The Lede

The Mortgage Bankers Association released a new consumer-facing information brochure, Disaster Recovery: A Resource for Homeowners, available for use by all MBA members, counseling groups, government agencies and organizations that offers assistance and advice to homeowners in the aftermath of a natural disaster.

A rise in non-traditional or no income borrower documentation has led to significant variation in the credit risk of recently originated investor property loans in U.S. residential mortgage-backed securities deals, said Fitch Ratings, New York.

In the wake of the housing crisis, single-family homes grew to more than one-third of U.S. rental stock nationwide. Now, says the Joint Center for Housing Studies at Harvard University, that dramatic growth has stabilized.

The Mortgage Bankers Association, in a May 7 letter to the Consumer Financial Protection Bureau, urged the Bureau to emphasize fairness over speed in its administrative adjudication process to ensure against unintended consequences and protect due process.

Despite the devastating 2017 hurricanes, CoreLogic, Irvine, Calif., said the national mortgage delinquency rate fell year over year and fell again month over month.

DS News, May 14, 2018--David WhartonSeveral lenders, including Wells Fargo and Bank of Hawaii, have announced mortgage relief for homeowners impacted by the disaster.

Bloomberg, May 15, 2018--Jesse Hamilton, Benjamin BainAdditional changes the regulators intend to propose include making it easier for banks to stockpile assets that their customers may want to buy in the near term and dialing back compliance burdens for smaller lenders. The agencies expect to release the proposal by the end of the month.

National Mortgage News, May 14, 2018--Bonnie Sinnock (subscription)Angel Oak Mortgage, which originated more than $1 billion in loans outside the ability-to-repay rule's safe harbor last year, plans to produce at least twice that volume in 2018.

Governing Magazine, May 14, 2018--J. Brian CharlesSome cities are turning to vacant property taxes to nudge property owners of both retail and residential spaces to lease, develop or sell their properties before a short-term vacancy turns into what some cities see as blight.

Mortgage Daily, May 11, 2018The product, dubbed Community Program by Arch Mortgage Guaranty Co., allows loan-to-value ratios as high as 100 percent for professionals--including mortgage bankers.

New York Times, May 13, 2018 (Editorial)The Times' editors say HUD Secretary Ben Carson is illegally trying to sweep aside rules that are fully consistent with the Fair Housing Act. It supports a lawsuit filed by community groups and says the court should force HUD to reinstate and fully enforce those rules.

UExpress, May 11, 2018--Lew SichelmanHome Equity Conversion Mortgages may be a good choice for some seniors who fear they might outlive their retirement funds and will need cash to enjoy their remaining years. But they aren't the only options elder owners might want to consider.

National Mortgage News, May 11, 2018--Bonnie Sinnock (subscription)Nationstar Mortgage may face a Consumer Financial Protection Bureau enforcement action over alleged violations of the Real Estate Settlement Act and other regulations, the Mr. Cooper parent company said.

Wall Street Journal, May 10, 2018The U.S. will auction $101 billion in securities next week, comprising $42 billion in new debt and $59 billion in previously sold debt.

National Mortgage News, May 10, 2018--Bonnie Sinnock (subscription)Impac Mortgage Holdings Inc. generated almost $4 million in net income during the first quarter as it continued to downsize to adjust for origination declines and benefited from servicing gains.

HousingWire, May 10, 2018--Kelsey RamirezConsumer Financial Protection Bureau Acting Director Mick Mulvaney announced in an email to staff that he plans to reorganize the bureau's operational structure.

National Mortgage News, May 10, 2018--Brad Finkelstein (free story)If a financial industry petition to the Federal Communications Commission on the use of autodialers is successful, it could make Telephone Consumer Protection Act cases more difficult to prove for consumer attorneys. But a favorable ruling likely won't halt the proliferation of these suits.

CNN Monty, May 11, 2018--Lydia DePillisNewly released federal data on mortgage lending from the Consumer Financial Protection Bureau shows people with low- and moderate-incomes made up only 26.3% of borrowers in 2017, down from 36.6% in 2009. "Profit margins on lending have come down quite a bit," says Mike Fratantoni, chief economist at the Mortgage Bankers Association, which represents both banks and non-banks. "So a number of banks have de-emphasized their mortgage lending, because there are other business lines they can focus on."

Reuters, May 9, 2018--Nate Raymond, Eric Walsh, Sinead CruiseRoyal Bank of Scotland has agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities, paving the way for a long-awaited return of cash to UK taxpayers who bankrolled its post-crisis survival.

American Banker, May 9, 2018--Kate Berry (subscription)Mick Mulvaney on Wednesday announced a restructuring of the Consumer Financial Protection Bureau that will strip the agency's student lending office of all functions except consumer education.

Urban Institute, May 9, 2018--Jim Parrott, Mark M. ZandiAs it becomes apparent that the 115th Congress will not pass legislation to reform Fannie Mae and Freddie Mac, the authors describe the path the current administration will likely take to reform the government-sponsored enterprises administratively.

New York Times, May 8, 2018--Glenn ThrushCivil rights advocates sued the Trump administration on Tuesday over enforcement of the 50-year-old Fair Housing Act, part of an effort to prevent discrimination in the allocation of funds for Gulf Coast hurricane housing and infrastructure reconstruction.

Mortgage Daily, May 8, 2018Capital One Financial Corp. is selling the loans to Credit Suisse AG-subsidiary DLJ Mortgage Capital Inc. The loan sale follows Capital One's previously announced exit from the origination of residential and home-equity loans.

HousingWire, May 8, 2018--Caroline BasileIn a new filing with the Securities and Exchange Commission, the credit reporting agency broke down in detail the types of--and how much exactly--sensitive personal information was exposed to hackers in the breach.

Public Citizen, May 8, 2018--Michael TanglisEight of the 10 financial institutions that are the subjects of the most complaints in the Consumer Financial Protection Bureau public database contributed to acting Director Mick Mulvaney while he was in Congress, according to an analysis published by Public Citizen.