The NMP Blog

News From NAMB: November 22, 2017

Submitted by John Councilman on November 22, 2017Top Story: Reverse Mortgage Foreclosures Jump 646% in 2016 A huge spike in HECM reverse mortgage foreclosures was revealed when the California Reinvestment Coalition and Jacksonville Area Legal Aid filed a Freedom of Information Act (FOIA) against HUD.  The National Consumer Law Center claims those facing foreclosure had difficulty accessing loss mitigation and faced inconsistent and arbitrary... Read More

News From NAMB: November 17, 2017

Submitted by John Councilman on November 17, 2017Top Story: CFPB Director Cordray Resigns CFPB Director Richard Cordray sent a letter to his staff today informing them that he will resign by the end of the month.  Democrats loved Cordray but Republicans has no use for him.  There is little doubt that President Trump will appoint someone who is more industry-friendly.  One of the big questions is what will happen to the lawsuits in which the... Read More

News From NAMB: November 13, 2017

Submitted by John Councilman on November 13, 2017FHA Reports Show Slight Gain
FHA releases two important reports that tell us about the size and performance of its guarantee portfolio.  In the 3rd quarter, FHA endorsed 305,438 forward mortgages, for an annualized figure over 1.2 million; very respectable.  In FHA’s report to Congress, it shows that FHA was expecting 337,000 people to refinance out of their FHA loan by this time.   Instead... Read More

News From NAMB: November 3, 2017

Submitted by John Councilman on November 03, 2017Top Story: Top Financial Congressman to Retire The Chairman of the House Financial Services Committee, Jeb Hensarling, announced that he will not run for reelection in 2018.  Hensarling is a constitutional conservative who believes government’s role in the financial sector should be limited.  He detests the CFPB and its Director, Richard Cordray, calling for Cordray’s firing many times. ... Read More

News From NAMB: October 26, 2017

Submitted by John Councilman on October 26, 2017Top Story: MBA’s Stevens Announces His Retirement Mortgage Bankers Association President and CEO David Stevens announced at the MBA Conference that he plans to retire effective September 30, 2018.  The announcement shocked conference attendees who have watched Stevens bring the association to its strongest financial position in its 104-year history.  Stevens has been battling cancer but says now... Read More

News From NAMB: October 19, 2017

Submitted by John Councilman on October 19, 2017Top Story: Cordray May Be Stuck At the CFPB After playing footsie with Republicans about running for Ohio governor, Richard Cordray may stay at the CFPB until his term expires in July of 2018. One of the state’s most recognized Democrats, Ohio Supreme Court Justice Bill O'Neill, said he's leaning toward entering the 2018 Democratic gubernatorial primary, with a final announcement coming on the... Read More

News From NAMB: October 13, 2017

Submitted by John Councilman on October 13, 2017Top Story: National Flood Insurance Program is Out of Money! In an urgent letter to Vice-president Mike Pence, Mick Mulvaney, the Director of the Office of Management and Budget warned the National Flood Insurance Program is broke.  Mulvaney wrote, “The recent hurricanes have inflicted projected losses of $16 billion.  As a result, by the latter part of this month, the NFIP will have fully... Read More

News From NAMB: October 5, 2017

Submitted by John Councilman on October 05, 2017Top Story: Watt Implores Congress Not to Let Fannie/Freddie Go Fundless
In his appearance before the House Financial Services Committee this week, FHFA Director Mel Watt showed an evolving stand on GSE reform.  It seems quite clear that the divide is too great to think that we will have GSE reform in the near future.  With that realization, Watt advised the Committee that is not a sound... Read More

News From NAMB: October 2, 2017

Submitted by John Councilman on October 02, 2017Top Story: Cordray Tells Equifax Get Used to a “New Regime” CFPB Director Richard Cordray told Equifax and the other bureaus, via CNBC and other media, “They’re going to have to recognize the old days of just doing what they want, being subject to lawsuits now and then, are over.”  Cordray told PBS similar restrictions were on the way shortly after the incident became public.  The CFPB intends to... Read More

News From NAMB: September 21, 2017

Submitted by John Councilman on September 21, 2017Top Story: CFPB Finds TRID Violations Still Happening The Consumer Financial Protection Bureau just released it September Supervisory Highlights which list adverse findings in their examinations. In the mortgage origination category, here are some of the common findings:   ►Amounts paid by the consumer at closing exceeded the amount disclosed on the Loan Estimate beyond the applicable tolerance... Read More