MReport, June 21, 2018–Rachel WilliamsA New York Judge ruled that the Bureau of Consumer Financial Protection is unconstitutional on Thursday, largely conflicting a ruling in January by a nine-member panel of the U.S. Court of Appeals in Washington.
Category: Top National News
New Commissioner, Same Uncertainty About FHA Premiums
National Mortgage News, June 21, 2018–Hannah Lang (subscription)FHA needs to ensure the Mutual Mortgage Insurance Fund is “healthily above the statutory minimum,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
Massive Gov Overhaul Impacts USDA Rural Housing
Mortgage Daily, June 21, 2018A comprehensive consolidation of the federal government being proposed by the White House would have administration of the program transferred from the USDA to HUD.
Biggest Banks Pass Fed’s Stress Tests
New York Times, June 21, 2018–Matt Phillips, Jim TankerslyThe results of the first phase of the Fed’s annual “stress tests” showed that the country’s banks have more than enough capital to survive the combination of a recession, cratering of housing prices and double-digit unemployment.
MBA, NMHC, Others Call on CFPB to Change Multifamily HMDA Rules
HousingWire, June 20, 2018–Ben LaneThe groups tell the CFPB that the multifamily housing industry experiences “unwarranted regulatory burdens and privacy issues” due to the “unnecessary application” of HMDA reporting requirements on multifamily lending.
HUD Taking a Closer Look at ‘Disparate Impact’ Rule
National Mortgage News, June 20, 2018–Hannah Long (subscription)HUD launched a process to amend its use of the “disparate impact” standard in fair lending rules. The legal standard, which can be used to punish lenders for discriminatory effects even if none were intended, has long been unpopular with banks.
First Mortgage Default Rate Down
National Mortgage Professional, June 20, 2018–Phil HalThe first mortgage default rate declined by two basis points from 0.68 percent in April to 0.66 percent in May, according to the latest data from S&P/Experian Consumer Credit Default Indices.
Massive GSE MSR Portfolio For Sale
Mortgage Daily, June 20, 2018Mortgage servicing rights are being offered on 39,253 Fannie Mae and Freddie Mac single-family loans with a collective unpaid principal balance of $10.349 billion as of May 31.
Warren Threatens Hold on CFPB Director Nomination
National Mortgage Professional, June 19, 2018–Phil HallSen. Elizabeth Warren, D-Mass., said she would put a hold on the nomination of Kathy Kraninger to become the next Director of the Consumer Financial Protection Bureau, saying Kraninger “has no track record of helping consumers.”
Bank-Owned Mortgage Delinquency Declines
Mortgage Daily, June 19, 2018The Office of the Comptroller of the Currency said the non-current rate on consumer mortgages owned by banks fell from the end of last year. The improvement came despite an increase in foreclosures initiated and completed.