The Lede

Yesterday, federal agencies issued a notice of proposed rulemaking that would pause Basel III implementation for certain assets, a development long advocated by the Mortgage Bankers Association.

Fannie Mae, Washington, D.C., said to remain competitive, lenders are streamlining business processes, improving the consumer experience and investing in human capital.

New refinance programs announced by Fannie Mae and Freddie Mac should provide incremental support in the event of future home price declines, said Fitch Ratings, New York.

The Mortgage Bankers Association's most recent National Delinquency Survey results show continuing resolution of distressed loans and fewer foreclosure starts have helped to reduce the number of loans in the foreclosure process to its lowest level since first quarter 2007.

The Mortgage Bankers Association and more than a dozen trade associations asked the Federal Housing Finance Agency to expand use of alternative credit scoring models at Fannie Mae and Freddie Mac.

You've heard of the gender gap in pay? According to Redfin, Seattle, the gap occurs in equity building, too.

The Mortgage Bankers Association's most recent National Delinquency Survey results show continuing resolution of distressed loans and fewer foreclosure starts have helped to reduce the number of loans in the foreclosure process to its lowest level since first quarter 2007.

The Mortgage Bankers Association's most recent National Delinquency Survey results show continuing resolution of distressed loans and fewer foreclosure starts have helped to reduce the number of loans in the foreclosure process to its lowest level since first quarter 2007.

Mortgage Daily, Aug. 24, 2017Single-family mortgages that were at least 30 days past due or in the foreclosure process numbered 2.384 million as of the end of July, said Black Knight Financial Services.

HousingWire, Aug. 28, 2017--Ben LaneOver the past few months, New Residential Investment significantly increased its mortgage servicing rights portfolio through deals with PHH and Ocwen Financial.

National Mortgage News, Aug. 28, 2017--Elina Tarkazikis (subscription)The high loan-to-value refinance programs replacing the Home Affordable Refinance Program will require a change to the structure of Fannie Mae and Freddie Mac's credit-risk transfer deals.

Reuters, Aug. 28, 2017U.S. emergency management officials said on Monday they were expediting federal resources to Texas to help with rescue efforts after Hurricane Harvey swamped coastal areas of the state and forced 30,000 people to seek refuge in temporary shelters.

Times-Picayune (New Orleans), Aug. 28, 2017--Drew BroachHurricane Harvey's ghastly flooding in the Houston area is sure to focus political attention on the National Flood Insurance Program, a controversial government benefit that makes home ownership affordable to many in south Louisiana. It's $24 billion in debt, and unless Congress acts in the next 34 days, it will expire.

National Mortgage News, Aug. 28, 2017--Ian McKendry (subscription)The massive flooding in Texas from Hurricane Harvey is sure to put pressure on lawmakers to resolve differences over the National Flood Insurance Program, but observers say a short-term reauthorization of the program before a Sept. 30 deadline is still the most likely scenario.

Scotsman Guide, Aug. 28, 2017--Victor WhitmanConsumer groups have long said that the old FICO model disqualifies many first-time buyers with thinner profiles, who could be accurately modeled with later versions of the FICO model or new scoring formulas, which would also help boost the low levels of homeownership, particularly among minorities. (MBA mention)

Financial Regulation News, Aug. 28, 2017--Douglas ClarkA Mortgage Bankers Association's National Delinquency Survey maintains second quarter delinquencies and foreclosures declined.

Mortgage Daily, Aug. 28, 2017Taxpayer funds that were intended to support distressed borrowers in areas that suffered the most from the housing crisis have, in some cases, been used for frivolous purposes by state housing agencies.

Herald-Tribune (Fla.), Aug. 26, 2017--Kenneth R. HarneyThere will be no modernization of the mortgage giants' controversial scoring systems before mid-2019 at the earliest, according to Fannie's and Freddie's top government regulator.

Wall Street Journal, Aug. 27, 2017--Christina Rexrode (subscription)Home-equity lines of credit and cash-out mortgage refinances, two products that let consumers spend the windfall of home ownership, are back in vogue with consumers. That reflects growing confidence and is a potential benefit to the U.S. economy as homeowners have more money to spend.

Los Angeles Times, Aug. 27, 2017--Jim PuzzangheraRepublicans crafting legislation to overhaul the federal tax system and cut rates are considering placing new limits on the home mortgage interest deduction. And thousands of Californians could feel the pain.

Washington Post, Aug. 25, 2017--Jennifer McKimAcross the nation, an increasing number of seniors are facing foreclosure after taking out reverse mortgages, either because they fell behind on property charges or failed to meet other requirements of the complex mortgage loans, according to federal data and interviews with consumer and housing specialists.

