The Lede

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NAMMBA Aims at Strategic Initiatives to Help Diversify the Mortgage Industry
National Mortgage Professional, May 3, 2018--Phil HallThe past several weeks has been a busy period of the National Association of Minority Mortgage Bankers of America, a trade group dedicated to the inclusion of minorities and women in the mortgage industry. NAMMBA and the Mortgage Bankers Association announced they were pursuing a strategic partnership to advance their shared goals.
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Mortgage Rates Make a Temporary Move Downward
Washington Post, May 3, 2018--Dion HayesAccording to the Freddie Mac report, mortgage rates were mixed: The 30-year fixed-rate average dropped to 4.55 percent with an average 0.5 point. It was 4.58 percent a week ago and 4.02 percent a year ago. The 30-year fixed rate of 4.58 percent reported last week hadn't been that high since August 2013. (MBA mention)
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The Housing Bust Derailed His Career. Here’s What He’s Doing Now
CNN Money, May 3, 2018--Tami LubyJoshua Hager always knew he'd return to the mortgage industry. One of the many casualties of the housing crisis, he had been forced out a decade ago. Then 29 and living in New Jersey, he was laid off from his job as a mortgage underwriter at Aurora Loan Services, a subsidiary of the now-shuttered Lehman Brothers that provided loans requiring little or no documentation.
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U.S. Prosecutors Dealt Dual Setbacks in Mortgage Bond Fraud Crackdown
Reuters, May 3, 2018--Brendan Pierson, Nate RaymondU.S. prosecutors on Thursday suffered dual setbacks in a crackdown targeting deceptive mortgage bond trading practices as a federal appeals court overturned an ex-Jefferies Group trader's conviction and a jury acquitted a former Cantor Fitzgerald employee.
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Fannie Mae Reports Comprehensive Income of $3.9 Billion
HousingWire, May 3, 2018--Kelsey RamirezFannie Mae reported an increase in its net income in the first quarter of 2018, rising from the loss last quarter that was driven by a remeasurement in the company's deferred tax assets, according to the company's earnings release.
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Failure to Fund System Upgrades at FHA Could Cost Taxpayers $41 Million
Urban Institute, May 3, 2018--Karan Kaul, Edward GoldingIn 2016, the Federal Housing Administration insured 9,507 mortgages it should not have insured. The Urban Institute analysis shows this could cost the FHA $41 million in losses.
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MBA CEO David Stevens: Fair Lending for the Future Homebuyer
HousingWire, May 3, 2018--David StevensMBA President and CEO takes Center for Investigative Reporting to task for sloppy reporting on HMDA data and outlines steps for policymakers to address fair lending issues.
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Introducing the CMCP: An Interview with MBA’s David Upbin
Mortgage Compliance Magazine, May 2018--Tory BarringerDavid Upbin of MBA Education discusses the new Certified Mortgage Compliance Professional designation.
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Rates Are Rising–And So Are Adjustable-Rate Mortgages
Forbes, May 3, 2018--Aly J. YaleIt's no secret that mortgage rates have been rising. And though rates on adjustable-rate mortgages have increased, too, they're still a far cry from those of longer-term, fixed mortgages. (MBA mention)
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Nationstar Defies Drop in Home Lending at Peers
Mortgage Daily, May 3, 2018Declining origination income was more than offset by soaring servicing income at Nationstar Mortgage Holdings Inc., which bucked a downward quarter-over-quarter origination trend.
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Large GSE MSR Offering
Mortgage Daily, May 3, 2018The offering is for MSRs on 17,925 GSE loans that had a collective unpaid principal balance of $5.101 billion as of March 31. All of the mortgages are fixed rate and in first-lien position.
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Mortgage Firm Drops Major Challenge to Consumer Bureau Structure
The Hill, May 3, 2018--Sylvan LaneA spokesman for PHH Corp. on Thursday told The Hill that the mortgage firm did not appeal a January ruling in its suit against the CFPB to the Supreme Court by the May deadline to do so.
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