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Volume 15 | Issue 48 | Thursday, November 30, 2017

The Lede


MBA: 3Q CMF Delinquencies Remain Low; Bank Delinquencies Match Lowest on Record

Delinquency rates for commercial and multifamily mortgage loans held steady in the third quarter, with delinquency rates for loans held in bank portfolios reaching a 24-year low, the Mortgage Bankers Association reported this morning.


Top National News

Exclusive Research Reveals Stable Outlook for the Multifamily Sector

National Real Estate Investor, Nov. 29, 2017--David Bodamer
While sentiment has dampened slightly, investors still prefer apartments over other commercial real estate property types.

Proposed Tax Change Could Hurt Mortgage Servicers, Groups Warn

National Mortgage News, Nov. 28, 2017--Bonnie Sinnock (subscription)
Servicers may need to pay taxes on their income upfront under the proposed Senate tax bill, according to the Mortgage Bankers Association and the Consumer Mortgage Coalition.

Senate Banking Committee Votes Yes on Brian Montgomery Nomination

DS News, Nov. 28, 2017--David Wharton
The Senate Banking Committee approved Brian Montgomery's nomination as FHA Commissioner on Tuesday, sending his name to the full Senate for approval.

Activism and Re-Awakened Value Hunting Sparks Private Investor Interest in Mall REITs

National Real Estate Investor, Nov. 28, 2017--Donna Mitchell
Real estate investment trust sector experts say the attention the retail sector is now receiving is long overdue.

Why the Slowdown in Multifamily Starts is Healthy

D Magazine, Nov. 27, 2017--Jeff Price
There are significant headwinds in the face of multifamily developers which are beginning to inhibit their ability to start new projects.

Once-Hot Apartment Construction Cooling as U.S. Housing Engine

Bloomberg, Nov. 20, 2017--Shobhana Chandra; Vince Golle; Jordan Yadoo
Faster apartment building was instrumental in pulling the U.S. housing market out of its slump a decade ago. Now, that engine is starting to throttle back.

Mall Owners Ramp Up Holiday Spending in an Era of Diminished Expectations

Wall Street Journal, Nov. 21, 2017--Esther Fung (subscription)
The biggest mall and mixed-use center landlords across the U.S. are digging deep into their pockets to attract customers this holiday season. But they are under no illusion their efforts will bring windfalls to them or their tenants.

Brookfield's Offer for GGP Might Drive Prices in the Mall Sector Lower, Analysts Say

National Real Estate Investor, Nov. 17, 2017--Mary Diduch
Brookfield Property Partners' $14.8 billion offer to buy the remainder of shopping center owner General Growth Properties could re-price the retail sector--already challenged by the rise of e-commerce.

News and Trends

MBA Calls on Senate to Fix Tax Bill Treatment of MSRs

The Mortgage Bankers Association called on the Senate to fix a controversial provision in the Senate tax bill that would require any item of income that an accrual taxpayer recognizes for accounting purposes, including mortgage servicing rights, also be recognized for tax purposes.

MBA Welcomes 20 New Members

The Mortgage Bankers Association welcomed 20 new regular members to its ranks last month which currently numbers more than 2,300 member companies.

MBA, Trade Groups Urge CFPB to Drop Proposed HMDA Guidance

The Mortgage Bankers Association and other industry trade groups told the Consumer Financial Protection Bureau its Proposed Guidance on loan-level Home Mortgage Disclosure Act Data raises "profound concerns about the risks to consumer privacy, of identity theft and fraud."

CREF Highlights

Commercial and multifamily developments and activities relevant to your business and our industry.

E-Commerce a 'Tailwind' for Industrial Space

The U.S. industrial sector is flourishing while retail flounders due to greater demand for warehouse space and more diverse shipping needs due to e-commerce growth, reported Ten-X, Irvine, Calif.

'Positive But Guarded' Multifamily Outlook from Yardi Matrix

There remains a "consistent" positive case for multifamily investment, but said things could get "a bit bumpy" ahead, said Yardi Matrix, Santa Barbara, Calif.

Hotel Pipeline Shrinks

Hotel rooms currently under construction fell slightly--0.1 percent year-over-year--to 183,187, reported STR, Hendersonville, Tenn.

FHFA Shrinks Fannie Mae, Freddie Mac Multifamily Lending Caps

Fannie Mae and Freddie Mac multifamily lending caps will shrink slightly in 2018, the Federal Housing Finance Agency announced yesterday.

Transwestern: Increasing Office Demand in New York, New Jersey

Increasing demand for new construction in the Hudson Yards, Manhattan West and World Trade Center areas continues to benefit Manhattan's office market, reported Transwestern, Houston.

New York's Upper 5th Avenue Remains World's Most Expensive Retail Street

Upper 5th Avenue in New York remains the world's most expensive retail street, reported Cushman & Wakefield, New York.

Commercial/Multifamily Briefs

CBRE, Los Angeles, acquired a 50 percent interest in Streetsense, a privately held strategy and design company, creating a joint venture to provide services that help retailers create "compelling" consumer experiences.

People in the News

Berkadia Names Provinse Head of Mortgage Banking

Berkadia, New York, named Hilary Provinse Executive Vice President and Head of Mortgage Banking.

Dealmaker of the Week

MetLife Investment Management Lends $169M on Office, Multifamily

MetLife Investment Management, New York, lent $169.2 million on office and multifamily properties in Florida and Georgia.

MBA News

CREF18 in San Diego Feb. 11-14

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 returns to San Diego Feb. 11-14.

MBA Summit on Diversity and Inclusion Dec. 4-5

The Mortgage Bankers Association's annual Summit on Diversity & Inclusion takes place Dec. 4-5 at the Capital Hilton in Washington, D.C.

MBA Education Multifamily Property Inspection Workshop in Atlanta Mar. 21-22

MBA Education presents its popular Multifamily Property Inspection Workshop in Atlanta March 21 and 22, 2018.

Webinar: Excel for Commercial Real Estate Professionals, Jan. 17

The MBA Education Excel for Commercial Real Estate Finance Professionals webinar will explore how to create a useful and powerful spreadsheet when analyzing commercial real estate.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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