The Lede

The Senate meets today to vote on key appropriations legislation for fiscal year 2019. Ahead of its session, the Mortgage Bankers Association asked approval of key provisions that support FHA and Ginnie Mae technology upgrades, as well as safeguards for multifamily loans and other funding priorities.

Black Knight, Jacksonville, Fla., reported foreclosure starts fell by 3.1 percent in June to 43,500, the lowest single-month total since 2001.

With the 2018 hurricane season kicking into gear--and with residual effects of 2017's devastating hurricanes in Texas, Florida and Puerto Rico still evident--flood insurance is very much on the minds of mortgage lenders and servicers. And with the National Flood Insurance Program set to expire (again) on July 31, the real estate finance industry is clamoring for action on Capitol Hill.

Strong new issuance volume and continued resolution activity contributed to the second consecutive month of decline in the commercial mortgage-backed securities delinquency rate last month, reported Fitch Ratings, New York.

Facing a July 31 expiration date for the National Flood Insurance Program, the Mortgage Bankers Association's grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action, urging its members to call their elected officials to vote on a long-term reauthorization.

The Mortgage Bankers Association said the Consumer Financial Protection Bureau's consumer complaint and inquiry processes have resulted in "unwarranted regulatory burdens" for many financial services providers and asked the Bureau to develop new processes that properly define "complaints" and encourage consumers to resolve issues with providers before filing complaints.

ACES Risk Management, Pompano Beach, Fla., released its quarterly Mortgage QC Trends Report, noting distribution of critical defects has "shifted significantly" from 2016 to 2017 as the housing market moves from refinances to purchases.

Wall Street Journal, July 23, 2018--Laura Kusisto, Nick Timiraos (subscription)Timothy J. Mayopoulos, a financial-services lawyer who as CEO helped lead the turnaround of Fannie from the depths of the financial crisis, will remain chief executive until the end of the year and yield the president title to David Benson, Fannie's chief financial officer. (MBA mention)

National Mortgage News, July 23, 2018--Ted Tozer (subscription)Former Ginnie Mae President, now with the Milliken Institute, asserts the government-sponsored enterprises are actually overcharging the low-income borrowers and first-time homebuyers they're supposed to be helping.

National Mortgage News, July 23, 2018--Bonnie Sinnock (subscription)The limited number of places where mortgage servicers can operate without a license is getting even smaller due to state regulators' growing concerns about Consumer Financial Protection Bureau deregulation and the increased market share of nonbanks.

Commercial Observer, July 23, 2018--Allison StatemanCalifornia is a state prone to natural disasters from earthquakes and mudslides to wildfires. In addition to myriad other effects, this has become a real estate concern.

Bloomberg, July 20, 2018--Christopher MaloneySwaps linked to higher coupon Ginnie Mae II/Fannie Mae 30-year mortgages have rallied since February when HUD started cracking down on servicers whose loans to veterans were being refinanced at above-average speeds.

National Mortgage News, July 20, 2018--Rachel Witkowski (subscription)President Trump's signing of the regulatory relief law in May was a culmination of multiple efforts to enact changes to ease banks' burden. But it also signaled the start of a new chapter: regulatory implementation.

American Banker, July 19, 2018--Kate Berry (subscription)As much attention as Kathy Kraninger has drawn over her selection as the administration's choice to run the Consumer Financial Protection Bureau, she has mostly been a blank slate on financial regulatory issues. That remained the case following her three-hour nomination hearing Thursday.

Mortgage Daily, July 19, 2018Fannie Mae is making it easier for borrower to cancel mortgage insurance through valuation alternatives and looser loan-to-value ratios.

Wall Street Journal, July 18, 2018--Nicole Friedman, Leslie Scism (subscription)Many U.S. homeowners are inadequately insured for natural-catastrophe damage ahead of the height of the Atlantic hurricane season.

National Mortgage News, July 18, 2018--Brad Finkelstein (subscription)Continued favorable loss development trends allowed MGIC Investment Corp. to beat analyst estimates in its second-quarter earnings report.

DS News, July 17, 2018--Radhika OjhaThe shareholders contended that the Treasury and the Federarl Housing Finance Agency exceeded their statutory authority under the Housing and Economic Recovery Act of 2008 and challenged an agreement between the FHFA as conservator to Fannie Mae and Freddie Mac and the Treasury Department.

National Mortgage News, July 17, 2018--Hannah Long (subscription)The question of what are appropriate checks on independent regulators continues to be a focus for courts around the country, but the issue has now extended way beyond the Consumer Financial Protection Bureau.

National Mortgage News, July 17, 2018--Bonnie Sinnock (subscription)A new round of expense reductions is getting underway at Nationstar Mortgage as the company moves toward its acquisition by WMIH Corp., a shell company holding Washington Mutual legacy businesses.

HousingWire, July 17, 2018--Ben LaneFollowing through on a threat made in January, New York, Connecticut, Maryland, and New Jersey are suing the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year.

Mortgage Daily, July 17, 2018The sale involved four Fannie Mae pools containing a total of 26,900 single-family loans that have a collective unpaid principal balance of $6.14 billion.