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Volume 16 | Issue 131 | Tuesday, July 11, 2017

The Lede


MBA Comments on GSE Proposed ‘Duty to Serve' Plans

The Mortgage Bankers Association yesterday offered comments to the Federal Housing Finance Agency in response to proposed Underserved Market Plans of Fannie Mae and Freddie Mac.


Commercial/Multifamily News

Report Alleges CRE Firms Not Managing Property Taxes Properly

Only 25 percent of CRE executives said their firms incorporate property tax management into their investment strategy, which increases underperformance risk at both asset and portfolio levels, said Altus Group LTD, Toronto.

Dealmaker: Barry Slatt Mortgage Arrranges $24M for Office, Retail Properties

Barry Slatt Mortgage, San Francisco, arranged $23.5 million for three office and retail properties in California.

Top National News

Bank Earnings: Expect Another Meh Quarter of Weak Trading Revenue

MarketWatch, July 10, 2017--Andrea Riquier
Citigroup, JPMorgan and Wells Fargo will report their earnings before the market opens on Friday, kicking off what could be just the latest in a long string of disappointing earnings seasons stretching back to the financial crisis. (MBA mention)

Trump to Appoint Randal Quarles as Fed Bank Regulator

Wall Street Journal, July 10, 2017--Ryan Tracy, Kate Davidson, Nick Timiraos (subscription)
President Donald Trump plans to put his first mark on the Federal Reserve by nominating Randal Quarles, an investment-fund manager and former Republican Treasury official, to be the central bank's top official in charge of regulating big banks.

Another Shocker: Sindeo is Suddenly Back in Business

HousingWire, July 10, 2017--Ben Lane
Three weeks ago, San Francisco-based mortgage technology firm Sindeo shocked the mortgage business when it unexpectedly closed down without warning, and seemingly without explanation. Now, in an equally shocking and unexpected move, Sindeo appears to be back in business.

Fight over CFPB Arbitration Rule May Just Be Starting

American Banker, July 10, 2017--Kate Berry, Ian McKendry (subscription)
With the ink barely dry on the Consumer Financial Protection Bureau's final arbitration rule Monday, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate.

Treasury Quietly Looking at Revamping CRA

National Mortgage News, July 10, 2017--John Heltman (subscription)
The Treasury Department is embarking on an effort to revise the implementation of the Community Reinvestment Act, a law many community groups say is out of step with modern banking practices and that institutions say has devolved into a compliance exercise.

Wells Fargo $142 Million Fake Account Settlement Nears Final Approval

HousingWire, July 10, 2017--Ben Lane
Wells Fargo customers who were affected by the bank's fake account scandal are one step closer to receiving their share a proposed $142 million settlement, after the judge overseeing the class action lawsuit granted preliminary approval to the settlement.

The Big Downgrade That Fueled the Subprime Crash

Bloomberg, July 10, 2017--Adam Tempkin, Claire Boston
Today in the housing market, stringent regulations have kept loans to borrowers with weak credit in check. Subprime originations are a shadow of their pre-crisis levels, data from Equifax show. And the American Dream of homeownership? That's been hovering at a more than 50-year low.

IRLC Valuation Changes Could Have Big Impact

Mortgage Daily, July 10, 2017--Andy Schell (Mortgage Banking Solutions)
Most warehouse lenders think that net worth calculations for mortgage banking firms are incorrect because of the way that locked pipelines are valued. The correction of the calculations could significantly impact the reported net worth of companies.

VA Extends Appraisal Requirements by 2 Years

Mortgage Daily, July 10, 2017
Previously issued appraisal requirements for single-family loans that are guaranteed by the Department of Veterans Affairs have been extended by two years.

U.S. Households See Spending Up, Job Prospects Improving...

Reuters, July 10, 2017--Howard Schneider
Consumers expect to boost spending in the months ahead and voiced confidence they are more likely to find a job and less likely to lose one in a strong labor market, the New York Federal Reserve reported Monday in its latest monthly survey of consumer expectations.

MBA News

John Legend Highlights ConcertMBA at MBA Annual Convention & Expo

This year's Mortgage Bankers Association's Annual Convention & Expo, taking place Oct. 22-25 in Denver, welcomes Grammy Award-winning singer-songwriter John Legend for ConcertMBA.

MISMO Fall Summit Sept. 25-29

The MISMO Fall Summit takes place Sept. 25-29 in Crystal City, Va., just outside Washington, D.C.

MBA Education Advanced Servicing Workshop in Jacksonville Aug. 2-3

MBA Education presents its popular Advanced Servicing Workshop Aug. 2-3 at Black Knight Financial Services in Jacksonville, Fla.

MBA Education Collateral Underwriting Workshop July 21

MBA Education presents its Collateral Underwriting Workshop on Friday, July 21 from 8:30 a.m.-5:00 p.m. ET MBA Headquarters in Washington, D.C.

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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