National Mortgage News, Feb. 28, 2019–Hannah Lang (subscription)As lawmakers shop plans to overhaul the housing finance system, small lenders are still skeptical that any of the various legislative proposals will work for them.
Category: Top National News
Fannie Mae Escapes Lawsuit over Foreclosure Misreporting
Reuters, Feb. 28, 2019–Dena AubinA federal judge in San Francisco has ruled in favor of housing finance giant Fannie Mae in a 2017 lawsuit accusing it of falsely reporting that thousands of consumers’ homes had been foreclosed on.
Industry Sees Benefits From CFPB Sandbox
Inside Mortgage Finance, Feb. 27, 2019 (subscription)The mortgage industry would likely benefit from the Consumer Financial Protection Bureau’s proposed new policy on its no-action letter and sandbox program,analysts said. (MBA mention)
Servicers Not Providing Enough ‘Wow Factor’ to Keep Borrowers Loyal
National Mortgage News, Feb. 27, 2019–Elina Tarkazikis (subscription)Mortgage servicers are not doing enough to keep borrowers loyal when it comes to the next loan. Only 17% of borrowers will use their same servicer to originate or refinance a mortgage loan, according to the Mortgage Bankers Association.
How Chairman Crapo’s Outline for Housing Finance Reform Can Work
Urban Institute, Feb 27, 2019–Jim Parrott, Dave Stevens, Mark M. ZandiThe authors (including former MBA President and CEO) analyze Senate Banking Committee Chairman Mike Crapo, R-Idaho’s outline for housing finance reform.
Ocwen Reports $70.8M Loss for 2018
The Mortgage Leader, Feb 27, 2019Ocwen Financial Corp. reported a net loss of $70.8 million, or $0.53 per share, for the full year 2018 compared to a net loss of $128 million, or $1.01 per share, for the full year of 2017, a $57.2 million improvement.
MBA Servicing: What Does the Future of Mortgage Servicing Look Like?
HousingWire, Feb. 26, 2019–Sarah WheelerSo what does that future look like? More M&A, more tech investment and, if you’ve got a really long lens, more standardization.
Overuse of GSE Tools in the Private-Label Market Adds Risk: Moody’s
National Mortgage News, Feb. 26, 2019–Brad Finkelstein (subscription)Being too dependent on the automated underwriting tools created by the government-sponsored enterprises to originate loans underlying private-label mortgage-backed securitizations could negatively affect their credit quality, Moody’s said.
Altisource Takes Losses as it Realigns Its Business, Reduces Ocwen Ties
National Mortgage News, Feb. 26, 2019–Bonnie Sinnock (subscription)Altisource Portfolio Solutions recorded multimillion-dollar net losses in the fourth quarter and the full year for 2018, due to the reduction of the Ocwen Financial servicing portfolio and other repositioning activities.
More Americans are Paying Mortgages on Time
Miami Herald, Feb. 25, 2019–Kenneth R. HarneySo here’s the good news: The national delinquency rate on home loans hit the lowest level it’s been in 18 years as of the final quarter of 2018, according to data compiled by the Mortgage Bankers Association.