National Mortgage Professional, June 6, 2019–Phil HallIndependent mortgage banks and mortgage subsidiaries of chartered banks saw an uptick in their profits during the first quarter, according to new data from the Mortgage Bankers Association.
Category: Top National News
MBA Creates Libor Discontinuation Notice for Residential Lenders
National Mortgage News, June 6, 2019–Brad Finkelstein (subscription)The Mortgage Bankers Association created a template for originators to notify new borrowers when their adjustable-rate mortgage switches to a different index once publication of the London interbank offered rate discontinues.
U.S. Home Values Reach a Record High of $26.1 Trillion in Q1, Fed Says
HousingWire, June 6, 2019–Kathleen HowleyThe value of all U.S. owner-occupied homes increased to a record $26.1 trillion in the first quarter, according to a Federal Reserve report released Thursday known as the Flow of Funds.
CMBS Delinquency Rate Continues to Plunge
National Mortgage Professional, June 5, 2019–Phil HallThe commercial mortgage-backed securities delinquency rate published by Trepp LLC hit another post-financial cross low in May, falling 16 basis points to 2.66 percent.
Duo on House Banking Panel Say GSE Reform Should Top Agenda
National Mortgage News, June 4, 2019–Hannah Lang (subscription)Enacting GSE reform faces a whole host of obstacles, not the least of which is a divided Congress, and the administration has signaled its desire to shake up Fannie Mae and Freddie Mac. But Rep. Lacy Clay, D-Mo., the chairman of the housing subcommittee, and Rep. Sean Duffy, R-Wis., the ranking member, agreed that congressional action was a priority.
Why Consumers Just Can’t Stop Complaining About Credit Bureaus
American Banker, June 4, 2019–Penny Crosman (subscription)For the past four years, credit reporting has generated the most complaints in the Consumer Financial Protection Bureau’s complaint database. It makes up 43% of all grievances in the database, a jump from 23% in 2016, according to an analysis by the U.S. PIRG Education Fund.
House Approves Much-Delayed $19.1B Disaster Aid Bill
The Hill, June 3, 2019–Juliegrace BrufkeThe House on Monday passed a $19.1 billion disaster relief package, finally sending legislation to the White House that had been repeatedly blocked by conservatives over the Memorial Day recess.
GSEs’ Uniform Mortgage-Backed Security Launches
MReport, June 3, 2019–Seth WellbornOn Monday, Fannie Mae and Freddie Mac marked completion of their Single-Security Initiative with launch of the Uniform Mortgage-Backed Security .
FHFA’s Calabria Urges Reg Relief for Homebuilders
American Banker, June 3, 2019–Hannah Lang (subscription)Federal Housing Finance Agency Director Mark Calabria blamed “burdensome” homebuilding regulations at the local level for helping to drive up housing costs nationwide.
The Mall Meltdown Continues
Wall Street Journal, June 3, 2019–Elizabeth Winkler (subscription)Mall-based retailers reported dismal earnings last week, reminding investors of the sector’s fundamental problems.