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Volume 16 | Issue 161 | Tuesday, August 22, 2017

The Lede


Future Homeownership Demand ‘Solid' As Millennials Shift Gears

The U.S. homeownership rate, which fell in 2014 to a 20-year low, is poised to recover some in the next few years, buoyed by positive underlying fundamentals, said First American Financial Corp., Santa Ana, Calif.


Residential Finance News

RE/MAX: July Home Sales Down, But Sold at Faster Pace

RE/MAX, Denver, said July home sales decreased slightly, although homes sold at a faster rate than any month in nearly a decade.

Fannie Mae: Upside Offsets Downside, Keeps Economic Growth on Pace

Looming geopolitical tensions and the growing potential for a U.S. government shutdown as well as a technical default pose risks to the economy but are not expected to derail full-year growth of 2.0 percent, according to the Fannie Mae Economic & Strategic Research Group's August Economic and Housing Outlook.

Residential Briefs

The Law Offices of Thomas W. Rutledge APC, San Diego, reorganized as a licensed public adjuster firm and renamed the company Rutledge Claims Management Inc.

Commercial/Multifamily News

CMBS Supply/Demand Fundamentals Stable

Commercial property market supply and demand fundamentals remained stable in the first quarter, reported Moody's Investors Service, New York.

Dealmaker: Pacific Reach Properties Acquires L.A. Office Complex for $62M

Pacific Reach Properties, Vancouver, B.C., purchased Sherman Plaza, a two-building office complex on seven acres in Los Angeles.

MBA News

John Legend Highlights ConcertMBA at MBA Annual Convention & Expo

This year's Mortgage Bankers Association's Annual Convention & Expo, taking place Oct. 22-25 in Denver, welcomes Grammy Award-winning singer-songwriter John Legend for ConcertMBA.

MISMO Fall Summit Sept. 25-29

The MISMO Fall Summit takes place Sept. 25-29 in Crystal City, Va., just outside Washington, D.C.

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 Successor In Interest State Level Reports Available

MBA and the Compliance Essentials program, in collaboration with leading legal experts, have created state-by-state reports to help servicers understand documents that are required to verify a successor in interest's status in each state.

Top National News

Deadline Looms on Flood Insurance Program

Scotsman Guide, Aug. 21, 2017--Victor Whitman
The nation's largest mortgage banking trade group, the Mortgage Bankers Association, recently urged its members to reach out to representatives in support of bills that would extend the program.

Mr. Cooper Launching Mortgage-Linked Credit Card

HousingWire, Aug. 21, 2017--Ben Lane
Mr. Cooper, the nonbank that officially left the name Nationstar behind on Monday, is already the most unique name in the mortgage business. When using the Mr. Cooper Home Rewards credit card, customers can earn cash back that will be applied to the principal balance on their mortgage.

Housing Recovery Suffers, But Don't Blame the Millennials

CNBC, Aug. 21, 2017--Diana Olick
Competition for housing is soaring, affordability is weakening and the U.S. housing recovery is grinding to a crawl--and, in large part, the baby boom generation is to blame.

No Money Down Mortgages? This Credit Union Welcomes Them Back

Orange County Register (Calif.), Aug. 21, 2017--Jonathan Lansner
Lending industry logic suggests the more money any borrower puts into a loan the more likely they'll make the house payments. So why is Orange County's Credit Union offering to finance homebuyers who put nothing down?

Fannie to Allow Some Appraisal-Less Transactions

Mortgage Daily, Aug. 21, 2017
Like its secondary cousin, Fannie Mae will begin allowing some home-purchase financing loans without appraisals.

The Game-Changer for End-to-End Digital Mortgages: eClosings

HousingWire, Aug. 21, 2017--Brena Swanson
Nearly everything about the industry's prized digital mortgage is streamlined expect for the final, and one of the most important, steps at the end.

Higher Mortgage Rates that Many Expected in Trump Era Haven't Materialized

Boston Globe, Aug. 21, 2017--Katheleen Conti
"In the months after the election there was an expectation the Trump administration would be able to enact tax cuts and infrastructure spending," said Aaron Terrazas, senior economist at the real estate website Zillow. "If they had done that, it would have boosted growth, which would have made the [Federal Reserve] more confident in raising interest rates. But the growth prospects are slower than expected."

Mortgage Production Reports Vary Widely

Mortgage Daily, Aug. 21, 2017--Sam Garcia
Reports of mortgage production continue to roll in, with some home lenders achieving new milestones, ranking at the top of their local markets--or giving up on the business.

NY Re-Adopts Laws Requiring NY Mortgage Loan Servicers to Register and Post Surety Bonds

National Mortgage Professional, Aug. 21, 2017--Vic Lance
The New York State Department of Financial Services recently re-adopted a registration procedure for mortgage loan servicers. As a part of the process, professionals need to meet bonding requirements and provide appropriate errors and omissions insurance coverage.

Fed's Big Bond Unwind May Clobber U.S. Stocks, Corporate Debt

Bloomberg, Aug. 21, 2017--Rich Miller, Sally Bakewell
Stocks and corporate bonds may be the surprise big losers once the Federal Reserve starts reducing its $4.5 trillion balance sheet.

Famed Plaza Hotel Is On the Block

Wall Street Journal, Aug. 22, 2017--Craig Karmin (subscription)
The Indian owners of the Plaza Hotel have hired a broker to sell the New York City landmark, a sign that a world-wide scramble among investors, celebrities and governments to acquire the property could be nearing an end.

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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