The Lede

Commercial/multifamily mortgage debt outstanding increased by $44.3 billion in the first quarter as all four major investor groups increased their holdings, the Mortgage Bankers Association reported this morning.

U.S. commercial mortgage-backed securities loan loss severities dropped last year despite a backlog of maturing loans from the 2007 vintage, reported Fitch Ratings, New York.

The Mortgage Bankers Association threw its support behind legislation that would clarify how FHA-insured loans are treated under the False Claims Act.

Black Knight, Jacksonville, Fla., reported 44,900 foreclosure starts in May, the second-lowest such measure in more than 17 years.

The Mortgage Bankers Association, in a letter to the Consumer Financial Protection Bureau, urged the Bureau to make changes to its Loan Officer Compensation Rule for clarity and simplicity and to make adjustments so that more creditworthy borrowers can be eligible for Qualified Mortgage loans.

In its 30th annual edition, the Harvard Joint Center for Housing Studies State of the Nation's Housing Report said while the U.S. housing market appears to be on "sound footing," opportunities for low-income and medium-income households have worsened, with the gap between white and black homeownership widening further.

The Mortgage Bankers Association and other industry trade groups urged the Consumer Financial Protection Bureau to narrow its definition of financial institutions subject to the Home Mortgage Disclosure Act reporting by exempting transactions secured by multifamily properties.

Black Knight, Jacksonville, Fla., said "tappable equity"--the share of home equity available for homeowners with mortgages to borrow against--grew by more than 16 percent from a year ago.

Mortgage Daily, June 25, 2018Genworth Mortgage Insurance is aligning its own guidelines with new government-sponsored enterprise requirements for manufactured housing transactions.

National Mortgage News, June 25, 2018--Bonnie Sinnock (subscription)Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.

HousingWire, June 25, 2018--Ben LaneOcwen announced Monday that as "part of its ongoing efforts to reduce costs," the company is electing not to renew its contract with Fitch for "various corporate ratings." Ocwen also announced Monday that John Britti, the company's executive vice president and chief investment officer, has been named interim CEO.

HousingWire, June 25, 2018--Caroline BasileOn Monday, the U.S. Supreme Court declined to hear an appeal by the Royal Bank of Scotland Group and Nomura Holdings to overturn an order that requires them to pay $839 million for making false statements while selling mortgage-backed securities to Fannie Mae and Freddie Mac.

HousingWire, June 25, 2018--Kelsey RamirezOn Thursday, President Donald Trump released a massive proposal that, among other things, would end the government conservatorship of Fannie Mae and Freddie Mac, but now it looks as though that won't be happening anytime soon.

Mortgage News Daily, June 25, 2018--Jann SwansonBoth the Mortgage Bankers Association's first quarter Quarterly Mortgage Bankers Performance Report and an earlier release from Fannie Mae regarding results from its second quarter Mortgage Lender Sentiment Survey reported mortgage lender's declining profits and gloomy outlook for improved financial results.

Wall Street Journal, June 23, 2018--Julie Wernau (subscription)Brad Morrice's firm, New Century Financial Corp., was the first major subprime lender to go bankrupt in 2007.

Mortgage Daily, June 22, 2018A nationwide round of layoffs by Wells Fargo Home Mortgage will impact 400 employees.

The Hill, June 23, 2018--Sylvan LaneConsumer Financial Protection Bureau acting Director Mick Mulvaney is going to bat for his potential successor, and in doing so he's poised to extend his influence at the watchdog agency. Mulvaney, who doubles as head of the White House Office of Management and Budget, has emerged as a key proponent of Kathy Kraninger, President Trump's pick to be the CFPB's full-time director.

Bloomberg, June 22, 2018--Matt Levine (subscription)The author noted the Securities and Exchange Commission brings a lot of enforcement actions against a lot of people in its own internal courts. And for the past few years many of the people caught up in it-the people accused by the SEC of doing bad stuff-have complained that it is illegitimate.

New York Times, June 21, 2018--Matt Phillips, Jim TankerslyThe results of the first phase of the Fed's annual "stress tests" showed that the country's banks have more than enough capital to survive the combination of a recession, cratering of housing prices and double-digit unemployment.

Mortgage Daily, June 21, 2018A comprehensive consolidation of the federal government being proposed by the White House would have administration of the program transferred from the USDA to HUD.

National Mortgage News, June 21, 2018--Hannah Lang (subscription)FHA needs to ensure the Mutual Mortgage Insurance Fund is "healthily above the statutory minimum," said Pete Mills, a senior vice president at the Mortgage Bankers Association.

MReport, June 21, 2018--Rachel WilliamsA New York Judge ruled that the Bureau of Consumer Financial Protection is unconstitutional on Thursday, largely conflicting a ruling in January by a nine-member panel of the U.S. Court of Appeals in Washington.

National Mortgage News, June 21, 2018--Joe Adler, Hannah Lang (subscription)The Trump administration proposed Thursday to rip off the Band-Aid from Fannie Mae and Freddie Mac, ending conservatorship of the mortgage giants and leaving them to raise their own capital in the private market. But the plan raises a whole host of questions and left many wondering whether it could advance.

Mortgage Daily, June 20, 2018Mortgage servicing rights are being offered on 39,253 Fannie Mae and Freddie Mac single-family loans with a collective unpaid principal balance of $10.349 billion as of May 31.

National Mortgage Professional, June 20, 2018--Phil HalThe first mortgage default rate declined by two basis points from 0.68 percent in April to 0.66 percent in May, according to the latest data from S&P/Experian Consumer Credit Default Indices.

National Mortgage News, June 20, 2018--Hannah Long (subscription)HUD launched a process to amend its use of the "disparate impact" standard in fair lending rules. The legal standard, which can be used to punish lenders for discriminatory effects even if none were intended, has long been unpopular with banks.

HousingWire, June 20, 2018--Ben LaneThe groups tell the CFPB that the multifamily housing industry experiences "unwarranted regulatory burdens and privacy issues" due to the "unnecessary application" of HMDA reporting requirements on multifamily lending.

National Mortgage Professional, June 19, 2018--Phil HallSen. Elizabeth Warren, D-Mass., said she would put a hold on the nomination of Kathy Kraninger to become the next Director of the Consumer Financial Protection Bureau, saying Kraninger "has no track record of helping consumers."

HousingWire, June 19, 2018--Ben LaneWells Fargo must face a lawsuit brought against the bank by the city of Oakland, Calif., which sued the bank in 2015 for allegedly steering minority borrowers into higher-cost loans.

Mortgage Daily, June 19, 2018The Office of the Comptroller of the Currency said the non-current rate on consumer mortgages owned by banks fell from the end of last year. The improvement came despite an increase in foreclosures initiated and completed.