TheMReport — News and strategies for the evolving mortgage marketplace.
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Th e M Rep o RT | 5 month in review The Doozy Dozen: This Month's Biggest News and Announcements to hit the Industry T his month, we bring you the latest news highlights from every sector of the mortgage and housing industries. So even if you aren't glued to the news wires like we are, you won't be out of the loop. Whether it's Fannie and Freddie mak- ing headlines, the latest homeownership reports making waves, or the dealings of some of the industry's biggest company's, the MReport is chasing the story. THE INDUSTRY LEADER IN eCLOSE TECHNOLOGY. With our iSignroom TM and eSignPad TM technology, it has never been easier to electronically close your transaction anywhere, anytime! One of 5 national eClose providers selected to be part of the CFPB's eClose Pilot Program BE FULLY COMPLIANT WITH AUGUST, 2015 CHANGES TODAY! When you want the ultimate closing experience, think eClose, and think PeirsonPatterson, LLP JASON L. WRIGHT PEIRSONPATTERSON, LLP JASON.WRIGHT@PEIRSONLAW.COM 972.392.7770 ISIGNROOM.COM 1 Fannie Mae reported a net income of $1.9 bil- lion for Q1 2015; up from $1.3 billion from the previ- ous quarter, while Freddie Mac's net income for Q1 2015 totaled $524 million, nearly double the total of a profitable but somewhat slow fourth quarter. 2 Nationstar Mortgage Holdings reported a net loss of $48 million, or $0.53 per share, for Q1 2015 compared with a net income of $19 million ($0.21 per share) for the previous quarter. 3 The nearly two- month long court battle between the FHFA and Nomura Holdings came to an end when a federal judge found the bank liable for selling shoddy mortgages to Fannie Mae and Freddie Mac prior to the 2008 finan- cial crisis. 4 According to jointly released estimates by HUD and the U.S. Census Bureau, sales of new single- family houses in April 2015 increased 6.8 percent from March to a seasonally adjusted annual rate of 517,000 units. 5 An agency mortgage ser- vicing rights deal worth approximately $45 billion between Chase and Ocwen Financial Corp. was finalized after two and a half months. 6 The FHFA issued an update to MBS struc- ture initiative, also known as Single Security. The new changes to the Single Security structure initiative are based on 23 responses to a "Request for Public Input: Proposed Single Security Structure (RFI)". 7 The Fed's 2014 Survey of Household Economics and Decisionmaking found that 65 percent of adult respondents said they were either "doing okay" or "living comfortably" as far as their personal finance situation, which represented an increase of 3 percentage points from the survey the previous year. 8 The Senate Banking Committee narrowly approved The Financial Regulatory Improvement Act of 2015, introduced by Chairman Richard Shelby (R-Alabama). The Act is aimed at providing regulatory relief for community and regional banks and credit unions. 9 HUD released a notice requesting public com- ment on proposed revisions to the Addendum to Uniform Residential Loan Application, a form required by Fannie Mae and Freddie Mac for single- family home loans that will be secured by these institutions. 10 The Multi-Indicator Market Index (MiMi) released monthly by Freddie Mac revealed that the housing market is continuing to stabi- lize, with the most improving metro markets seeing stronger demand for home sales for the spring home buying season. The April MiMi value was 75.4, an improvement of 0.69 percent from February to March. 11 The FHFA announced that Fannie Mae and Freddie Mac will issue new op- erational and financial eligibility requirements for all current and potential single-family mortgage sellers and servicers. 12 The CFPB announced that a grace period will be in effect for those servicers attempting to comply in good faith with the TILA-RESPA Integrated Disclosure require- ments that are scheduled to go into effect August 1. VISIT US AT BOOTH 423 AT 2015 FIVE STAR CONFERENCE AND EXPO SEPTEmBER 16-18, 2015 | DAllAS, TX