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Volume 16 | Issue 23 | Friday, February 03, 2017

The Lede

 

Zillow: Homeownership ‘Break-Even' Point Getting Longer

As a mortgage industry employee, you know the benefits of homeownership. You know that a home is the most significant investment a person makes in their lifetime. And you know that from an investment standpoint, in most cases buying a home pays for itself over the long term.

 

Top National News

 
Donald Trump Plans to Undo Dodd-Frank Law, Fiduciary Rule

Wall Street Journal, Feb. 3, 2017--Michael C. Bender; Damian Paletta
President Donald Trump on Friday plans to sign an executive action to scale back the 2010 Dodd-Frank financial-overhaul law, in a sweeping plan to dismantle much of the regulatory system put in place after the financial crisis.

The Reality of Unraveling Dodd-Frank

The Hill, Feb. 2, 2017--Ian Katz
The author, with Capital Alpha Partners, says the problem for Trump is that he can't do it through an executive order. He can use the bully pulpit, but to amend the law he has to go through lawmakers. "There's no quick fix."

Fitch: Fannie Mae, Freddie Mac Reform May Be Put on Back-Burner

HousingWire, Feb. 2, 2017--Ben Lane
While Treasury Secretary nominee Steven Mnuchin's comments made it clear that the Trump administration views housing finance reform as a high priority, the question is how the Trump administration would go about reforming the complex world of housing finance.

Mortgage Rates are Flat this Week

Washington Post, Feb. 2, 2017--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average was unchanged this week at 4.19 percent with an average 0.5 point.

Top Republican Demands Fed Stop Participating in Basel, FSB

American Banker, Feb. 2, 2017--John Heltman
Rep. Patrick McHenry, R-N.C, vice chair of the House Financial Services Committee is calling on the Federal Reserve to unilaterally disengage from the Financial Stability Board and Basel Committee on Banking Supervision until President Trump has installed his nominees on the Fed board.

Flagstar Bancorp Mortgage President Departing

Mortgage Daily, Feb. 2, 2017
After just a year-and-a-half on the job, Len Israel is leaving Flagstar Bankcorp Inc.'s mortgage banking division.

Investors' Victory in GSE Case May Be Turning Point Against Treasury

National Mortgage News, Feb. 2, 2017--Brian Collins
A federal appeals court ruling has opened the door for litigants to challenge a 2012 decision by the U.S. government to sweep all of Fannie Mae and Freddie Mac's profits into the coffers of the Treasury Department.

Yellen Eyes Commercial Real-Estate Froth as Fed Weighs '17 Risks

Bloomberg, Feb. 2, 2017--Steve Matthews
A decade after the housing market collapsed, Federal Reserve officials are watching rising apartment towers as the next potential asset-price bubble, which could add to the debate about the pace of interest-rate hikes this year.

Record Mortgage Originations at PennyMac

Mortgage Daily, Feb. 2, 2017
In its fourth-quarter earnings report, the Westlake Village, California-based firm disclosed pre-tax income of $129 million.

HECM Endorsements Up From Year Earlier

Mortgage Daily, Feb. 2, 2017
During the first month of the new year, endorsements of home-equity conversion mortgages by the Federal Housing Administration came to 4,578 units.

Manhattan Townhouse Prices Slip

Wall Street Journal, Feb. 2, 2017--Josh Barbanel
A new market report prepared for Douglas Elliman showed the average price of a townhouse fell by 9% in Manhattan in 2016.

Chicago's Willis Tower to Get $500 Million Makeover

Milwaukee Journal-Sentinel, Feb. 2, 2017--Aamer Madhani
One of the nation's most iconic skyscrapers is getting a $500 million makeover.

Miami Beach Considers Turning Parking Garages Into Affordable Housing to Ease Rent Crunch

Miami New Times. Feb. 2, 2017--Brittany Shammas
Miami Beach city officials are considering requiring that future parking garages be built so they could be converted into workforce housing in case parking demand declines due to driverless cars.

Filings for U.S. Jobless Benefits Fell to 246,000 Last Week

Bloomberg, Feb. 2, 2017--Sho Chandra
Fewer Americans filed applications for unemployment benefits last week, marking 100 straight weeks of claims below 300,000. That's the longest streak since 1970 and indicates a healthy job market.

U.S. Labor Market Tightening, Productivity Still Weak

Reuters, Feb. 2, 2017--Lucia Mutikani
Data on Thursday showed worker productivity slowing in the fourth quarter, which economists said suggested companies would need to keep hiring to increase output.

Residential Finance News

 
STRATMOR: ‘Significant' Competition for Seasoned Mortgage Loan Originators

STRATMOR Group, Greenwood Village, Colo., said significant competition exists right now in the mortgage industry for seasoned mortgage loan originators, particularly among independent mortgage bankers.

Technology, Folly in an Age of Commoditization?

With the chaos and frequency of change spread across the headlines, it will continue to be difficult for financial services leaders to focus on enduring or important aspects of their business models.

Residential Briefs

CoreLogic, Irvine, Calif., launched the RealQuest App to provide real estate and mortgage professionals access to detailed property information, transaction history and neighborhood sales data while they're in the field.

Commercial/Multifamily News

 
STR, Tourism Economics: ‘Slower but Steady' Hotel Sector Growth

The U.S. hotel industry will likely see "slower but steady" growth through 2018, reported STR, Hendersonville, Tenn., and Tourism Economics, Philadelphia.

Dealmaker: Seattle Hotel Deca Changes Hands for $55M

LaSalle Hotel Properties, Bethesda, Md., sold Seattle's Hotel Deca to AJ Capital Partners, Chicago, for $55 million.

MBA News

 
MBA Mergers & Acquisitions Workshop Feb. 22-23

Make Informed Decisions on Buying, Selling, Growing Business

MBA Education Interest Rate Risk/Effects on Mortgage Fee Income Webinar Feb. 7

MBA Education presents a webinar, Interest Rate Risk & The Effects on Mortgage Fee Income, on Tuesday, Feb. 7 from 2:00-3:30 p.m. ET.

MBA Education Improving Sales Talent: Hiring Superior Originators Webinar Feb. 7

MBA Education hosts the next webinar in its Improving Sales Talent series, Hiring Superior Originators, on Tuesday, Feb. 7 from 2:00-3:30 p.m. ET.

MBA Education School of Mortgage Servicing Feb. 6-16

Overview of Basic Servicing Functions, Risk Management

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