The draft mortgagee letter outlines guidance on a federal flood risk management standard related to minimum property requirements for newly built residential structures in special flood hazard areas.

Congress passes continuing resolution to fund the federal government and the National Flood Insurance Program; Sen. Tim Scott introduces Renewing Opportunity in the American Dream to Housing Act; trade groups ask FHA to extend waiver on policy updates related to in-person meeting requirement with borrowers in default; the Department of Justice has announced a $2.4 million settlement with shuttered FHA HECM lender.

Rated ABS issuance was relatively flat in the second quarter. In the non-agency MBS market, rated production was buoyed by the surging home-equity sector. (Includes two data tables.)

Securitization rates held steady in the second quarter for conventional-conforming as well as government-insured mortgages. In the non-agency market, demand from MBS investors declined. (Includes data table.)

The Structured Finance Association warned that if servicers incur uncompensated expenses for a lengthy period it would decrease the value of mortgage servicing rights.

The trade groups claim the Third Circuit ruling relied on an “artificial” interpretation of CFPA’s definition of a covered person.

It’s been a quiet year when it comes to new stock issuance from mortgage REITs. But thanks to the Fed trimming rates by 50 basis points, with another 50 bps in cuts expected, activity could pick up markedly.

New rating criteria for securitizations of residential transition loans have helped increase uniformity across recent issuance.

Falling interest rates are never good for the value of mortgage servicing rights. But with so many MSR owners keeping their 3% to 4% rights of 2020 and 2021 and selling the rest, marks for the third quarter of 2024 could be benign.

If you’re in the market for a new CEO, chances are you might find some bargains out there. But only for CEOs of privately held nonbanks.