Pueblo Chieftain (Colo.), Aug. 25, 2017--Andrew KhouriDavid Stevens, president of the Mortgage Bankers Association, called recent loan changes a positive development, but said caution is needed."We need to be careful not to be on a slippery slope where we go too far," he said. "As long as it's done responsibly it's a good thing."

Associated Press, Aug. 24, 2017Sears continued to struggle in its second quarter with declining sales amid heightened competition. It now says it will close even more stores.

Mortgage Daily, Aug. 24, 2017Freddie Mac managed a total mortgage portfolio that had a balance of $2.0439 trillion as of July 31, according to data provided in its Monthly Volume Summary: July 2017.

National Mortgage News, Aug. 23, 2017--Brad Finkelstein (subscription)Reporting requirements for title insurers and agents were expanded to cover more types of high-end real estate transactions, the Financial Crimes Enforcement Network said.

CNBC, Aug. 22, 2017--Diana OlickAs recently as Monday, Senate Majority Leader Mitch McConnell said if you're worried about the mortgage interest deduction, "you can breathe easy."

National Mortgage News, Aug. 22, 2017--Michael Bartlett (subscription)There have been many rules and regulations issued in the wake of the financial crisis last decade, but few have been as unpopular and controversial as TRID.

National Mortgage News, Aug. 22, 2017--Lalita Clozel (subscription)Bank earnings jumped 10.7% in the second quarter from a year earlier, to $48.3 billion, boosted by rising net interest income as banks kept expenses in check, the Federal Deposit Insurance Corp. said.

Reverse Mortgage Daily, Aug. 22, 2017--Alex SpankoThe Lone Star State's Department of Savings & Mortgage Lending found no enforcement actions against reverse mortgage originators in the state over the past 10 years.

GoRion, Aug. 22, 2017--Sam BourgiWith home costs rising across the country, mortgage lenders are making it easier to qualify for a real estate loan. However, it remains to be seen whether liberalizing lending rules can sustain the recovery, or whether it will create more problems that it tries to solve.

HousingWire, Aug. 24, 2017--Ben LaneA new report from Black Knight Financial Services shows fewer loans in foreclosure in July than in any month in more than 10 years.

National Real Estate Investor, Aug. 23, 2017--Ely RazinPension funds and insurance companies were significant players in Boston's commercial real estate market in the first half of the year.

Bloomberg, Aug. 23, 2017--Christopher FlavelleBrock Long, who was confirmed in June as the administrator at the Federal Emergency Management Agency, said taxpayers shouldn't be on the hook for homes that keep flooding, and the threshold for triggering federal public assistance after a disaster might be too low. He also expressed support for an Obama administration idea to make local governments pay more when a hurricane or flood hits.

Washington Post, Aug. 23, 2017--Kenneth Harney ATTOM Data Solutions found that 34 percent of all American homeowners have 100 percent equity in their properties--they have either paid off their entire mortgage debt or they never had a mortgage.

Mortgage Orb, Aug. 23, 2017--Peter G. MillerThere's constant pressure in the mortgage marketplace to make financing quicker, easier and more broadly available. After all, with reduced lending requirements, we did sell more than 7 million existing homes in 2005, which was about 1.5 million more units than we expect to market this year. Surely it would make sense to ease credit standards now to pump up home sales, right?

HousingWire, Aug. 24, 2017--Ben LaneA new report from the Mortgage Bankers Association shows that the delinquency rate for mortgages on one-to-four-unit residential properties fell to a seasonally adjusted rate of 4.24% of all loans at the end of the second quarter.

National Mortgage News, Aug. 24, 2017--Brian Collins (subscription)Lenders will not have to report data on open-ended home equity lines of credit in 2018 or 2019 if they originated fewer than 500 HELOCs in the preceding year, the bureau said Thursday.

HousingWire, Aug. 24, 2017--Ben LaneAmerican Pacific Mortgage filed a lawsuit in federal court this week against Aspen Specialty Insurance Company, claiming that the insurance company is refusing to cover a claim filed after a hacker impersonated the mortgage company's former CEO and stole more than $75,000 from the company.

Bloomberg, Aug. 24, 2017--Claire BostonPacific Investment Management Co., Goldman Sachs Asset Management, Columbia Threadneedle and others are snatching up bonds tied to subprime mortgages and other home loans made before the housing crisis, while selling speculative-grade company debt.

HousingWire, Aug. 24, 2017--Ben LaneAccording to the CFPB, some number of "financial professionals" are "increasingly promoting" a strategy involving seniors taking out a reverse mortgage as a way to bridge the financial gap until they are able to claim their full Social Security benefits.

Wall Street Journal, Aug. 28, 2017--Christopher Whittal, Mike Bird (subscription)A decade ago, investors' bad bets on collateralized debt obligations helped fuel the crisis. Billed as safe, they turned out to be anything but. Now, more investors are returning to CDOs-and so are concerns that excess is seeping into the aging bull market.