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Volume 16 | Issue 128 | Thursday, July 06, 2017

The Lede


Applications Back Up in MBA Weekly Survey

Mortgage applications rose for the third time in the past four weeks as key interest rates rose to their highest mark in more than a month, the Mortgage Bankers Association reported this morning.


Top National News

What's Behind the Mortgage Reshoring Trend?

Mortgage Orb, July 5, 2017--Nora Caley
Banks and other financial entities are increasingly announcing that they are opening call centers in the U.S. and creating domestic instead of offshore jobs. Some industry experts say this has been a trend for several years and is due to several factors, from regulatory pressure to cost savings to bad publicity.

Will Housing Finance Reform Hurt Small Banks?

National Mortgage News, July 5, 2017--Kate Berry (subscription)
The battle over the future of housing finance may turn on whether whatever reforms or replaces Fannie Mae and Freddie Mac will bypass small banks, delivering more market share and power to the biggest banks.

Two Major Lending Changes Mean It's Suddenly Easier to Get a Loan

CNBC, July 5, 2017--Diana Olick
Two major changes in the mortgage market go into effect this month, and both could help millions more borrowers qualify for a home loan. The changes will also add more risk to the mortgage market.

HOA Foreclosures Tied to More than $1 Billion lost Reno, Vegas Home Values

Reno Gazette-Journal, July 5, 2017--Jason Hildalgo
A Nevada Association of Realtors report said homeowner association-initiated foreclosures in Reno and Las Vegas totaled more than $1 billion. The Mortgage Bankers Association said such foreclosures result in higher loan fees, interest rates and down payments.

HSBC in Talks with U.S. to End Crisis-Era Mortgage Probe

American Banker, July 5, 2017 (subscription)
HSBC Holdings is in talks to resolve a U.S. probe into its sale of toxic mortgage bonds a decade ago, according to people familiar with matter, a negotiation that could offer an early look at how the Trump Justice Department will deal with global banks.

Prospect Mortgage Fined $4.16 Million for Crisis-Era FHA Lending Violations

HousingWire, July 5, 2017--Ben Lane
The Department of Justice announced Prospect Mortgage will pay more than $4 million to settle allegations the company committed civil mortgage fraud by underwriting mortgages that did not comply with Federal Housing Administration standards.

PHH Completes Sale of Fannie Mae MSRs

Mortgage Daily, July 5, 2017
Proceeds from the sale of the mortgage servicing rights, which was originally announced back in December, amounted to $333.1 million.

LOS Adoption and Integration

Mortgage Daily, July 5, 2017--Sam Garcia
Multiple mortgage service providers have recently integrated their offerings into a loan origination system.

Fed Officials Divided on When to Begin Balance-Sheet Unwind

Bloomberg, July 5, 2017--Craig Torres
A divided Federal Reserve policy committee couldn't reach agreement in June on the timing of when to begin shrinking its massive balance sheet, according to minutes of the meeting.

Real Estate Company Drops 'SoHa' Branding Amid Backlash

NY1, July 5, 2017
Keller Willams has been using 'SoHa' to describe the South Harlem area between 110th and 125th streets. But the effort to rebrand Harlem touched off a backlash, especially among long-time residents who consider the neighborhood's status as a center of African-American culture and politics threatened by gentrification.

Commercial Real Estate Demand Softens, Investors Fret Trump Tax Cuts Won't Pass

NPR, July 5, 2017--Jim Zarroli
Revenue from President Trump's office buildings is falling. The problem: commercial real estate prices are declining. In New York, buildings are rising and older properties have to compete harder.

Residential Finance News

In NYC, 5.6 Years is ‘Tipping Point' Between Renting, Owning

StreetEasy, New York said rising mortgage rates, higher home prices and a softening in the rental market in many parts of New York City have lengthened the time it will take to break even on a home purchase in New York City compared to renting.

Report Examines Denver Housing Market Microcosm

Nearly every housing report of late targets three key super-hot markets: Seattle; Portland, Ore.; and Denver. In its latest Home Value Forecast, Pro Teck, Waltham, Mass., looks at why Denver represents everything good--and bad--about the housing market.

Commercial/Multifamily News

MBA 1Q Commercial/Multifamily DataBook Reports 'Downshift'

The Mortgage Bankers Association released its first-quarter 2017 Commercial/Multifamily DataBook today.

Dealmaker: TruAmerica Multifamily Acquires Three Properties for $129M

TruAmerica Multifamily, Los Angeles, acquired three multifamily properties in Florida and Arizona with two distinct joint venture partners for $129 million.

MBA News

Today in MBA Insights

New in today's issue of MBA Insights:  A deep dive on GSE reform, as MBA President and CEO David Stevens makes the case for congressional action now in testimony on Capitol Hill.

MBA Presents mPowering You Event at MBA Annual Convention & Expo

The Mortgage Bankers Association is pleased to introduce mPowering You, a one-day event for women in real estate finance, on Saturday, Oct. 21 in Denver.

MBA Compliance Essentials HMDA Data Points Series Available

MBA Education and MISMO offer you the opportunity to own the complete Compliance Essentials Home Mortgage Disclosure Act Data Points Series for a special member price.

MBA Education School of Loan Origination II Sept. 12-28

MBA Education presents its School of Mortgage Origination II Instructor-Guided Online Course from Sept 12-28.

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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