The Lede
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MBA Offers CFPB Recommendations on Proposed HMDA Rule Amendments
The Mortgage Bankers Association, in a letter to the Consumer Financial Protection Bureau, offered recommendations regarding proposed amendments to the Home Mortgage Disclosure Act.
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MBA Letter Addresses CFPB Ability-to-Repay/QM Rule Assessment
The Mortgage Bankers Association sent a letter this week to the Consumer Financial Protection Bureau, addressing the Bureau's Ability-to-Repay/Qualified Mortgage Rule and offering a set of recommendations to improve the rule.
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MBA Leads Effort to Redirect Limited English Proficiency Question on Uniform Residential Loan Application
Following a Federal Housing Finance Agency request for input on issues faced by borrowers with limited English proficiency, the Mortgage Bankers Association and other associations raised serious concerns about proposals to add a "Language Preference" question to the Uniform Residential Loan Application.
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MBA News
Top National News
DOJ Will Be Allowed to Join Ocwen’s Challenge to Constitutionality of CFPB
HousingWire, Aug. 3, 2017--Ben LaneOcwen Financial could soon get a big boost in its fight against the Consumer Financial Protection Bureau from a once-unlikely source--the Department of Justice.
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Regions’ Mortgage Earnings Off, Buys MSRs
Mortgage Daily, Aug. 7, 2017While quarterly earnings were solidly higher at Regions Financial Corp., mortgage income receded. Servicing grew with the acquisition of mortgage servicing rights during the quarter.
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Mortgage Servicers Need Laser Focus on Oversight–Report
Mortgage Professional America, Aug. 7, 2017--Francis Monfort The mortgage servicing industry can poise itself for stability and growth by continuing to emphasize oversight practices as it continues to rectify its relationship with the public following the financial crisis, according to a report by S&P Global Ratings.
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Five Questions Lenders Must Ask Before Offering 1% Down Mortgages
National Mortgage News, Aug. 7, 2017--Bonnie SinnockAfter Freddie Mac recently took steps to curb 1 percent down mortgages, new questions are emerging about how much risk the industry, and borrowers, should take with these products.
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Plans to Rethink America’s Malls Can’t Keep Up With Retail’s Collapse
Bloomberg, Aug. 3, 2017--Sarah MulhollandWith store closures accelerating, landlords are having to change course and find ways to create malleable space that can accommodate a revolving roster of tenants.
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S&P: Residential Mortgage Servicing Could Be on the Edge of Glory
HousingWire, Aug. 3, 2017--Brena SwansonA new report from S&P Global Market Intelligence suggested that mortgage servicing companies may be poised for a turn toward stability and growth thanks to the regulatory controls put in place after the downturn.
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Consumer Bankruptcies Down 2 Consecutive Months
Mortgage Daily, Aug. 3, 2017Total U.S. bankruptcies filed, including commercial and non-commercial filings, worked out to 61,366 during July, dropping from an upwardly revised 66,789 the prior month.
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Fannie Mae CEO: We’re Focused on Reducing Appraisal Turnaround Times
HousingWire, Aug. 3, 2017--Jacob GaffneyWhile the industry as a whole is rowing in the same direction, efforts to streamline the appraisal process, Timothy Mayopoulous said, is a step in the right direction for Fannie Mae, which earlier this year refined its appraisal policies, which reduced overall appraiser responsibilities.
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Congress Wouldn’t Do It, So Fannie and Freddie Reformed Themselves
MarketWatch, Aug. 3, 2017--Andrea RiquierFresh language in the earnings releases reflects the desire of the regulator, the Federal Housing Finance Agency, to remind Congress of how precarious the state of affairs has become for the two. But it also serves as a reminder of how far the companies have come since their crisis-era bailout, not thanks to Congressional action, but in spite of its inaction.
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Fannie Books Higher Quarterly Profit, to Send $3.1 Billion to U.S. Treasury
Reuters, Aug. 3, 2017--Richard LeongFannie Mae, the largest U.S. mortgage guarantor, said on Thursday its net income edged up to $3.2 billion in the second quarter from the previous quarter's $2.8 billion due to higher credit-related income and investment gains.
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Amid Affordability Worries, Mortgage Industry Moves to Ease Home Lending
Los Angeles Times, Aug. 4, 2017--Andrew KhouriChanges in the mortgage industry are afoot, with the goal of loosening some of the strict standards established after the subprime crisis--rules some blame for impeding sales.
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Life Insurers Smell Opportunity in CRE, Multifamily Lending
American Banker, Aug. 1, 2017--Laura Alix (subscription)Life insurance companies are trying to chip away at banks' dominant market share in commercial real estate lending, the Mortgage Bankers Association said.
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Fewest FHA HECM Endorsements Since 2016
Mortgage Daily, Aug. 2, 2017Last month's government-insured reverse mortgage production was the slowest it has been since last year. But there was a year-over-year improvement.
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Ocwen Stays in the Red Thanks to Legal, Regulatory Expenses
HousingWire, Aug. 2, 2017--Ben LaneOcwen reported its second quarter earnings on Wednesday morning, disclosing that it posted a loss of $44.4 million in the second quarter, compared to a loss of $32.6 million in the first quarter, and a loss of $87.2 million in the second quarter of last year.
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Lower-than-Expected Claim Rates Help Genworth’s 2Q Income
National Mortgage News, Aug. 2, 2017--Brad Finkelstein (subscription)Genworth Financial's U.S. private mortgage insurance business had an almost 50% increase in adjusted operating income, benefiting from lower-than-expected claim rates.
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FHFA’s Watt: No Change in GSE Credit Scoring Models until 2019
National Mortgage News, Aug. 2, 2017--Ian McKendry (subscription)Any change to the credit scoring models that Fannie Mae and Freddie Mac use will have to wait until 2019, Federal Housing Finance Agency Director Mel Watt said late Tuesday.
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Pullback Continues in the Investment Sales Market for Apartment Properties
National Real Estate Investor, Aug. 1, 2017--Bendix AndersonInvestors spent a lot less money on apartment properties so far this year compared to 2016, but prices in the sector keep rising anyway.
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Goldman Sachs Reached $725 Million in Consumer Relief in $5 Billion Settlement
HousingWire, Aug. 1, 2017--Ben LaneGoldman Sachs recently moved past the 40% mark in its $1.8 billion consumer relief obligation that is part of the company's $5 billion settlement reached in April 2016 over toxic mortgage bonds, the settlement's monitor said in a new report.
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Radian: New Mortgage Insurance Written Surges 43 Percent in Second Quarter
HousingWire, Aug. 1, 2017--Brena SwansonDespite recording a net loss for the second quarter, private mortgage insurer Radian Group managed to report a strong quarter for new mortgage insurance written.
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New 10-Yr Low for Fannie’s Mortgage Delinquency
Mortgage Daily, Aug. 1, 2017Residential loan performance at Fannie Mae was the best it's been in almost a decade. New business was also better.
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Freddie Expects to Double Low Down Payment Mortgage Volume in ’17
National Mortgage News, Aug. 1, 2017--Bonnie Sinnock (subscription)When the government-sponsored enterprises began purchasing mortgages with down payments as low as 3%, there was concern that Fannie Mae and Freddie Mac would expose themselves to greater credit risk.
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Freddie Mac Second Quarter Net Income Declines to $1.7 Billion
HousingWire, Aug. 1, 2017--Brena SwansonFreddie Mac's financial results remained steady in the second quarter, as it reported net income of $1.7 billion for the second quarter, slightly down from net income of $2.2 billion for the first quarter.
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