondary market conference in New York, one of the big questions on the minds of many mortgage bankers, warehouse lenders and vendors is whether the market for nonagency or non-qualified mortgages, including home equity lines of credit, will really start to grow as an asset class.

CFPB's Assistant Enforcement Chief Resigns

National Mortgage News, May 20, 2019--Kate Berry (subscription)
Kristen Donoghue, the assistant director for enforcement at the Consumer Financial Protection Bureau, has resigned, sources said.

About Servicing NewsLink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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