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Volume 15 | Issue 40 | Thursday, September 28, 2017

The Lede


MBA: 2Q C/MF Mortgage Debt Rises to $3.06 Trillion

Total commercial/multifamily mortgage debt outstanding rose to $3.06 trillion at the end of the second quarter, an increase of $48.7 billion, or 1.6%, from the first quarter, the Mortgage Bankers Association reported this week.


Top National News

Commercial and Multifamily Mortgage Delinquency Rates Remain Flat

National Mortgage Professional, Sept. 26, 2017--Phil Hall
Delinquency rates for commercial and multifamily mortgages were mostly stagnant during the second quarter, according to new data from the Mortgage Bankers Association.

Janet Yellen Says Fed Plans to Keep Raising Rates

New York Times, Sept. 26, 2017--Binyamin Applebaum
Federal Reserve Chairwoman Janet Yellen said on Tuesday the Fed plans to continue raising its benchmark interest rate despite some uncertainty about the reasons that inflation had weakened in recent months.

How Capital Stack Dynamics Contribute to Today's Challenges to Multifamily Developers

National Real Estate Investor, Sept. 26, 2017--Kevin Farrell
While almost anyone investing in apartments prospered during the recent boom, the players that will succeed during this cycle shift will be experienced teams.

How PNC's Real Estate Head Leads by Listening

National Mortgage News, Sept. 25, 2017--Bonnie Sinnock
Leadership is not about being the loudest voice in the room, it's about listening. That's Diana Reid's philosophy, and it's worked for her.

As the Fed Steps Back From Mortgage Market, REITs Gear Up to Buy

Bloomberg, Sept. 21, 2017--Claire Boston
Many fund managers are fearful about the Federal Reserve shedding its massive $1.78 trillion mortgage bond portfolio, a step it plans to start next month. Some investors say it's time to get greedy. Some mortgage bond fund managers known as real estate investment trusts have been raising cash at their fastest pace since 2013, giving them enough new capacity to buy more than $30 billion of the securities.

Mortgage and Banking Groups Express Concern Over Efforts to Derail an Overhaul of Fannnie Mae, Freddie Mac

The Hill, Sept. 21, 2017--Vicki Needham (MBA mention)
The groups on Thursday wrote a letter to Treasury Secretary Steven Mnuchin and Mel Watt, director of the Federal Housing Finance Agency, calling on them to help usher through bipartisan legislation in Congress to reform the housing finance system and end government control of the two entities.

News and Trends

Lopez Urges Vigilance in ‘High-Risk' Environment

MIAMI--Financial regulators are focusing intently on lenders' risk management organizations and practices. So is the Mortgage Bankers Association.

CREF Highlights

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

MBA, Trade Groups Up Pressure on Flood Insurance Fix

The Mortgage Bankers Association and other industry trade groups intensified their pressure on the House to pass a bill that would strengthen and expand the private flood insurance market.

MBA: Second Quarter Delinquencies Remain Low; CMBS Increases Slightly

Delinquency rates for commercial and multifamily mortgage loans were relatively flat in the second quarter, the Mortgage Bankers Association said in its Commercial/Multifamily Delinquency Report.

MBA Asks House to Strengthen Flood Insurance Bill

The Mortgage Bankers Association, in a letter to House leadership, expressed strong support for inclusion of provisions that would strengthen and expand the private flood insurance market within Title IV of the FAA Reauthorization bill slated for floor consideration this week.

MBA Advocates Volcker Rule Changes to Improve CMBS Market Making

Certain changes to the Volcker Rule would better accomplish the rule's public policy purposes--and protect a foundational element of commercial mortgage-backed securities liquidity--the Mortgage Bankers Association said in a letter to the Office of the Comptroller of the Currency.

MBA, Trade Groups Urge Administration to Stay Course on GSE Reform

The Mortgage Bankers Association and other industry trade groups urged the Trump Administration to maintain momentum on reforming Fannie Mae and Freddie Mac, expressing concerns that reform efforts appear to be stalling on Capitol Hill.

CBRE: Florida CRE 'Resilient' in Face of Hurricane Irma

Florida's commercial real estate market benefited from long-term preparation when Hurricane Irma hit, reported CBRE, Los Angeles.

$5+Billion in CMBS Exposed to Toys R Us Bankruptcy

More than $5 billion in commercial mortgage-backed securities loans have exposure to Toys R Us--which filed for bankruptcy Monday--as a tenant, CMBS analysts say.

Autonomous Vehicles Changing Real Estate Design

Though autonomous vehicles are years away from popular usage, they are already changing how land-use planners and developers think about commercial real estate, said valuation and assessment firm BBG, Dallas.

Commercial/Multifamily Briefs

Multifamily & Healthcare Finance LLC--an approved MAP and LEAN FHA lender that provides mortgages and new construction funding for clients purchasing, refinancing, rehabilitating or developing commercial, multifamily and healthcare properties--recently launched, led by Jim Moore, Joe Funk and Bob Sheddy.

People in the News

Schwartz Joins H.I.G. Bayside Capital as Head of U.S. Distressed Commercial Real Estate

Global alternative asset firm H.I.G. Capital hired Steven Schwartz, former Head of Acquisitions and Originations at Torchlight Investors LLC, as a Managing Director responsible for distressed commercial real estate.

Dealmaker of the Week

Walker & Dunlop Closes $1.9B Financing for Greystar

Walker & Dunlop, Bethesda, Md., secured a $1.9 billion portfolio of Freddie Mac loans that allowed Greystar Growth and Income Fund LP to acquire Monogram Residential Trust.

MBA News

Update on Tax Reform Proposals & Impact on CRE Finance Webinar Oct. 3

Tax reform is the next major project for legislators on Capitol Hill and many of the big-ticket items being discussed lie at the heart of commercial real estate transactions. This webinar will include leading government affairs, tax and economic experts to discuss the latest proposals, how they would affect provisions at the core of commercial real estate markets and what the implications could be.

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.

Now Taking Applications: MBA Education Commercial/Multifamily Future Leaders Program

MBA Education is taking applications for its Commercial/Multifamily Future Leaders Program, an executive leadership development program that delivers a comprehensive curriculum for selected managers who have shown leadership abilities.

MBA Education Multifamily Property Inspection Workshop in Dallas Nov. 8-9

MBA Education presents its popular Multifamily Property Inspection Workshop in Dallas November 8 and 9.

MBA Accounting/Financial Management Conference Nov. 13-15

The Mortgage Bankers Association's Accounting/Financial Management Conference 2017 takes place Nov. 13-15 at the Grand Hyatt San Antonio.

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.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

Enrollment Deadline Approaching: FHA Multifamily Underwriter Training

The MBA Education FHA Multifamily Underwriting Training Program--the most extensive and rigorous curriculum of its kind in the industry--starts Jan. 8. Open enrollment ends Oct. 31.

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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