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Short Takes: Freddie Moves Closer to SFR Financing / Room for GSE Legislation to Get Done? / Michael Bright: Acting Ginnie Mae Chief / Applications Decline / A New Hire for Waterstone

August 2, 2017
Carisa Chappell, Paul Muolo, and Sherry Muolo
Cowen & Co. analyst Jaret Seiberg believes the Senate Banking Committee remains on track to unveil GSE reform legislation late in the fourth quarter...
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Radian Posts Strong MI Volume in 2Q, but Takes Huge Hit on Clayton and its ‘Services’ Unit

August 1, 2017
Paul Muolo
In past SEC filings Radian hinted that a write-down tied to its 2014 $305 million purchase of Clayton might be in order, but the company never pulled the trigger.
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After Years of Shedding Servicing Rights, BofA Getting Close to a Normalized Portfolio

August 1, 2017
Brandon Ivey
A telling sign: Bank of America employed 6,603 servicing employees as of the end of 2016, down 78.0 percent compared to the end of 2013.
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Commercial Mortgage Securitizations Post Solid Gains in 2Q17

August 1, 2017
John Bancroft
The biggest surge was in non-agency securitization of mortgages on hotels and other lodging properties, which jumped 88.7 percent from the first quarter.
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A 25 Percent Earnings Decline for Freddie Mac; ‘Account Surplus’ with Uncle Sam will Swell to Almost $39 Billion

August 1, 2017
Paul Muolo
Freddie expects to make a $2 billion dividend payment to Treasury – the holder of its senior preferred stock – sometime in September.
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Short Takes: Freddie’s CEO Comments on Declining Capital Buffer / This is Not Your Parent’s Freddie Mac / Hensarling Calls for Investigation into Whether CFPB Chief Violated the Law / A Strong Quarter for Arch / Poulin Rejoins Mortgage Network

August 1, 2017
Carisa Chappell and Paul Muolo
Freddie Mac CEO Don Layton: "The fundamentals are strong and residual flaws are gone..."
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JD Power: Consumers None Too Happy with Mortgage Servicers These Days

August 1, 2017
Sherry Muolo
The noted research firm found that mortgage customers feel as if their servicers are more focused on profit than giving top-notch customer support...
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FHFA Chief Mel Watt Rules Out G-Fee Cut

August 1, 2017
Paul Muolo
“Some lenders are finally showing more willingness to extend credit to borrowers..." said FHFA Director Mel Watt.
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CFPB to Propose Substantive Changes to Servicing Rule

July 31, 2017
The CFPB plans to make some significant, but unspecified, changes to its mortgage servicing rule sometime this fall, in response to concerns raised by the industry, the bureau revealed in a blog posting about its latest semiannual rulemaking agenda, released earlier this month. The document is current as of April 1, 2017, and does not reflect the bureau’s issuance of its arbitration final rule, its assessments of its mortgage servicing rule under the Real Estate Settlement Procedures Act and its ability-to-repay rule, nor its proposed temporary increase in the institutional and transactional thresholds for home equity lines of credit. The agency said it is “considering concerns raised by industry participants regarding a few substantive aspects of the mortgage servicing rule ...
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CMC Calls for Bureau to Provide More Servicing Clarifications

July 31, 2017
As the CFPB prepares to do the Dodd-Frank Act required assessment of its 2013 mortgage servicing rule under the Real Estate Settlement Procedures Act, one industry trade group has urged the bureau to provide servicers with more regulatory guidance and clarifications of the current rule. The Consumer Mortgage Coalition said in a letter to the regulator that it has appreciated the opportunity to work with the bureau as it developed the final servicing requirements. “However, as the CFPB is aware, the final regulatory requirements are very prescriptive, yet unclear, and sometimes conflict with other statutory or regulatory requirements,” said the CMC. “In some areas of the regulation, the CFPB misunderstood the reason for the problems it was trying to solve ...
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