The Lede

MBA News

MBA Education Cyber Insurance for the Mortgage Finance Industry Webinar Nov. 10
Overview of Appropriate Insurance Policies, Claims Scenarios
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MBA Education Releases HMDA, Diversity Resource Guides
Comprehensive Guide to New HMDA Rule
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MBA Education Essentials of Servicing Transfers Webinar Nov. 16
Learn New Rules, Regulations on Mortgage Servicing Rights, Other Servicing Issues
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Top National News

Mortgage Firms Warned About HMDA Noncompliance
Mortgage Daily, Oct. 28, 2016 Dozens of mortgage bankers and mortgage brokers have been warned that they might not be in compliance with Home Mortgage Disclosure Act requirements.
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MSRs on Nearly $1 Billion in Agency Loans For Sale
Mortgage Daily, Oct. 31, 2016 Bids are being accepted for mortgage servicing rights on nearly $1 billion in agency home loans. The portfolio has a significant concentration in New York.
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Wells Fargo Agrees to $50 Million Settlement over Homeowner Fees
Reuters, Oct. 31, 2016--Aubin, Dena Wells Fargo & Co. agreed to pay $50 million to settle a racketeering lawsuit accusing it of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans.
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UBS Beefs Up Funds for U.S. Mortgage Mis-Selling Case to $1.4 Billion
Reuters, Oct. 28, 2016--Franklin, Joshua; Gruber, Angelika UBS revealed it set aside an extra $417 million to cover potential penalties tied to mis-selling mortgage-backed securities ahead of the financial crisis as it delivered an 11 percent rise in third-quarter profit.
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Freddie Eases Income Requirements
Mortgage Daily, Oct. 28, 2016 Among the changes being made are alternatives being added for the borrower's signature on tax returns such as a signed IRS Form 8879.
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Were Mini-Correspondents the Target of Those HMDA Warning Letters?
National Mortgage News, Oct. 28, 2016--Kilgore, Austin Mortgage brokers were among the companies that received the regulator's warning letters, but brokers are not required to report HMDA data - leading many to suspect mini-correspondents, which straddle the line between broker and lender, were the recipients.
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Why Credit Scores Are Improving for Previously Foreclosed Borrowers
National Mortgage News, Oct. 27, 2016--Passy, Jacob Millions of consumers' credit reports will no longer reflect past mortgage problems, which could open up borrowing opportunities for many of them.
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Tepid Demand for Ginnie Servicing Rights: How Big a Problem Is It?
National Mortgage News, Oct. 27, 2016--Sinnock, Bonnie A market that some Ginnie Mae issuers tap to help finance their mortgage operations has a dwindling number of investors.
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Barclays Is Trying to Cap U.S. Mortgage Penalty at $2 Billion
Bloomberg, Oct. 27, 2016--Ring, Suzi; Morris, Stephen; Farrell, Greg Barclays Plc is trying to draw a line at $2 billion in penalties to settle a U.S. investigation into its sale of mortgage securities after it received an opening offer that it considered too high.
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Ocwen Discloses Possible CFPB Action
Mortgage Daily, Oct. 27, 2016 Ocwen Financial Corp. revealed it is working with the Consumer Financial Protection Bureau to avoid actions that could have a material impact on the company.
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Feds Seek to Block Release of Fannie Mae and Freddie Mac Memos
Fortune, Oct. 27, 2016--Parloff, Roger Invoking an emergency procedure, the Justice Department appealed a judge's order that would force the government to turn over documents that might shed light on why Fannie Mae and Freddie Mac were effectively nationalized in August 2012.
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Experts: PHH Court Ruling Bruises CFPB, Wells Fargo Scandal Ensures its Future
GoRion, Oct. 27, 2016--Wisniowski, Charles Industry observers predict that a recent adverse D.C. appeals court ruling will leave a lasting mark on the Consumer Financial Protection Bureau.
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Homeowners Facing Foreclosure Hit 9-Year Low
HousingWire, Oct. 25, 2016--Lane, Ben Black Knight report shows only 1% of all mortgages in active foreclosure.
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2017 Fannie Mae Outlook
Affordable Housing Finance, Oct. 26, 2016--Kimura, Donna Fannie Mae Multifamily Mortgage Vice President Bob Simpson discusses what the government-sponsored enterprise has in store.
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U.S. Credit Unions Expect to Expand with Regulatory Vote this Week
Reuters, Oct. 26, 2016--Rucker, Patrick Credit unions will be able to more easily expand into markets dominated by banks after a reform vote on Thursday, industry officials say, as regulators clear the way for the not-for-profits lenders.
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Arch’s 3Q Mortgage Insurance Income Rises 119%
National Mortgage News, Oct. 26, 2016--Finkelstein, Brad Arch Capital Group's mortgage insurance business had underwriting income of $37.4 million in the third quarter, an increase of 119% compared with the $17.1 million earned one year prior.
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Ocwen’s Earnings, Mortgage Originations Improve
Mortgage Daily, Oct. 26, 2016 The last time Ocwen earned a profit was in the second-quarter 2015.
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Industry Experts Reveal Details of HAMP Replacement Program
HousingWire, Oct. 26, 2016--Ramirez, Kelsey The Mortgage Bankers Association revealed its new program proposal at the end of September. While the Federal Housing Finance Agency already created a new program to replace the Home Affordable Refinance Program, nothing is in place to take over for HAMP.
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REIT Earnings to Diverge Along Sectors
Wall Street Journal, Oct. 25, 2016--Fung, Esther Logistics space owners see surprisingly strong results; Aéropostale bankruptcy hits SL Green Realty.
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Watt Remains Mum on Capitalizing GSEs
Scotsman Guide, Oct. 25, 2016--Whitman, Victor Federal Housing Finance Agency Director Mel Watt steered clear of a controversial proposal to recapitalize the government-sponsored enterprises Fannie Mae and Freddie Mac and also largely avoided other hot-button topics under review by the agency.
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Fannie Provides Key Details on Relief from Loan Buybacks
National Mortgage News, Oct. 26, 2016--Sinnock, Bonnie Fannie Mae is planning to provide relief to lenders from potential buybacks for loans in which the borrower's income, assets and employment information have been validated through automated underwriting. 
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CFPB’s Cordray Puts Servicers on Notice Ahead of New Rules
National Mortgage News, Oct. 25, 2016--Kilgore, Austin "In certain circumstances, we will require specific and credible plans on how their information technology systems will be upgraded," Cordray said during a speech Tuesday at the Mortgage Bankers Association's Annual Convention in Boston.
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International Group Acquires Genworth Financial
DS News, Oct. 25, 2016--Baer, Kendall China Oceanwide Holdings Group Co. Ltd., and Genworth Financial Inc. entered into a definitive agreement under which China Oceanwide will acquire all of Genworth's outstanding shares for $2.7 billion in an all-cash transaction.
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