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Volume 16 | Issue 245 | Wednesday, December 20, 2017

The Lede


Senate Passes Tax Bill with MSR Exception; House to Vote Again Today

The Senate early this morning approved a massive overhaul of the U.S. tax code that includes a Mortgage Bankers Association-supported exception for tax treatment of mortgage servicing rights. The bill now goes back to the House, which must vote again on the legislation following a procedural glitch.


Residential Finance News

Applications Down Again in MBA Weekly Survey

Mortgage applications fell for the second straight week even as key interest rates fell, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending December 15.

mPower: MBA COO Marcia Davies & NAMMBA Founder Tony Thompson, CMB

The Mortgage Bankers Association released a new video featuring MBA Chief Operating Officer Marcia Davies and National Association of Minority Mortgage Bankers of America founder Tony Thompson, CMB, who discuss the upcoming NAMMBA Connect conference in April.

November Housing Starts at 10-Year High

Housing starts rose for the second straight month, rising by 3.3 percent in November to a 10-year high, HUD and the Census Bureau reported yesterday.

CoreLogic: Mortgage Credit Risk Up in 3Q

CoreLogic, Irvine, Calif., said mortgage credit risk increased in the third quarter from a year ago, reflecting the gradual shift from a refinance market to a purchase market.

Commercial/Multifamily News

CMBS 2.0 Special Servicing, Defaults Volume Remains Low

Special servicing volume and loan defaults remain low for commercial mortgage-backed securities loans disbursed after 2010.

Dealmaker: Love Funding $43M for Multifamily Assets

Love Funding, Washington, D.C., closed $42.7 million for Colorado and Michigan multifamily properties.

MBA News

MISMO Winter Summit in New Orleans Jan. 8-12

The MISMO Winter 2018 Summit takes place Jan. 8-12 in New Orleans.

Nominations for MBA Insights 2018 Tech All-Star Awards; Deadline Jan. 19

The Mortgage Bankers Association and MBA Insights are accepting nominations for the MBA Insights 2018 Tech All-Star Awards. Nominations will be accepted through Friday, Jan. 19.  

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.

Attention Lenders: Upcoming 2018 MBA and STRATMOR Peer Group Roundtables

Is your company flying blind by not using reliable data to support key business decisions? Join an elite group of lenders this spring that participate in the MBA and STRATMOR Peer Group Roundtables.

Top National News

Senate Passes Tax Bill, Pushing It Closer to Trump's Desk

The Hill, Dec. 20, 2017--Jordain Carney
The Senate approved the Republican tax-cut bill in a 51-48 vote on Wednesday morning, inching closer to finishing off the first major legislative victory of President Trump's tenure.

IRS Scrambles to Clear 'Clogged Drain' Slowing Mortgage Applications

American Banker, Dec. 19, 2017--Brian Collins, Brad Finkelstein (subscription)
Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency's verification system, which lenders rely on to process mortgage loans. The IRS made an update to the system on Dec. 8 and "processing delays began almost immediately," according to the Mortgage Bankers Association, which detailed the issue in an alert to members.

Tax Reform Expected to Go into Effect Immediately

HousingWire, Dec. 19, 2017--Jacob Gaffney
Critics of the reform package say the burden will be too great to put the plan in place by the April deadline, but "Treasury Secretary Steven Mnuchin has suggested that the IRS will be ready to process the new tax forms in February and, in any case, the cuts will be back-dated to 1st January," said Andrew Hunter, U.S. economist at Capital Economics.

House Passes Bill to Revamp Criteria for ‘Systemically Important' Banks

Wall Street Journal, Dec. 19, 2017--Andrew Ackerman (subscription)
Regulators would have more discretion to decide which banks to target for stricter oversight under bipartisan legislation that House lawmakers approved Tuesday, the latest front in a broad push to ease postcrisis regulations.

CFPB's Mulvaney Scraps Survey for Debt Collection Plan

National Mortgage News, Dec. 19, 2017--Kate Berry (subscription)
The Consumer Financial Protection Bureau on Tuesday withdrew a plan to conduct a web survey for its debt collection proposal while acting Director Mick Mulvaney reviews the rulemaking.

Fannie Updates Lending Requirements

Mortgage Daily, Dec. 19, 2017
Fannie Mae has made changes to its policies on frozen credit reports, premium pricing and Texas home-equity loans.

Bank of America: Affordable Housing Funding Will Grow Tight in 2018

HousingWire, Dec. 19, 2017--Kelsey Ramirez
Affordable housing remains a major concern going into 2018 as home prices rise and housing inventory decreases, says Bank of America's Maria Barry.

Property Tax Delinquencies Highest in Northeast, South

National Mortgage News, Dec. 19, 2017--Bonnie Sinnock (subscription)
Residential and commercial property tax delinquencies are slightly higher in the Northeast and South than in the Midwest and West, but improving economic conditions are keeping the national delinquency rate in check, according to a report by Lereta.

Wells Fargo Names New Consumer Chief

Charlotte Observer, Dec. 19, 2017--Rick Rothacker
Wells Fargo & Co. said Monday that Charlotte, North Carolina-based executive Mary Mack will become its new head of consumer lending, adding to her duties as head of community banking.

Mortgage Lending Services Will Change Name in New Year

HousingWire, Dec. 20, 2017--Jacob Gaffney
Mortgage Lending Services will change its name to TruStone Home Mortgage, beginning in the new year. This new name will better reflect its relationship to parent company, TruStone Financial Federal Credit Union.

Serious 2nd Mortgage Delinquency Soars

Mortgage Daily, Dec. 19, 2017
The Composite Consumer Credit Default Index indicated that delinquency of at least 90 days on automobile loans, bank cards and mortgages fell to 0.89 percent in November.

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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