Mortgage Orb, Oct. 4, 2019–Angela HurstTo ensure sustainability during a market downturn, mortgage servicers must closely examine their current infrastructure, services and tools to ensure they provide the ability to not only track processes, but also allow users to automatically analyze the viability of different scenarios.
Category: Top National News
Kraninger’s Stance on CFPB Constitutionality Puts Rules in Limbo
National Mortgage News, Oct. 1, 2019–Kate Berry (subscription)By declaring that the Consumer Financial Protection Bureau is unconstitutional, CFPB Director Kathy Kraninger has potentially opened a floodgate of litigation against the agency.
Manhattan Resale Home Prices Drop Most Since ’11 as Sellers Cave
Bloomberg, Oct. 2, 2019–Oshrat CarmielResale prices for Manhattan apartments tumbled the most in more than eight years, pushed down by buyer demands for discounts in a market swamped with choices.
Fannie, Freddie Will Retain $45B in Capital in First Step Toward Privatization
National Mortgage News, Sept. 30, 2019-Hannah Lang (subscription)Mortgage giants Fannie Mae and Freddie Mac will be permitted to retain a combined $45 billion worth of earnings, the Federal Housing Finance Agency announced Monday, after holding only small capital cushions of $3 billion each for seven years.
Mortgage Market Not Open to Risky Borrowers (Despite What Some Say)
HousingWire, Oct. 1, 2019–Kelsey RamirezMortgage lenders are increasingly entering the non-qualified mortgage market, but does this mean we are going back to the old subprime days? The short answer: no. (MBA mention)
NFIP Extended Into November
National Mortgage Professional, Sept. 30, 2019–Phil HallPresident Trump has signed a continuing resolution that extends the National Flood Insurance Program until Nov 21.
MBA Backs House Bill to Support Home Shortage and Affordability Hurdles
National Mortgage News, Sept. 30, 2019–Paul Centopani (subscription)As the affordable housing crisis comes to a head, the Mortgage Bankers Association put up opposition to the “not in my backyard” mindset by getting behind the Yes, In My Backyard bill introduced by the House.
House Lawmakers Spar over CFPB Debt Collection Rule
American Banker, Sept. 26, 2019–Neil Haggerty (subscription)A House hearing on the future of regulating debt collectors showcased a sharp divide between Democrats and Republicans over a pending proposal by the Consumer Financial Protection Bureau.
Court Approves Ditech’s Sell-Off of Forward and Reverse Mortgage Businesses
HousingWire, Sept. 26, 2019–Ben LaneDitech Holding is one giant step closer to selling off its forward and reverse mortgage businesses after a federal bankruptcy court judge approved the company’s plan to sell to New Residential Investment and Mortgage Assets Management.
GAO Calls for More Scrutiny of Reverse Mortgage Servicing
National Mortgage News, Sept. 26, 2019–Bonnie Sinnock (subscription)The Federal Housing Administration should more closely monitor reverse mortgage servicers and track related data that would shed light on a rise in defaults, according to a Government Accountability Office report.