National Mortgage Professional, Mar. 11, 2019–Phil HallThe Mortgage Bankers Association published “The Roadmap to CFPB 2.0,” a new paper that offers the trade group’s recommendations on strengthening the mission of the Consumer Financial Protection Bureau.
Category: Top National News
Takeaways from Trump Budget: CFPB Reform, FHA Fees and Student Loans
National Mortgage News, Mar. 11, 2019–Neil Haggerty, Kate Berry (free article)Republican lawmakers have sought to reform the CFPB’s funding every year since the bureau was created, in 2011, by proposing to add the agency to congressional appropriations. The president’s budget proposes much of the same. Yet it is unlikely that Congress–particularly the Democratic-controlled House–would enact such a measure.
Insurance Rates Seen Rising in Flood-Prone Areas With Trump Plan
Bloomberg, Mar. 12, 2019–Christopher FlavelleFEMA said it didn’t yet know what the effect of the new system would be on premiums. But rates are likely to go up in neighborhoods with the greatest exposure to flood risks, which could hurt property values in those areas, according to Michael Berman, a former chairman of the Mortgage Bankers Association.
CECL Spells Trouble for Small Banks, Consumers
American Banker, Mar. 11, 2019–Blaine Luetkemeyer (free article)The author, a Democrat from Missouri on the House Financial Services Committee, says the Current Expected Credit Loss standard proposed by the Financial Accounting Standards Board threatens to eliminate some lending services and restrict access to credit, particularly for low-income families.
MBA: Commercial, Multifamily Mortgages Continue Performing Historically Well
HousingWire, Mar. 8, 2019–Ben LaneAccording to newly released data from the Mortgage Bankers Association, delinquency rates on commercial and multifamily mortgages remained near historic lows during the fourth quarter, just as they did all year.
FHFA Chief-to-Be’s Top Priority: More Capital for Fannie, Freddie
National Mortgage News, Mar. 10, 2019–Hannah Lang (subscription)Despite recent speculation that the White House and Federal Housing Finance Agency were planning a dramatic shake-up of Fannie Mae and Freddie Mac, observers say the nominee poised to run the FHFA will have a more targeted agenda on the job.
Private Investors Encroach on Fannie and Freddie’s Domain
Wall Street Journal, Mar. 9, 2019–Ben Eisen (subscription)Private investors are directly buying a small but growing share of loans that have long been the domain of Fannie Mae and Freddie Mac, a sign of the changing dynamics in the $11 trillion mortgage industry.
Q4 Commercial/Multifamily Mortgage Delinquencies Remain Low
National Mortgage Professional, Mar. 7, 2019–Phil HallCommercial and multifamily mortgage delinquencies stayed at their rock-bottom levels during the fourth quarter of 2018, according to data from the Mortgage Bankers Association.
Democrats Seek Commitment for Change in CFPB Hearing
HousingWire, Mar. 7, 2019–Kelsey RamirezThe hearing went as anyone would expect–Democrats criticized Consumer Financial Protection Burea Director Kathy Kraninger’s actions and looked back on actions taken by former Acting Director Mick Mulvaney, while Republicans asked questions that confirmed their view that the CFPB has too much power and that Congress should act to change the structure.
Mr. Cooper Group Records $136M Loss as Mortgage Rates Drop
National Mortgage News, Mar. 7, 2019–Bonnie Sinnock (subscription)Mr. Cooper Group took a net loss of $136 million in the fourth quarter of 2018 after lower rates hit the mark-to-market fair value of its mortgage servicing rights portfolio harder than its peers.