The Lede

The Mortgage Bankers Association, in a Feb. 15 letter to the Veterans Administration, offered recommendations intended to strengthen an interim rule aimed at deterring loan "churning" against servicemembers and addressing serious implementation issues and operational challenges MBA believes VA needs to address surrounding new borrower disclosures.

Growth in remodeling is fine, for now. But annual growth in the national market for home improvement and repair is expected to slow considerably by the end of the year, according to the Leading Indicator of Remodeling Activity from the Joint Center for housing Studies of Harvard University.

On January 18, the Treasury Department and the Internal Revenue Service issued final regulations providing guidance on the section 199A pass-through deduction included in the Tax Cuts and Jobs Act. The final regulations provide clarity on certain matters of importance to the Mortgage Bankers Association and its members.

CoreLogic, Irvine, Calif., said 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in November, down by 1.1 percentage point from a year ago, when it was 5.2 percent.

Reuters, Feb. 15, 2019U.S. homeowners who fell behind on their mortgage payments dropped to the lowest levels in 18 years in the final quarter of 2018, the Mortgage Bankers Association said on Friday.

Wall Street Journal, Feb. 15, 2019--Valerie Bauerlein, Kate King, Cameron McWhirter (subscription)The collapse of Amazon.com Inc.'s plan to build a second headquarters in New York City has the potential to damp some states' willingness to offer tax breaks. Spurred by Amazon's second-headquarters selection process, politicians and groups long opposed to incentive packages have launched legislative efforts to prohibit them in some states.

Washington Post, Feb. 15, 2019--Renae MerleFormer congressman Mel Watt misused his position as director of the Federal Housing Finance Agency by attempting to "coerce or induce" a relationship with a female employee seeking a promotion, according to a previously unreleased inspector general's report. Watt has denied the allegations.

Los Angeles Times, Feb. 17, 2019--Andrew KhouriAs stories piled up of homeowners beig smooth-talked into taking home improvement loans they couldn't afford, defenders of the PACE program cited its safety features. But some contractors apparently dance around those rules, as shown by the recent collapse of two firms.

National Mortgage News, Feb. 15, 2019--Allison Bisbey (subscripition)The state's tougher oversight has stripped Property Assessed Clean Energy of its go-to project financing status among contractors. That shift may result in adverse selection.

National Mortgage News, Feb. 14, 2019--Hannah Long (subscription)The nominee to run the Federal Housing Finance Agency, Mark Calabria, appeared to lean toward having Congress reform the government-sponsored enterprises, despite recent speculation that the Trump administration was readying a plan that could be carried out without legislation.

National Mortgage News, Feb. 14, 2019--Neil Haggerty (subscription)Rep. Blaine Luetkemeyer, R-Mo., told acting Federal Housing Finance Agency Director Joseph Otting that he is concerned the Financial Accounting Standards Board's new model for estimating loan losses, which has long drawn industry criticism, could pose risk across the mortgage market.

HousingWire, Feb. 14, 2019--Alcynna LloydFannie Mae reported Thursday it posted a comprehensive income of $3.2 billion in the fourth quarter, bringing full-year earnings to $15.6 billion in 2018.

HousingWire, Feb. 14, 2019--Kelsey RamirezAfter taking out market-related losses due to interest rate and spread volatility, Freddie Mac reported an income of $1.5 billion in the fourth quarter of 2018 and $8.6 billion for the full year.

Commercial Observer, Feb. 12, 2019--Matt GrossmanThe past decade has marked a great business cycle for lenders of all stripes. But bank executives at the Mortgage Bankers' Association‘s conference in San Diego yesterday betrayed a sense of wariness that they're being squeezed out of the running for good returns on palatable deals.

Commercial Property Executive, Feb. 12, 2019--Therese FitzgeraldDebt funds originated about $67 billion in mortgages in 2018-about 10 percent of total originations, up from $52 billion in 2017 and $32 billion in 2016, according to Jamie Woodwell, vice president of Commercial-Multifamily Research at the Mortgage Bankers Association. "They are clearly a significant player," he said.

American Banker, Feb. 12, 2019--Kate Berry (subscription)Twenty-two Democratic state attorneys general said the Consumer Financial Protection Bureau lacks sweeping authority to create a fintech sandbox that provides immunity from state law.