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Volume 9 | Issue 37 | Tuesday, September 17, 2019

The Lede

 

Broeksmit: Industry Must Be Voice to Balance Risk, Regulation

CHICAGO--The real estate finance industry faces a daunting challenge to balance risk in a rapidly changing market. Here at the Mortgage Bankers Association's Risk Management, QA and Fraud Prevention Forum, MBA President & CEO Robert Broeksmit, CMB, addressed these challenges and how MBA is helping its members meet them.

 

News & Trends

 
FHFA Increases Fannie Mae, Freddie Mac Multifamily Caps

The Federal Housing Finance Agency on Friday revised its cap structure on Fannie Mae and Freddie Mac's multifamily businesses.

MBA Joins Trade Groups in Push for Affordable Housing Near Transit

With affordability playing an increasing role in the future of housing, the Mortgage Bankers Association joined more than a dozen industry and consumer trade groups this week in a letter to members of Congress in support of legislation that would promote federal investment in public transportation projects.

CoreLogic Reports 11.4% Decrease in 2Q Mortgage Fraud Risk

CoreLogic, Irvine, Calif., released its quarterly Mortgage Fraud Report, showing an 11.4% year-over-year decrease in fraud risk at the end of the second quarter.

ATTOM: August Foreclosure Activity Down 24%, 14th Consecutive Monthly Decline

ATTOM Data Solutions, Irvine, Calif., reported 53,007 U.S. properties with foreclosure filings in August, up by 4 percent from July but down 24 percent from a year ago.

CMBS Delinquency Rate Reaches Another Post-Crisis Low

The commercial mortgage-backed securities delinquency rate fell again in August, setting another post-crisis low in the process, reported Trepp LLC, New York.

Institutional Investors Downgrade 2019 Return Expectations

Institutional investors are decreasing their expectation for 2019 commercial real estate returns, the Pension Real Estate Association's Consensus Forecast Survey reported.

MBA News

 
MBA Regulatory Compliance Conference 2019 in Washington Sept. 22-24

The Mortgage Bankers Association's annual Regulatory Compliance Conference takes place Sept. 22-24 at the Grand Hyatt in Washington, D.C. 

Top National News

 
Mortgage Bankers Applaud Treasury's Plan for Housing Finance Reform

Financial Regulation News, Sept. 10, 2019--Dave Kovaleski
The Mortgage Bankers Association commended the Treasury Department on its plan to reform the housing finance system. "The reports recognize the need to better coordinate the roles of FHA and the GSEs," said MBA President and CEO Robert Broeksmit, CMB.

How Once-Doomed Mortgage Giants Gained New Lease on Life

Wall Street Journal, Sept. 13, 2019--Andrew Ackerman, Nick Timiraos (subscription)
For years after the 2008 mortgage-market meltdown, Republicans and Democrats agreed on little about what to do with Fannie Mae and Freddie Mac except one thing: Get rid of them. A Trump administration housing-finance roadmap released last week would do the opposite.

Officials Spar with Senators over Plan for Mortgage Giants

Associated Press, Sept. 10, 2019--Marcy Gordon
Trump administration officials on Tuesday defended their plan to Congress for ending government control of mortgage finance giants Fannie Mae and Freddie Mac, clashing with Democratic senators on whether the change would raise home borrowing costs and neglect lower-income homeowners.

FHFA's Calabria Details Next Steps on GSE Reform

National Mortgage News, Sept. 11, 2019--Hannah Lang (subscription)
A day after Federal Housing Finance Agency Director Mark Calabria testified in front of lawmakers about the administration's plans for ending the conservatorship of Fannie Mae and Freddie Mac, he offered new details about his timeline and vision for reform, including what options are on the table for building capital.

Path to a GSE Bill Still Fraught Despite Treasury Plan

National Mortgage News, Sept. 10, 2019--Hannah Lang (subscription)
Senators' examination Tuesday of the Trump administration's housing finance reform plan made two things clear: Lawmakers feel urgency to move legislation, but addressing obstacles that have stalled congressional action for years still eludes them.

Trump Administration Working to End Fannie/Freddie Profit Sweep in September

HousingWire, Sept. 12, 2019--Kelsey Ramirez
Department of the Treasury Secretary Steven Mnuchin said the administration is currently looking to end the profit sweep of Fannie Mae and Freddie Mac.

House Passes Five Bipartisan Financial Services Bills

American Banker, Sept. 11, 2019--John Heltman (subscription)
The House passed five bipartisan financial services bills aimed at issues ranging from rural housing assistance to the backlog of appraisals for Federal Housing Administration loans.

Would a Democratic President Fire CFPB's Kraninger?

National Mortgage News, Sept. 12, 2019--Kate Berry (subscription)
Republicans have long tried to defang the Consumer Financial Protection Bureau, but a Democratic victor in the presidential race could actually be the first to mount a constitutional challenge to the agency's leadership.

Fidelity National, Stewart Call of $1.2 Billion Merger after FTC Moved to Block Deal

HousingWire, Sept. 10, 2019--Ben Lane
Just days after the Federal Trade Commission tapped the brakes on the $1.2 billion merger of Fidelity National Financial and Stewart Information Services, the deal that would have combined two of the country's largest title insurance providers is now dead.

Deal Allows Risky Home Loans for 'Business Purposes'

Riverside Press-Enterprise (Calif.), Sept. 12, 2019--Jeff Lazerson
Now there is a bright line lifting consumer protections against unlimited points, high rates, balloon payments and prepayment penalties for every financially desperate borrower who can't get a mortgage through institutional channels. Such loans now are possible so long as he or she provides a business purpose.

Trends in Vacation Homes

UExpress, Sept. 13, 2019--Lew Sichelman
Four longtime friends from the Kansas City, Missouri, area don't know it, but they are on the leading edge of a growing phenomenon in vacation homes. They are buying places collectively.

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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