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Volume 16 | Issue 234 | Tuesday, December 05, 2017

The Lede


MBA Sends Letter of Support for Senate Reg Relief Bill

Ahead of a Senate Banking Committee vote today on a regulatory relief bill, the Mortgage Bankers Association sent a letter of support yesterday to the bill's chief sponsor and asked Committee members for its approval.


Residential Finance News

Colonial Savings Founder, Chairman Emeritus Jimmy DuBose Passes Away

James S. "Jimmy" DuBose, who founded Colonial Savings FA, Fort Worth, Texas, served as its chairman for many years and hired current Mortgage Bankers Association Chairman David Motley, CMB, died on Dec. 1. He was 93.

Millennial Homeownership Demand 'Awakening'

New research from the University of Southern California and Fannie Mae says the 88-million strong Millennial generation is increasingly flexing its muscles in the housing market.

Study IDs 'Hot' 4Q Markets

ATTOM Data Solutions, Irvine, Calif., said its "pre-mover" data show what are likely to be home sales "hot spots" in the fourth quarter, including Colorado Springs, Colo., Washington, D.C. and Nashville.

Commercial/Multifamily News

Steady Rise In Small-Balance Lending

Small-balance multifamily lending--between $1 million and $5 million--slipped during the third quarter but remains on a record-setting pace for the year, reported Arbor Realty Trust and Chandan Economics.

Dealmaker: Brookfield Asset Management Buys Houston Center for $875M

Brookfield Asset Management, Toronto, acquired the 4.2-million-square-foot Houston Center in downtown Houston for $875 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.

MAA Quarterly Advocacy Update Dec. 13

The Mortgage Bankers Association's Mortgage Action Alliance Quarterly Advocacy Update takes place Wednesday, Dec. 13 from 3:00-4:00 p.m. ET.

MBA Compliance Essentials Home Mortgage Disclosure Act Resource Guide Available

MBA Education and MBA Compliance Essentials announce availability of the Compliance Essentials Home Mortgage Disclosure Act Resource Guide.

Top National News

Senate Tax Overhaul Draws Tepid Industry Response

Scotsman Guide, Dec. 4, 2017--Victor Whitman
MBA President and CEO David Stevens said in a statement "this package will protect the ability of most Americans to obtain safe, decent shelter and affordable home mortgage credit without disruption." MBA has previously expressed alarm at GOP proposals that would minimize housing incentives.

GOP's Late Changes to Tax Bill Buoy Key Industries

Wall Street Journal, Dec. 4, 2017--Kate Davidson, Joshua Jamerson (subscription)
Republican senators inserted last-minute changes into their tax overhaul bill early Saturday morning, including ones aimed at helping oil and gas companies, cruise-ship operators, auto dealers, universities and mortgage bankers.

Mortgage Banker Profits Down in Q3 as Production Costs Continued to Rise

Mortgage Orb, Dec. 4, 2017--Patrick Barnard
It continued to get less profitable to originate mortgage loans in the third quarter, with the average net gain falling to $929 per loan, down from an average of $1,122 per loan in the second quarter, according to the Mortgage Bankers Association's quarterly performance report.

Common Securitization Platform Testing Taking Longer than Expected

National Mortgage News, Dec. 4, 2017--Brad Finkelstein (subscription)
Testing of the common securitization platform is taking longer than expected, but the Federal Housing Finance Agency said it won't delay the 2019 launch of Fannie Mae and Freddie Mac's new single "uniform mortgage-backed security."

Pacific Union Adding Hundreds of Texas Jobs

Mortgage Daily, Dec. 4, 2017--Vic Kolenc
Pacific Union Financial LLC, a Dallas area-based mortgage firm, plans to open a mortgage-fulfillment center in El Paso, Texas, with 699 good-paying jobs created over five years, according to city information.

Wells Fargo Sees Highest NPL Volume Trading Since Crisis

HousingWire, Dec. 4, 2017--Jacob Gaffney
Wells Fargo Securities analysts Vipul Jain, Philip Hong, and Samuel Cecil keep a close eye on the secondary mortgage markets for their clients. In their latest email, the analysts note that November was jam-packed with non-performing loan trading volume.

Ocwen Settlement-Palooza Sees $36 Million Going Out, $30 Million Coming Back In

HousingWire, Dec. 4, 2017--Ben Lane
On Monday, Ocwen disclosed that it reached more settlements in various matters, including an additional settlement with investors related to the company's previously restated earnings, and a settlement with CIT Bank over a 2013 MSR deal.

America's Future Depends on the Death of the Single-Family Home

Business Insider, Dec. 4, 2017--Tanza Loudenback
One hallmark of the American Dream , the single-family home, is dying as we know it because the U.S. needs more affordable housing.

Student Housing REITs See Growth Potential in Public-Private Partnerships

National Real Estate Investor, Dec. 4, 2017--John Egan
Publicly traded student housing real estate investment trusts are increasingly turning to public-private partnerships to boost growth.

Fed Rate Hike is Expected Next Week and Three More Increases are Expected in 2018: Reuters Poll

CNBC, Dec. 4, 2017
The U.S. Federal Reserve is almost certain to raise interest rates later this month, a Reuters poll of economists reported. A majority of economists now expect three more rate increases next year compared with two when surveyed just weeks ago.

U.S. Factory Orders Slip; Business Spending Robust

Reuters, Dec. 4, 2017--Lucia Mutikani
New orders for U.S.-made goods fell less than expected in October and shipments of core capital goods were much stronger than previously reported, pointing to sustained strength in manufacturing that should buoy the economy.

Wave of Mortgage Executive Appointments

Mortgage Daily, Dec. 4, 2017--Sam Garcia
From the board room to the C-Suites to the executive suites, home lending organizations have recently been busy appointing, recruiting and promoting new leaders and directors.

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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