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Volume 16 | Issue 163 | Thursday, August 24, 2017

The Lede


Lean Inventories Continue to Dampen New Home Sales

July new home sales stumbled again in July, hampered by low inventories and a dearth of homes for under $150,000, HUD and the Census Bureau reported yesterday.


Residential Finance News

MBANow: Laurie Goodman of Urban Institute on Mortgage Credit Availability

The Mortgage Bankers Association released a new MBANow video featuring Laurie Goodman of the Urban Institute, who discusses mortgage credit availability and the plight of first-time home buyers in the purchase mortgage market.

Regulators Propose Basel III Delay

Yesterday, federal agencies issued a notice of proposed rulemaking that would pause Basel III implementation for certain assets, a development long advocated by the Mortgage Bankers Association.

Fannie Mae: Mortgage Lenders Shift Focus to Enhancing Consumer Experience

Fannie Mae, Washington, D.C., said to remain competitive, lenders are streamlining business processes, improving the consumer experience and investing in human capital.

Commercial/Multifamily News

Aging Population Boosting Demand for Medical Office Buildings

An aging population is boosting demand for medical office properties, reported CBRE, Los Angeles.

Dealmaker: John Hancock Acquires Boston HarborView at the Navy Yard for $149M

John Hancock Real Estate, Boston, acquired HarborView at the Navy Yard, a high-rise multifamily property on Boston Harbor in the Charlestown Navy Yard.

MBA News

MBA Presents mPowering You Event at MBA Annual Convention & Expo

The Mortgage Bankers Association is pleased to introduce mPowering You, a one-day event for women in real estate finance, on Saturday, Oct. 21 in Denver.

MBA Education School of Loan Origination II Sept. 12-28

MBA Education presents its School of Mortgage Origination II Instructor-Guided Online Course from Sept 12-28.

MBA Compliance Essentials HMDA Data Points Series Available

MBA Education and MISMO offer you the opportunity to own the complete Compliance Essentials Home Mortgage Disclosure Act Data Points Series for a special member price.

MBA Education Preparing for the Fannie Mae/Freddie Mac UCD Webinar Aug. 29

MBA Education presents a the first in a two-webinar series, Preparing for the Fannie Mae/Freddie Mac UCD, on Tuesday, Aug. 29 from 2:00-3:30 p.m. ET.

Top National News

Weekly Mortgage Applications Drop 0.5%, But Jumbo Loans Get Cheaper

CNBC, Aug. 23, 2017--Diana Olick (MBA Mention)
Mortgage application volume barely moved last week, down 0.5 percent from the previous week, the Mortgage Bankers Association said.

As Home Prices Rise, Lenders are Relaxing Mortgage Guidelines

GoRion, Aug. 22, 2017--Sam Bourgi
With home costs rising across the country, mortgage lenders are making it easier to qualify for a real estate loan. However, it remains to be seen whether liberalizing lending rules can sustain the recovery, or whether it will create more problems that it tries to solve.

Black Knight: Foreclosures Drop to Lowest Level in More than 10 Years

HousingWire, Aug. 24, 2017--Ben Lane
A new report from Black Knight Financial Services shows fewer loans in foreclosure in July than in any month in more than 10 years.

OCC Seeks to Raise Appraisal Thresholds for Commercial Real Estate Loans

National Mortgage News, Aug. 23, 2017--Brian Collins (subscription)
The Comptroller of the Currency is proposing to nearly double the appraisal threshold for commercial real estate transactions to $400,000, from $250,000.

Robert Shiller: Changes to Popular Deduction Wouldn't Have Big Effect on Housing Market

CNBC, Aug. 23, 2017--Michelle Fox
There may be rumblings about lowering the cap on mortgage interest rate deductions, but it would have a "rather small effect" on the housing market, Nobel Prize-winning economist Robert Shiller told CNBC on Wednesday.

Pension Funds, Life Insurers Overtake Banks as Biggest CRE Lenders in Boston

National Real Estate Investor, Aug. 23, 2017--Ely Razin
Pension funds and insurance companies were significant players in Boston's commercial real estate market in the first half of the year.

More High-End Deals Targeted by Revised Anti-Fraud Reporting Rule

National Mortgage News, Aug. 23, 2017--Brad Finkelstein (subscription)
Reporting requirements for title insurers and agents were expanded to cover more types of high-end real estate transactions, the Financial Crimes Enforcement Network said.

Janet Yellen's Future at the Fed Unresolved Heading Into Jackson Hole

Wall Street Journal, Aug. 24, 2017--Nick Timiraos (subscription)
The prospect of a second term for Federal Reserve Chairwoman Janet Yellen won't be on the agenda at the central bank's annual retreat this week at Grand Teton National Park, but the question of whether she could be asked to stay on--and whether she would accept--will be hanging over the confab.

American Homeowners Are Making Headway on Mortgage Debt, Report Finds

Washington Post, Aug. 23, 2017--Kenneth Harney
ATTOM Data Solutions found that 34 percent of all American homeowners have 100 percent equity in their properties--they have either paid off their entire mortgage debt or they never had a mortgage.

Mortgages: Too Much Risk?

Mortgage Orb, Aug. 23, 2017--Peter G. Miller
There's constant pressure in the mortgage marketplace to make financing quicker, easier and more broadly available. After all, with reduced lending requirements, we did sell more than 7 million existing homes in 2005, which was about 1.5 million more units than we expect to market this year. Surely it would make sense to ease credit standards now to pump up home sales, right?

HMDA Examination Guidelines Issued

Mortgage Daily, Aug. 23, 2017
On Tuesday, the Federal Financial Institutions Examination Council issued HMDA examiner transaction testing guidelines to help assess the accuracy of the HMDA data reported by financial institutions.

Refinances Lead Rise in 2016 Mortgage Originations

Mortgage Daily, Aug. 23, 2017
A newly released report indicates that mortgage production last year rose 15 percent from the previous year. Leading the gain was refinancing activity.

Alexa, Get Me a Mortgage

DSNews, Aug. 23, 2017--Joey Pizzolato
Is it so simple that a North Dallas firm could bring artificial intelligence to the mortgage lending space?

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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