Scotsman Guide, Aug. 16, 2018–Victor WhitmanForeclosure starts on residential mortgages dropped to the lowest point in 31 years at the midway point of 2018, but mortgage delinquencies have ticked up compared to last year, the Mortgage Bankers Association reported.
Category: Top National News
A Little Less Regulation from the CFPB, a Little More Action from the States
HousingWire, Aug. 16, 2018–John VongThe author, with ComplianceEase, says recent action by the California Department of Business Oversight is one more example of state regulators filling the void left by the Consumer Financial Protection Bureau.
New Low for GSE Refinances
Mortgage Daily, Aug. 17, 2018Monthly refinances of government-sponsored enterprise loans sank to the lowest level on recent record. Refinances of Freddie Mac suffered most.
FHA Revises Loss Mitigation Options for Hurricane Victims
National Mortgage News, Aug. 16, 2018–Hannah Long (subscription)The Federal Housing Administration is revising its foreclosure prevention options to assist struggling borrowers in Puerto Rico and the U.S. Virgin Islands affected by last year’s hurricanes.
Senate Panel Reschedules Vote on CFPB Nominee
American Banker, Aug. 15, 2018–Joe Adler (subscription)The Senate Banking Committee has rescheduled a vote on Kathy Kraninger, the administration’s nominee to run the Consumer Financial Protection Bureau to Aug. 23.
U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis
Wall Street Journal, Aug. 15, 2018–Cezary Podkul (subscription)At issue is whether income from apartment complexes was falsified to support larger loans–which often became part of mortgage securities.
Home Remodeling Surges 30% in 5 Years
HousingWire, Aug. 15, 2018–Kelsey RamirezHome remodeling continues to increase in frequency as more Baby Boomers are electing to age in place and even Gen Xers opt to improve their current homes rather than trading up to newer ones.
Bids Sought for MSRs on Over $3 Bil in Agency Loans
Mortgage Daily, Aug. 15, 2018Ginnie Mae II mortgages account for 12,194 loans for $2.285 billion, Fannie Mae A/A loans make up 5,694 units for $0.869 billion, and there are just 85 Fannie Mae MRS loans for $0.019 billion.
How the Next FHFA Chief Can Reform Fannie, Freddie Without Congress’ Help
National Mortgage News, Aug. 14, 2018–Hannah Long (subscription)With Federal Housing Finance Agency Director Mel Watt’s term due to end in January, his successor – either a Senate-confirmed appointee or an interim chief – has substantial authority to set part of the path forward on GSE reform, including how far Fannie Mae and Freddie Mac expand their mission and the status of a common securitization platform shared by the two mortgage giants.
DOJ Touts Record RMBS-Related Penalty
Mortgage Daily, Aug. 14, 2018A $4.9 billion penalty included in a settlement between the Department of Justice and The Royal Bank of Scotland Group plc is reportedly largest of its kind ever for the department.