Weekly Roundup: March 30, 2018

News in mortgage:

March 30, 2018

• (FHFA) announcement this week provides market participants with important clarity on
  the June 2019 implementation of the new Uniform Mortgage-Backed Security (UMBS).
  With the first UMBS issuance in June, forward trading will likely occur in the first quarter
  of 2019.
  
  With less than one month remaining until the April 19, 2018 effective date
  of bankruptcy-related amendments to Regulation X and Regulation Z, the Consumer
  Financial Protection Bureau (“CFPB”) has issued “Mortgage Servicing FAQs” to address
  several questions it has received regarding the new bankruptcy statement
  requirements. Specifically, the FAQs provide some clarification regarding periodic
  statements, coupon books, reaffirmation, successors in interest, and the effective date.
  Overall, the CFPB’s eleventh-hour issuance of the FAQs appears to manifest an intent
  by the Mulvaney-led Bureau to continue the CFPB’s pursuit of regulations that impose
  new requirements related to mortgage servicing procedures, especially with respect to
  financially distressed borrowers.
  
  
  Lenda claims to make the fastest mortgages out there — currently two weeks start to
  finish, with an eventual goal of 30 minutes in a nearly all-digital process.
  Jason van den Brand, the CEO states: “Mortgages are stuck in the dark ages when it
  comes to technology, "The big banks are working on technology that was built
  in the. We cater to the customer who lives on their phone, laptop and tablet and
  shops online and compares online."
  Their goal is for A real estate agent to be able to drive a client around to look at
  properties and give the customer the keys to a house the same day.