This is the final issue of MBA Servicing NewsLink for 2017. We will not publish next Tuesday, Dec. 26. MBA offices will be closed from Friday, Dec. 22 through Tuesday, Jan. 2. On behalf of MBA officers and staff, thank you for your MBA membership and have a safe and happy holiday season.
Category: Top National News
Fannie, Freddie Recommit to Financing Chattel Loans
National Mortgage News, Dec. 18, 2017–Bonnie Sinnock (subscription)Fannie Mae and Freddie Mac’s final Duty to Serve plans move ahead with expanded support for manufactured housing through both single-family and multifamily programs, including controversial personal property loans.
Three Looming Worries for Bankers in Final Tax Reform Plan
National Mortgage News, Dec. 18, 2017–Ian McKendry (subscription)Congress is close to the finish line in passing a major tax overhaul, and bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill also still includes some caveats that might give certain institutions pause.
The Coastal Mortgage Time Bomb
Inman, Dec. 19, 2017–Bryan WalshAnalysts worry that if insurers start to pull out of flood-prone seaside communities, it could cause a crisis worse than 2008.
Bankrupt Toys ‘R’ Us Weighs Closing at Least 100 Stores
Bloomberg, Dec. 18, 2017–Lauren Coleman-Lochner, Matthew TownsendToys “R” Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales.
Long-Term Mortgage Delinquency Back to Pre-Financial Crisis Levels
Curbed (Vox Media), Dec. 15, 2017–Jeff AndrewsHome mortgages that are in some stage of delinquency dropped from 5.2 percent a year ago to 5 percent in September, according to a new report from CoreLogic, an information intelligence company that serves the real estate and mortgage finance sectors.
Homeowners Have Had It Good. Too Good, Says the Tax Bill
New York Times, Dec. 16, 2017–Conor DoughertyThe bill will increase many homeowners’ monthly housing costs by scaling back deductions that allow them to reduce mortgage interest and property taxes. And by roughly doubling the standard deduction, it reduces the incentive to buy homes by making far fewer homeowners eligible for preferential tax treatment.
A Home Buyer’s Nightmare: Moving to a Flood Zone Without Knowing It
Wall Street Journal, Dec. 17, 2017–Laura Kusisto (subscription)There are no federal laws requiring home sellers to disclose if their properties previously have been flooded.
Fewer Borrowers Get HARP Refinances in October
National Mortgage News, Dec. 15, 2017–Elina Tarkazikis (subscription)The Home Affordable Refinance Program recorded a 45% drop in volume in October from the previous year as it continunes to wind down, according to the Federal Housing Finance Agency.
House Leader Budges on GSE Reform
Scotsman Guide, Dec. 13, 2017–Victor WhitmanHouse Financial Services Committee Chairman Jeb Hensarling recently signaled that he is willing compromise on housing-finance reform, but MBA President and CEO David Stevens says the plan Hensarling now endorses could create issues for smaller lenders.