The Lede

In response to requests by the Mortgage Bankers Association and its members, HUD yesterday issued a waiver of its policy on timeframes for completing inspection of properties in areas of Florida affected by Hurricane Irma.

CoreLogic, Irvine, Calif., said mortgage fraud risk increased in the second quarter by nearly 17 percent year over year.

Altisource Portfolio Solutions SA, Dallas, said 71 percent of mortgage default servicing professionals surveyed predicted FHA/VA loan volumes would increase within their organizations in the next 12 to 24 months.

For once, the question ahead of the Federal Open Market Committee's regular policy meeting wasn't about raising the federal funds rate. Instead, it focused on when it would formally begin winding down its purchases of mortgage-backed assets (the answer: October).

S&P Dow Jones Indices and Experian, New York, said major credit default indices rose for the second consecutive month in August, while three of the five major cities surveyed saw default rates rise.

Black Knight, Jacksonville, Fla., said while August mortgage delinquencies remained flat nationally, they spiked by nearly 16 percent in Hurricane Harvey-related FEMA-designated disaster areas.

CoreLogic, Irvine, Calif., said while U.S. homeowners continue to see their equity rise--by nearly $1 trillion since second-quarter 2016--nearly three million residential properties remain "underwater," in negative equity.

More than $5 billion in commercial mortgage-backed securities loans have exposure to Toys R Us--which filed for bankruptcy Monday--as a tenant, CMBS analysts say.

The Mortgage Bankers Association and other industry trade groups urged the Trump Administration to maintain momentum on reforming Fannie Mae and Freddie Mac, expressing concerns that reform efforts appear to be stalling on Capitol Hill.

Florida's commercial real estate market benefited from long-term preparation when Hurricane Irma hit, reported CBRE, Los Angeles.

Certain changes to the Volcker Rule would better accomplish the rule's public policy purposes--and protect a foundational element of commercial mortgage-backed securities liquidity--the Mortgage Bankers Association said in a letter to the Office of the Comptroller of the Currency.

Mortgage Daily, Sept. 20, 2017Compared to a year ago, home lenders took more risk on mortgages closed last month as government share has widened. Closing ratios and turnaround improved from a month earlier.

Mortgage Daily, Sept. 25, 2017--Sam GarciaOne mortgage technology provider is helping lenders comply with upcoming changes on reporting requirements. Quality control is the focus of another service provider.

Wall Street Journal, Sept. 25, 2017--Dave Michaels (subscription)In testimony to Senate committee, Jay Clayton is expected to promise to intensify how Securities and Exchange Commission defends itself against hackers.

National Mortgage News, Sept. 21, 2017--Brian Collins (subscription)Nominated last week as FHA commissioner, Brian Montgomery would lead an agency with a much better delinquency rate, but face new challenges.

National Mortgage News, Sept. 21, 2017--Ian McKendry (subscription)Democrats have striven to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering on their desire to overturn it.

Bloomberg, Sept. 21, 2017--Claire BostonMany fund managers are fearful about the Federal Reserve shedding its massive $1.78 trillion mortgage bond portfolio, a step it plans to start next month. Some investors say it's time to get greedy. Some mortgage bond fund managers known as real estate investment trusts have been raising cash at their fastest pace since 2013, giving them enough new capacity to buy more than $30 billion of the securities.

Debtwire.com, September 2017--Al YoonMortgage servicers facing millions of dollars in hurricane-related losses are considering an appeal for relief from a U.S. government policy that leaves them on the hook when a property is irreparably damaged, according to two sources familiar with the effort.

Bloomberg, Sept. 19, 2017--Lisa AbramowiczThe company has sought to prop up its failing business model for years by shuffling debt around and adding leverage to less-encumbered assets. This has undermined the extra safety and value that the real estate should have provided.

Mortgage Daily, Sept. 19, 2017As of Aug. 31, Ginnie Mae reported $1.8706 trillion in mortgage-backed securities outstanding, according to monthly operational data.

National Mortgage News, Sept. 19, 2017--Bonnie Sinnock (subscription)A mortgage investors' group is calling for Freddie Mac to change policies related to how delinquencies from recent storms affect certain credit risk transfer securities.

Wall Street Journal, Sept. 19, 2017--Ezequiel Minaya (subscription)Progressive Corp. swung to a loss in August, the company reported Tuesday, with Hurricane Harvey more than tripling the insurer's catastrophe losses in the period compared to last year.

Bloomberg, Sept. 19, 2017--Elizabeth DexheimerAs a Barack Obama appointee who supports tough bank regulation, Richard Cordray was never going to be popular in a federal government controlled by Republicans. But Cordray is proving effective at driving state GOP officials crazy too over his refusal to say whether he will step down as director of the controversial Consumer Financial Protection Bureau to run for governor of Ohio as a Democrat.

National Mortgage News, Sept. 19, 2017--Kate Berry, Ian McKendry (subscription)Consumer Financial Protection Bureau Director Richard Cordray allegedly misled Congress about the agency's investigation into Wells Fargo's illegal sales practices and may have rushed a settlement with the bank, according to a new report by the Republican staff of the House Financial Services Committee.

HousingWire, Sept. 19, 2017--Ben LaneOcwen Loan Servicing, a subsidiary of Ocwen Financial, reached a $17.5 million settlement that covers a pair of lawsuits that accused Ocwen of calling consumers' cellphones without their consent, in violation of the Telephone Consumer Protection Act.

UExpress, Sept. 22, 2017--Lew SichelmanDivorce is never easy. And when real estate is involved, it can get downright exhausting.

HousingWire, Sept. 22, 2017--David ParkerFannie Mae and Freddie Mac's Uniform Closing Dataset requirement deadline of Sept. 25 is mere days away.

Mortgage Daily, Sept. 22, 2017--Laura N. Coughlin, T. Robert FinlayThe 9th Circuit Court of Appeals has barred claims due to the borrower's failure to amend include the claims in their bankruptcy schedules.

Reuters, Sept. 19, 2017--Jonathan StempelA federal judge ordered Allied Home Mortgage Corp, Allied Home Mortgage Capital Corp and Chief Executive Jim Hodge to pay $296.3 million to the U.S. government after a jury found them liable for inducing the government into insuring risky home loans, the U.S. Department of Justice said on Tuesday.