Category: Top National News

National Mortgage News, July 18, 2017–Brian Collins (subscription)Senate Banking Committee leaders introduced a bipartisan flood insurance bill this week to reauthorize the National Flood Insurance Program for six years, hoping to pass it quickly ahead of a looming deadline of Sept. 30 when the program expires.

Bloomberg, July 20, 2017–Joe LightOn Thursday, a key Senate committee plans to hold a hearing on the nation’s system for funding home loans that will feature small lenders. On Wednesday, the Mortgage Bankers Association sent to lawmakers a letter signed by 110 small and midsize lenders supporting their plan, arguing that the bigger risk to small lenders without a law is that future regulators could reverse the protections they have now.

Urban Institute, July 19, 2017–Edward Golding, Laurie Goodman, Jun ZhuThe brief estimates this change will allow around 95,000 new mortgages to be approved annually, a disproportionate percent of which should go to black and Latino families.

HousingWire, July 19, 2017–Ben LaneTed Tozer stepped down as president of Ginnie Mae in January after serving seven years, and while the agency has still not found a permanent replacement, Tozer has found a new position.

Mortgage Orb, July 19, 2017–Allen PriceAs lenders and banks continue to look for ways to reduce their leverage and risk by selling mortgage servicing rights, subservicers will play a larger role in the overall mortgage market.

HousingWire, July 20, 2017–Kelsey RamirezSmall lenders urged Congress to ensure a level playing field for all lenders at a Senate Banking Committee’s hearing Before the hearing, the Mortgage Bankers Association sent a letter to the Banking Committee, expressing its support for small lenders. It also emphasized that its proposal for secondary mortgage market reform supports the small mortgage lender market.

National Mortgage News, July 20, 2017–Brad Finkelstein (subscription)Ocwen Financial Corp. agreed to settle a shareholder lawsuit for a cash payment of $49 million, plus 2.5 million shares of the company’s stock.

Scotsman Guide, July 20, 2017–Victor WhitmanDavid Stevens, president and chief executive officer of the Mortgage Bankers Association, discusses how the MBA plan for GSE reform creates a level playing field for lenders regardless of size.

HousingWire, July 20, 2017–Ben LaneThe rule in question is the “final rule” on Affirmatively Furthering Fair Housing, which requires that cities and towns that receive federal funding to examine their local housing patterns for racial bias and to design a plan to address any measurable bias.

National Mortgage News, July 21, 2017–Brian Collins (subscription)House Financial Services Committee leaders and two top real estate trade groups have cut a deal on a bill to reform the National Flood Insurance Program, which will add momentum to the legislation.