What mortgage bankers want GSEs to keep post-conservatorship

The Mortgage Bankers Association is offering to assist parties in Washington do what must be done to preserve certain features added in conservatorship should the government-sponsored enterprises exit, particularly an explicit guarantee, President and CEO Bob Broeksmit said Tuesday in pledging MBA assistance with the change. "You really have to have Congress and Capitol Hill involved, particularly as it relates to the nature of a government backstop," Bill Killmer, senior vice president of legislative affairs, said in an interview. Prior to going into conservatorship in September 2008 due to the Great Financial Crisis, the GSEs had an implied guarantee, and there's fear that reverting back could weaken their large mortgage securitization market, which is a key funding vehicle for U.S. housing.

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FHA to open eNote submissions for partial claims

The FHA announced its plan for a demonstration, or pilot, this week in a new notice, indicating it will permit lenders to submit partial claim promissory notes and subordinate mortgages electronically to the agency in lieu of original forms. The demonstration will become effective on a future date following a review and comment period, after which implementation guidance will also be provided, and will run for at least five years. The review period closes on Feb 3, with comments accepted either through the federal eRulemaking portal or by mail.?

Mortgage industry to see greener pastures in 2025: Fitch

A Fitch Ratings report has upgraded its expectations for mortgage lending and servicing from "deteriorating" to "improving" in the year ahead. The agency is forecasting rosier times based on the belief that mortgage rates will fall due to the Federal Reserve's current federal funds rate easing cycle. "Operating results should improve in 2025, with higher origination volumes and stronger gain-on-sale margins," the agency predicts. The credit reporting agency's bullish take on the mortgage industry's future is a welcome take in an unpredictable time. In the past month mortgage rates have barely budged.?

FHA's cyber reporting requirements: What you need to know

The Federal Housing Administration has finalized its slightly more lenient cybersecurity incident reporting requirement, a move in response to an "unprecedented" influx of incidents. FHA-approved counterparties must notify the Department of Housing and Urban Development as soon as possible, but no later than 36 hours, of determined incidents according to a Mortgagee Letter. The notice walks back a 12-hour window the Administration proposed in May. The FHA said its letter "harmonizes" its cyber incident reporting requirements with similar guidelines by federal banking agencies.?

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