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Volume 16 | Issue 106 | Monday, June 05, 2017

The Lede


MBA Nominates Brian Stoffers, CMB, as 2018 Vice Chairman

The Mortgage Bankers Association nominated Brian Stoffers, CMB, Global President of Debt & Structured Finance with CBRE, Los Angeles, as its Vice Chairman for the 2018 membership year.


Top National News

Mortgages for Seniors? Available, But Exacting

New York Times, June 2, 2017--Vivian Marino
An increasing number of older Americans prefer to have a mortgage. Some lenders can be more flexible than others. "I encourage people to shop at least three lenders," said David H. Stevens, the president of the Mortgage Bankers Association, "and then likewise, ask real estate agents or financial planners, who are good resources for helping a retiree."

Commercial and Multifamily Mortgage Delinquency Rates Mostly Down

National Mortgage Professional, June 2, 2017--Phil Hall
Delinquency rates for commercial and multifamily mortgage loans were saw mostly unchanged or down slightly during the first quarter, according to the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report.

House Set to Vote on Law to 'Dismantle' Dodd-Frank

HousingWire, June 2, 2017--Brena Swanson
The House of Representatives is set to consider the Republican-led Financial CHOICE Act, H.R. 10, Wednesday, which is the leading option to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act.

House Republicans Seek to Double Tax Deductions on Mortgage Interest, Charitable Giving

Washington Times, June 4, 2017--David Sherfinski
Congressional Republicans say they will preserve popular tax breaks for charitable giving and mortgage interest, but advocacy groups say even if they aren't directly targeted, nonprofits and the housing industry are likely to take hits. Some analysts are anticipating as much as a 10 percent drop in home prices if Republicans go ahead with its tax plans, which would flatten out the system.

How CFPB Lawsuit Puts Spotlight on Other Agencies' Independence

National Mortgage News, June 2, 2017--John Heltman (subscription)
The Consumer Financial Protection Bureau is in the direct crosshairs of a federal lawsuit questioning the bureau's leadership structure. But in a larger context, it might be the independence of all federal agencies on trial.

How Trump can Make the FHA More Lender-Friendly

National Mortgage News, June 2, 2017--Brian Collins (subscription)
Regulatory relief has been a central tenet of the Trump administration's strategy to strengthen the economy. That philosophy could be applied to the housing market with changes to government-backed mortgage programs to improve access to credit and increase homeownership.

Holiday Pulls Down Weekly Mortgage Market Index

Mortgage Daily, June 5, 2017
As expected, new mortgage business turned sharply lower during the week that included Memorial Day. Business unexpectedly sank, though, from a year ago.

12 Million Set for Credit Boost

Washington Post Writers Group, June 4, 2017--Kenneth R. Harney
According to a new study of 30 million credit files by score developer FICO, many Americans will experience bumps in the coming months, mainly modest increases of less than 20 points. But hundreds of thousands of the increases will be super-sized--in the range of 40 to 60 points and higher.

More Loan Processes Are Going Digital

UExpress, June 2, 2017--Lew Sichelman
Important parts of obtaining financing--the appraisal, the underwriting process and the loan servicing--are changing, but at a slower pace.

Mortgage Trustees Accept Lehman's $2.4 Billion Bankruptcy Offer

Wall Street Journal, June 2, 2017--Andrew Scurria (subscription)
Officials representing 244 mortgage-backed securities trusts have largely accepted a settlement offer Thursday that puts a floor of $2.4 billion, subject to a judge's approval, on claims against the Lehman bankruptcy estate.

Mortgage Company Investors Demand Its Liquidation

Mortgage Professional America, June 2, 2017--Ryan Smith
In an open letter to Owens Realty Mortgage, Freestone Capital Management - which, together with its affiliates, owns about 7.6% of Owens' outstanding shares - slammed Owens management for "questionable decisions" and its "continued destruction of shareholder value."

S&P: Mortgage Bond Market on Track for Best Year Since 2013

HousingWire, June 2. 2017--Ben Lane
According to the S&P report, 2017's total RMBS-related issuance, which S&P defines as prime, re-performing/nonperforming, rental bonds, servicer advances, and risk-sharing deals, sat at $27 billion at the end of May.

CMBS Delinquency Highest Since 2015

Mortgage Daily, June 2, 2017
Performance on securitized commercial real estate loans was worse in any month since 2015, said Morningstar Credit Ratings LLC.

Residential Finance News

MBA Advocacy Update

Congress was in recess last week for the Memorial Day break. When they return this week, the Senate Banking Committee will hold a hearing on the nomination of Pamela Hughes Patenaude to serve as Deputy Secretary at HUD and the House Financial Services Committee will hold another hearing on flood insurance.

MBA Chart of the Week: Annual Change in Owner-Occupied, Renter Households

According to the Census Bureau's Housing Vacancy Survey, U.S. household formation ticked up in the first quarter, increasing by 1.2 million households from a year ago.

Low Numbers Don't Deter Unemployment Rate

Despite adding just 138,000 jobs in May, the nation's unemployment rate fell to its lowest level since 2001, the Labor Department reported Friday.

The Week Ahead

On Tuesday, June 6, the Senate Banking Committee considers the nomination of Pamela Hughes Patenaude as Deputy Secretary of Housing and Urban Development with HUD.

Commercial/Multifamily News

Hotels See Steady Rates, Inconsistent Bookings

Heading into the high-traffic summer months, hotels continue to experience stable average daily rates but decreasing bookings, reported TravelClick, New York.

Dealmaker: Quantum Capital Partners Arranges $50M in CMBS Debt

Quantum Capital Partners, Beverly Hills, Calif., arranged two separate commercial mortgage-backed securities loans totaling $50 million to refinance two southern California retail properties.

MBA News

Peyton Manning, Carla Harris Keynote MBA Annual Convention & Expo

The Mortgage Bankers Association's Annual Convention & Expo, THE ONE, takes place Oct. 22-25 in Denver; save $200 with early registration.

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.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

Subscribe to MBA Performance Reports

Do you know where you stand? The Mortgage Bankers Association's Performance Reports can tell you.

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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