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Volume 16 | Issue 244 | Tuesday, December 19, 2017

The Lede


Fannie Mae, Freddie Mac Publish 'Duty to Serve' Plans

The Federal Housing Finance Agency yesterday published Duty to Serve program market plans for Fannie Mae and Freddie Mac for the next two years.


Residential Finance News

MBA, Trade Groups Sound Alarm over IRS Tax Processing Delays

The Mortgage Bankers Association and other industry trade groups said a recent Internal Revenue Service change to its tax transcript process could cause "significant delays" to millions of home transactions.

Builder Confidence at 18-Year High

Superlatives are overused in this day and age, but the National Association of Home Builders can boast its Housing Market Index has never been healthier this century.

Commercial/Multifamily News

Mortgage Rates, Net Operating Income Drive Apartment Market Increases

Multifamily investing conditions grew "modestly stronger" in the third quarter, reported Freddie Mac, McLean, Va.

Dealmaker: Kennedy Wilson Acquires Two Pacific Northwest Multifamily Assets

Kennedy Wilson, Beverly Hills, Calif., acquired two Pacific Northwest multifamily assets for $195 million.

MBA News

MBA National Technology in Mortgage Banking Conference & Expo Apr. 15-18

Tech 18, the Mortgage Bankers Association's National Technology in Mortgage Banking Conference & Expo 2018, takes place Apr. 15-18 at the Detroit Marriott At the Renaissance Center.

MBA Education School of Mortgage Servicing Feb. 26-Mar.8

MBA Education offers its popular School of Mortgage Servicing instructor-guided online course from Feb. 26-Mar. 8.

MBA Education Cybersecurity Fundamentals & NY DFS Requirements Workshop Feb. 6-7

MBA Education offers a workshop, Cybersecurity Fundamentals & NY DFS Requirements, on Tuesday Feb. 6 and Wednesday, Feb. 7 in McLean, Va. (near Washington, D.C.).

NMLS Launches 2018 Licensing Renewal Effort; Deadline Dec. 31

The Nationwide Mortgage Licensing System's 2018 Streamlined Renewal Process begins November 1 and ends December 31. MBA encourages Mortgage Loan Originators to renew their licenses as soon as possible.

Top National News

Fannie, Freddie Recommit to Financing Chattel Loans

National Mortgage News, Dec. 18, 2017--Bonnie Sinnock (subscription)
Fannie Mae and Freddie Mac's final Duty to Serve plans move ahead with expanded support for manufactured housing through both single-family and multifamily programs, including controversial personal property loans.

Bad News, Homeowners: Tax Bill Would End Deductions for Interest on Home Equity Loans

Boston Globe, Dec. 19, 2017--Tim Logan
Under the massive tax bill now poised to pass Congress--and be signed by President Trump before Christmas - homeowners no longer would be able to deduct the interest on home equity loans, a relatively cheap form of borrowing based on the equity in a property.

Three Looming Worries for Bankers in Final Tax Reform Plan

National Mortgage News, Dec. 18, 2017--Ian McKendry (subscription)
Congress is close to the finish line in passing a major tax overhaul, and bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill also still includes some caveats that might give certain institutions pause.

Trump Tax Reform Sets Markets Up for Santa Rally

HousingWire, Dec. 18, 2017--Jacob Gaffney
As most of the press argues about the merits of tax reform, and its expected passage this week, one thing largely missed by the mainstream coverage is that, politics aside, this news is good for the stock markets.

The Coastal Mortgage Time Bomb

Inman, Dec. 19, 2017--Bryan Walsh
Analysts worry that if insurers start to pull out of flood-prone seaside communities, it could cause a crisis worse than 2008.

2018 Mortgage Loan Limits--With Charts, Dec. 18, 2017--Peter G. Miller
Mortgage loan limits are up for 2018 because real estate values nationwide have generally been rising.

Fed's Kashkari Warns Rate Rises Could Drive Economy Into Recession

Wall Street Journal, Dec. 18, 2017--Michael S. Derby (subscription)
Federal Reserve Bank of Minneapolis President Neel Kashkari warned Monday that bad things may lie ahead for the economy if his colleagues at the U.S. central bank press forward with interest-rate increases.

RoundPoint Introduces Retail Mortgage Lending Division

DS News, Dec. 18, 2017--Rachel Williams
The new mortgage lending division, which employs 174 people, was initially launched to neutralize RPMS's portfolio run-off. The next phase for the operation is to expand to purchase market opportunities.

Lone Star Shifts Tougher REOs to Residential Capital; Launches Rental Strategy

DebtWire, Dec. 18, 2017--Al Yoon
Lone Star Funds is turning to residential rentals as it grapples with the dregs of more than USD 30bn in delinquent loans purchased over the past several years.

Former Exec Sues Guaranteed Rate

Chicago Tribune, Dec. 18, 2017--Ally Marotti
Mortgage lender Guaranteed Rate Mortgage allegedly owes one of its former employees, who has been recognized as one of the top loan producers in the country, more than $2 million in compensation, according to a lawsuit filed by the former employee.

Wholesaler, Bank and Credit Union Fail

Mortgage Daily, Dec. 18, 2017
Data from the Federal Deposit Insurance Corp. which was named receiver by the OCC, indicate that Washington Federal's deposits were $144 million, while assets were $166 million and included $121 million in single-family assets and $25 million in commercial real estate loans.

Mortgage Banking Exec Indicted for Warehouse Fraud

Mortgage Daily, Dec. 18, 2017
In an indictment unsealed Thursday in a federal court in Manhattan, New York, the Department of Justice accuses John Reimer of defrauding warehouse lenders.

Digital Mortgages Work Best with 'Less is More' Approach to Workflow

National Mortgage News, Dec. 18, 2017--Kyle Kamrooz (subscription)
The author, with Cloudvirga, says by leveraging intelligent technology to drive the day-to-day origination workflow, lenders can manufacture loans more consistently and bring in human expertise where needed to handle exceptions.

Bankrupt Toys ‘R' Us Weighs Closing at Least 100 Stores

Bloomberg, Dec. 18, 2017--Lauren Coleman-Lochner, Matthew Townsend
Toys "R" Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales.

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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