The Lede
News and Trends
Experian: Credit Default Rates Remain Near 12-Year Lows
First Mortgage Default Rate Up Slightly in July
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MBA, Trade Groups Cite Concerns over PACE Loans
Urge HUD, VA to Withdraw Controversial Policy
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HOPE NOW: 100k Permanent Loan Modifications in 2nd Quarter
Servicers Report 335,000 Non-Foreclosure Actions for Homeowners in 2Q
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Fannie Mae, Freddie Mac Extend Disaster Relief for Louisiana Flooding
More than 40,000 Single-Family Homes Potentially Affected
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MBA Chart of the Week: Share of Loans in Foreclosure, Real House Prices by State
Texas Shows 'Complete Recovery;' Florida, California, Ohio Lag
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Black Knight: Delinquency Rate Highest Since February
National Delinquency Rate Tops 4.5% for First Time Since February
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MBA News
MBA Education Update on Labor Department Overtime Rule/LO Comp Webinar Aug. 25
Learn about DOL Requirements under Overtime Rule
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Top National News
Macy’s Store Closings to Hit $3.64B of CMBS
National Mortgage News, Aug. 17, 2016--Fest, Glen
Morningstar Credit Ratings warns of hit as Macy's closes 100 stores.
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CMBS Investors Concerned About Overly Aggressive Servicing
National Mortgage News, Aug. 22, 2016--Bisbey, Allison
As volume spikes, so has loans transferred to special servicing.
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FEMA Proposes Rules for Construction in Flood Areas
Wall Street Journal, Aud. 22, 2016--Maher, Kris
Federal Emergency Management Agency says construction projects must be built on higher ground.
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Loan Delinquency Rate Up, Potential Home Sales Improve
National Mortgage Professional, Aug. 22, 2016--Hall, Phil
Week's first reports put housing in decent start.
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FHA: Take a Page from PMI Playbook to Clarify Defect Rules
National Mortgage News, Aug. 22, 2016--McCall, Phil
COO of ACES Risk Management says private mortgage insurance model works better than FHA model.
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Loosen Reins on Mortgage Insurers for Good of Housing Finance
American Banker, Aug. 22, 2016--Rossi, Clifford
U. of Maryland professor says FHA's role in market must be clarified to encourage expansion of private capital.
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SEC Settles Allegations Against Former Fannie Mae CEO for $100,000
Wall Street Journal, Aug. 22, 2016--Viswanatha, Aruna
Daniel Mudd had been accused of misleading investors by downplaying risk of GSE's foray into subprime loans.
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Household Debt Back to Housing Boom Levels
HousingWire, Aug. 19, 2016--Ramirez, Kelsey
Improved credit conditions, tighter standards decrease risk.
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JPMorgan, FDIC, Deutsche Bank Finalize Settlement of WaMu Mortgage Suit
HousingWire, Aug. 19, 2016--Swanson, Brena
JPM Paid $645 million from receivership estate.
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S&P: State Regulations Squeeze Mortgage Servicing Profits
Housing Wire, Aug. 19, 2016--Swanson, Brena
"Additional cost and resource allocation from servicers."
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Industry Experts Talk Emerging Mortgage Servicing Issues
DS News, Aug. 18, 2016--Baer, Kendall
Urban Institute/CoreLogic panel discussion touches on servicing compensation reform, other servicing issues.
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Refinances Push Revenues in Home Improvement Industry
HousingWire, Aug. 17, 2016--Ramirez, Kelsey
Homeowner approach to financing shifts.
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MBA: The Most Important Factor for Lenders in the TRID Proposed Changes
HousingWire, Aug. 16, 2016--Swanson, Brena
MBA senior vice president Pete Mills says lenders must focus on how proposed changes could impact systems.
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Mortgage Credit Defaults Increase Slightly in July
HousingWire, Aug. 17, 2016--Ramirez, Kelsey
Up by just one basis point, Experian reports.
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Proposed TRID Updates: Frustration That CFPB Won’t Address ‘Cure’ Provisions
MortgageOrb, Aug. 17, 2016--Barnard, Patrick
Analysts say legal issues remain unaddressed.
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Trade Groups Raise Alarm on PACE Loan Guidance
National Mortgage Professional, Aug. 17, 2016--Hall, Phil
Mortgage Bankers Association, other groups say guidance raises questions about consumer protections, risks to FHA/VA insurance programs.
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Here’s How Banks’ Commercial Real Estate Exposure Stacks Up
Barrons, Aug. 16, 2016--Rivas, Teresa
Many banks increasing their CRE exposure.
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Big GSE MSR Portfolio Being Offered
Mortgage Daily, Aug. 16, 2016
Total includes 10,200 residential loans with $1.919 aggregate principal balance.
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SEC Bars Ex-Goldman Trader from Industry in Mortgage Securities Fraud Case
Reuters, Aug. 16, 2016--Barlyn, Suzanne
Edwin Chin barred from industry, pays $400,000 to settle charges that he misled customers.
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U.S. Consumer Agency Faces Heat on Financial Arbitration Rules
Reuters, Aug. 16, 2016--Lambert, Lisa
The Consumer Financial Protection Bureau gets criticism from industry and consumers on proposal to block companies from forcing them into arbitration.
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Married Couples Miss a Tax-Code Break for Jumbo Mortgages
Chicago Tribune, Aug. 16, 2016--Harney, Kenneth R.
Federal tax code appears to now favor unmarried partners when it comes to deducting mortgage interest on jointly owned houses.
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Mortgage Risk Stellar Again With $3.4 Billion Wager on ‘New War’
Bloomberg, Aug. 16, 2016--Basak, Sonali; Philip, Agnel
Arch Capital Group CEO Dinos Iordanou said mortgage insurance is once again a "safe bet."
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New CFPB Rule Gives Servicers Just Enough Rope to Hang Themselves
National Mortgage News, Aug. 16, 2016--Sinnock, Bonnie
Servicers got what they asked for when the Consumer Financial Protection Bureau limited the specificity of certain requirements in its final servicing rule. Now they may regret it.
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