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Volume 15 | Issue 192 | Tuesday, October 04, 2016

The Lede


GSEs to Lenders: ‘Keep Up the Good Work'

LOS ANGELES--It's no secret that in the years following the Great Recession and the height of the subprime loan crisis, mortgage loan quality has improved dramatically--almost to a fault, analysts said here at the Mortgage Bankers Association's Risk Management, Quality Assurance & Fraud Prevention Conference.


Top National News

TRID One Year Later

HousingWire, Oct. 3, 2016--Swanson, Brena

MBA Senior Vice President Pete Mills called TRID a "massive undertaking" but noted impact on consumers was mitigated because lenders prepared for rule.

Quicken Loans CEO on the Fed's Next Move

CNBC, Oct. 3, 2016

Bill Emerson (current chairman of the Mortgage Bankers Association) said any Fed action will have little immediate impact on mortgage rates.

Will The Presidential Election Create Higher Mortgage Rates?, Oct. 3, 2016--Miller, Peter G.

Election results could very much change the cost to finance or refinance a home.

Banks Are Cutting Servicing Staff: Fitch

National Mortgage News, Oct. 3, 2016--Passy, Jacob

Bank mortgage servicers are slashing their staff in the wake of improved loan performance and decreased portfolio, according to Fitch Ratings.

Cash-Out is King in Q2 Refi

National Mortgage Professional, Oct. 3, 2016--Hall, Phil

Cash-out transactions accounted for 42 percent of refinance activities during the second quarter, according to new data released by Black Knight Financial Services.

RBS to Pay $120 Mln to Resolve Connecticut Mortgage Bond Probe

Reuters, Oct. 3, 2016--Raymond, Nate

Royal Bank of Scotland Group PLC to resolve investigation of mortgage-backed securities underwriting ahead of 2008 financial crisis.

Utah-Based Lenders Agree to Pay Nearly $10M to Resolve Mortgage Lending Case

Salt Lake Tribune, Oct. 4, 2016 (Associated Press)

Primary Residential Mortgage Inc. and SecurityNational Mortgage Co. agreed to pay $5 million and $4.25 million, respectively, to resolve separate allegations that they violated the False Claims Act.

Illinois to Suspend Investment Activity with Wells Fargo

Wall Street Journal, Oct. 3, 2016--Connors, Will

Illinois will suspend $30 billion in investment activity with Wells Fargo & Co., the state treasurer said Monday morning.

Agency Issuance Most Since 2012, Record at Ginnie

Mortgage Daily, Oct. 3, 2016

Fixed-rate MBS issuance on behalf of Fannie Mae, Freddie Mac and Ginnie worked out to $157.656 billion during September.

How Meddling with Monetary Policy Shaped Modern Mortgages

National Mortgage News, Oct. 3, 2016--Calabria, Mark A.

The author, with Cato Institute, says the shape of the mortgage market "bends to fit the macroeconomic environment."

CMBS Delinquencies Resume Rising in September: Trepp

National Mortgage News, Oct. 3, 2016--Bisbey, Allison

Late payments on securitized commercial mortgages reversed course in September and resumed a climb that began in March, according to Trepp.

Looking to Buy a Home? Now is Not the Time

HousingWire, Oct. 3, 2016--Ramirez, Kelsey

Housing affordability keeps homeownership out of reach, says National ASsociation of Realtors.

Summer Housing Market is Not Cooling Down this Fall

HousingWire, Oct. 3, 2016--Ramirez, Kelsey

Fall could be hottest housing market in decade, says Natonal Association of Realtors.

European Banks Cutting 20,000 Jobs as ING Joins Commerzbank

Bloomberg, Oct. 3, 2016--Munoz Montijano, Macarena; De Jong, David

European banks are preparing a fresh round of bloodletting--with some 20,000 jobs set to go--as tougher rules and negative interest rates weigh on profits.

U.S. Factories Rebound, Resisting Global Downward Pull

Reuters, Oct. 3, 2016--Lange, Jason

The Institute for Supply Management said Monday its index of national factory activity rose to 51.5 from 49.4 in August.

U.S. Construction Spending Weakens in August

MarketWatch, Oct. 3, 2016--Robb, Greg

Outlays for U.S. construction projects weakened in August and July led by steep declines in spending on public projects, the Commerce Department reported Monday.

Canada Tightens Mortgage, Tax Rules to Cool Housing Market

Reuters, Oct. 3, 2016--Lou, Ethan

Canada will close a tax loophole and introduce a stress test to insured mortgage lending, the government said Monday, its latest move to cool a market that some call a housing bubble.

Finance & Investment Research, Part 1: Great Expectations

National Real Estate Investor, Oct. 3, 2016--Mattson-Teig, Beth

Commercial real estate borrowers remain confident despite greater regulatory pressures, new risk retention rules impacting capital markets.

Bass Pro Shops to Acquire Cabela's

Wall Street Journal, Oct. 3, 2016--Germano, Sara; Helliker, Kevin

Deal for $4.5 billion in cash comes as sporting goods industry struggles with tepid sales.

Residential Finance News

Affinity Fraud Schemes on Rise

'You Don't Have to Be a Bernie Madoff'

Fraud as a Compliance Issue

'Look Underneath Your Loans'

People in the News

News from Capsilon; Guild Mortgage; Bestborn; MiT; Fannie Mae

Commercial/Multifamily News

Wells Fargo Securities: Is Retail Demand Sustainable?

Slowing Restaurant Sales Pose Questions About 'Experiential' Tenants

MBA News

Join Red Sox Legends Jim Rice, Jason Varitek at MBA Annual Convention & Expo

Clara Shih Leads Special Session, 'Will Loan Officers Become Obsolete?'

MBA Education Cyber-Security Third Party Oversight for Mortgage Lenders Webinar Oct. 5

Overview of Cyber-Security, Data Privacy Risks for Lenders/Servicers

About MBA Newslink

President and CEO: David H. Stevens, 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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