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Volume 16 | Issue 243 | Monday, December 18, 2017

The Lede


MBA Advocacy Update

Tax reform continues to dominate the discussion in Washington, with the House and Senate slated to vote on a final package this week. Congress will also need to pass a continuing resolution to keep the government open beyond December 22 before leaving for the holidays.


Residential Finance News

MBA Chart of the Week: IMB Servicing

This week's chart examines the operating liquidity of a sample of Independent Mortgage Bank Servicers.

Bitcoin Debuts on Real Estate Finance Scene

Okay. When it comes to buying a house, you have the mortgage sale, the all-cash sale--and now, the Bitcoin sale?

The Week Ahead

The House and Senate, eager to wind up the First Session of the 115th Congress, continue working on the last major piece of business for the year: tax reform.

Commercial/Multifamily News

Potential 'Turning Point' for Rental Housing?

A decade of "unprecedented" growth in the rental housing sector may be approaching an end, the Harvard Joint Center for Housing Studies reported.

Dealmaker: Hall Structured Finance Lends $72M for Hotel Construction

Hall Structured Finance, Dallas, closed two construction loans totaling $72.3 million for hotels in California and South Carolina.

MBA News

MBA Independent Mortgage Bankers Conference Jan. 22-25

The Mortgage Bankers Association's Independent Mortgage Bankers Conference takes place Jan. 22-25 at the Ritz-Carlton on Amelia Island, Fla.

MBA Education Foundational Concepts in Residential Mortgage Servicing in Dallas Feb. 6

MBA Education presents a workshop, Foundational Concepts in Residential Mortgage Servicing, on Tuesday, Feb. 6 in Dallas in conjunction with the Mortgage Bankers Association's National Servicing in Mortgage Banking Conference & Expo.

MBA Residential Future Leaders Program Class of 2018 Application Deadline Jan. 22

MBA Education is accepting applications for its Residential Future Leaders Program Class of 2018. Application deadline is Jan. 22.

MBA CRA Residential Lending Workshop Feb. 21

The Mortgage Bankers Association's annual CRA Residential Lending Workshop takes place Feb. 21, 2018 at the Embassy Suites Charlotte Uptown in Charlotte, N.C.

Top National News

The Mortgage Bankers Association's CIO Runs Strategy and Member Services for Good Measure

CIO Insight, Dec. 15, 2017--Peter High
Peter Grace is CIO and SVP of Strategy and Member Services with the Mortgage Bankers Association. In this role, he has the traditional CIO responsibilities, but he has leveraged his background as consultant and process expert.

Long-Term Mortgage Delinquency Back to Pre-Financial Crisis Levels

Curbed (Vox Media), Dec. 15, 2017--Jeff Andrews
Home mortgages that are in some stage of delinquency dropped from 5.2 percent a year ago to 5 percent in September, according to a new report from CoreLogic, an information intelligence company that serves the real estate and mortgage finance sectors.

Homeowners Have Had It Good. Too Good, Says the Tax Bill

New York Times, Dec. 16, 2017--Conor Dougherty
The bill will increase many homeowners' monthly housing costs by scaling back deductions that allow them to reduce mortgage interest and property taxes. And by roughly doubling the standard deduction, it reduces the incentive to buy homes by making far fewer homeowners eligible for preferential tax treatment.

Mortgage Lenders Fear 'Train Wreck' Logjam Due to IRS Issue

National Mortgage News, Dec. 17, 2017--Brian Collins (subscription)
Industry groups, including the American Bankers Association, Mortgage Bankers Association, National Association of Federally Insured Credit Unions and National Association of Home Builders, are urging the IRS to act quickly to resolve the situation.

Major IRS Glitch Could Delay Closings by Months

Mortgage Daily, Dec. 15, 2017
Mortgage industry vendors are reporting that as of midday Thursday, they have been unable to retrieve tax transcripts from the IRS at the pace needed to handle the daily volume of loans. One of the largest vendors reports that they might have to revert to manual downloads--potentially cutting production levels from tens of thousands of transcripts per day to potentially hundreds.

Bob Wilmers, Banker Who Created Regional Powerhouse, Dies at 83

Wall Street Journal, Dec. 17, 2017--Christina Rexrode (subscription)
Bob Wilmers, who turned a small Buffalo, N.Y., bank, M&T Bank Corp., into one of the largest U.S. regional lenders, died on Saturday night. He was 83 years old.

A Home Buyer's Nightmare: Moving to a Flood Zone Without Knowing It

Wall Street Journal, Dec. 17, 2017--Laura Kusisto (subscription)
There are no federal laws requiring home sellers to disclose if their properties previously have been flooded.

Fed's Quarles to Recuse Himself From Matters Involving Wells Fargo

Wall Street Journal, Dec. 15, 2017--Harriet Torry (subscription)
Federal Reserve Vice Chairman for Supervision Randal Quarles will recuse himself from participating in matters specific to Wells Fargo & Co., "to avoid even the potential appearance of a conflict of interest," the central bank said Friday.

Fewer Borrowers Get HARP Refinances in October

National Mortgage News, Dec. 15, 2017--Elina Tarkazikis (subscription)
The Home Affordable Refinance Program recorded a 45% drop in volume in October from the previous year as it continunes to wind down, according to the Federal Housing Finance Agency.

Consumer Optimism Dips Before the Holidays

HousingWire, Dec. 15, 2017--Kelsey Ramirez
Consumers grew slightly less optimistic headed into the holidays, however optimism still remains at historical highs, according to the Survey of Consumers conducted by the University of Michigan.

Mortgage Brokers Operated AMC to Influence Values

Mortgage Daily, Dec. 15, 2017
The owners of Chicago-area mortgage brokerage American Financial Mortgage Services Inc. are accused of operating an appraisal management company in order to influence appraised values on fraudulent loans.

TCF Bank Completes Acquisition of Rubicon Mortgage Advisors

HousingWire, Dec. 15, 2017--Ben Lane
TCF National Bank, a Minnesota-based depository, announced this week that it has completed its acquisition of Rubicon Mortgage Advisors, a mortgage lender with offices in Minnesota and North Dakota and licenses to operate in South Dakota, Wisconsin, Colorado, and California.

Discard and Donate Before Moving

UExpress, Dec. 15, 2017--Lew Sichelman
Folks who are moving often hold garage sales to get rid of their unwanted stuff. But after that, they're usually in a quandary: What do we do with the rest of the things we no longer want or need?

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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