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Volume 16 | Issue 41 | Thursday, March 02, 2017

The Lede


Americans, Homes and the ‘Goldilocks' Factor

When it comes to their homes, Americans want bigger--except when they want smaller.


Top National News

Mountain of Mortgage Paperwork Bogs Down Borrowers

Washington Post Writers Group, Mar. 1, 2017--Kenneth R. Harney
David Stevens, president and CEO of the Mortgage Bankers Association, said the biggest problem with the system today is that some of the regulations for lenders amount to an overcorrection and are far too inflexible, especially for highly qualified applicants with large down payments and stellar credit scores.

Mortgage Applications Surge 5.8 Percent as Rates Briefly Dip

CNBC, Mar. 1, 2017--Diana Olick
Still, volume came in 28 percent lower than the same week a year ago. The Mortgage Bankers Association's seasonally adjusted report includes an adjustment for the Presidents Day holiday.

Senate Set to Vote on Confirmation of Ben Carson as HUD Secretary

HousingWire, Mar. 1, 2017--Brena Swanson
The Senate floor is set to vote on the nomination of Ben Carson as HUD secretary on Thursday, following a Senate vote (62-37) Wednesday morning.

No Change to Mortgage Interest Deduction in Trump Tax Plan: Mnuchin

Reuters, Mar. 1, 2017--Eric Beech
U.S. Treasury Secretary Steven Mnuchin said on Wednesday the Trump administration's tax reform plan will not change the deductibility of mortgage interest and charitable contributions.

Vote on GOP Dodd-Frank Reform Bill Likely Delayed Until Summer

National Mortgage News, Mar. 1, 2017--Ian McKendry (subscription)
A vote on a House plan to replace the Dodd-Frank Act may not happen as quickly as originally anticipated due to limited floor time and other legislative priorities such as health care reform likely to take precedent.

Why Lessons from Wingspan's Demise Still Matter Today

National Mortgage News, Mar. 1, 2017--Bonnie Sinnock (subscription)
It's been almost two years since Dallas-based Wingspan declared bankruptcy and the case has yet to be fully resolved. Now, with interest rates and home prices on the rise, the market is shifting yet again. What could be fixed at Wingspan--and what couldn't--remain good object lessons about the opportunities and risks that surface when economic cycles turn.

U.S. Housing Market Recap: Sales Rise in January as Economic Recovery Deepens

GoRion, Feb. 28, 2017--Sam Bourgi
The housing market was off to a fast start in 2017, as the economy strengthened and sales of both existing and new homes rose.

CFPB Mortgage Complaints Hold Steady

DSNews, Mar. 1, 2017--Aly J. Yale
The volume of mortgage-related complaints received by the Consumer Financial Protection Bureau is holding steady, according to the agency's Monthly Complaint Report.

What to Do When a Home-Equity Line of Credit Comes Due

Wall Street Journal, Mar. 1, 2017--Robyn A. Friedman (subscription)
Many homeowners took out home-equity lines of credit during the housing boom, when property values soared. Now the typical 10-year term on these loans is expiring, and many people will be surprised that their monthly payments are about to go up-some, substantially.

The Highest Property Taxes Are Found In...

National Mortgage Professional, Mar. 1, 2017--Phil Hall
In a new data analysis released by WalletHub, Hawaii was identified as the state with the lowest real-estate tax: a 0.27 percent rate, with $487 in annual taxes on a $179,000 home.

Agency MBS Issuance Sinks to 12-Month Low

Mortgage Daily, Mar. 1, 2017
Issuance of fixed-rate mortgage-backed securities on behalf of Fannie Mae, Freddie Mac and Ginnie Mae was $94.316 billion in February. That turned out to be the slowest month for securitizations of agency home loans since February 2016.

Guaranteed Rate to Hire Nearly 300 More Employees in 2017

HousingWire, Mar. 1, 2017--Brena Swanson
Chicago-based Guaranteed Rate is slated to significantly expand its mortgage operations this year as it looks to create approximately 280 new positions for its Liftoff loan origination training program.

Caliber Home Loans Acquiring Banc Home Loans

HousingWire, Mar. 1, 2017--Ben Lane
For the second time in less than a year, Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, is acquiring a regional residential mortgage lender that focuses on the Western part of the country.

Fed's Beige Book: Economy Advances, Labor Market Tightens

Wall Street Journal, Mar. 1, 2017--Jeffrey Sparshott (subscription)
The U.S. economy continued its slow, steady advance and businesses remained broadly optimistic early in 2017, despite some difficulty finding workers and political uncertainty coming from Washington, the Federal Reserve said.

Residential Finance News

ATTOM: Refis Post 20% Annual Increase in Q4

ATTOM Data Solutions, Irvine, Calif., reported more than 1.7 million loans originated on U.S. residential properties in the fourth quarter, down by 15 percent from the previous quarter but still up 2 percent from a year ago.

Loan Defect Reports Show Mixed Quality

Reports from ACES Risk Management, Pompano Beach Fla., and First American Financial Corp., Santa Ana, Calif., offer mixed results on the state of mortgage loan defects.

Fiserv Survey: Millennials Access Mobile Nearly Three Times More Than Other Generation

Fiserv Inc., Brookfield, Wis., released a survey it says confirms that consumers use a blend of digital and traditional channels to manage their finances and make payments, with Millennials accessing mobile banking nearly three times more than other generations.

Commercial/Multifamily News

Morningstar: CMBS Payoff Rate Jumps

The final year of the three-year commercial mortgage-backed securities ‘maturity wave' of loans disbursed between 2005 and 2007 started out strongly, reported Morningstar Credit Ratings LLC, Chicago.

Dealmaker: Continental Partners Secures $19M in Ventura County, Calif.

Continental Partners, Los Angeles, secured $19.2 million for a 256,000-square-foot industrial property in Ventura County, Calif.

MBA News

MBA Legal Issues/Regulatory Compliance Conference May 7-10

The Mortgage Bankers Association's Legal Issues and Regulatory Compliance Conference takes place May 7-10 in Miami.

MBA Education Real-Time Demand: Considerations on Mortgage Automation Webinar Mar. 8

MBA Education presents a new webinar, Real-Time Demand: Considerations on Mortgage Automation, on Wednesday, Mar. 8 from 2:00-3:30 p.m. ET.

MBA Compliance Essentials RESPA Consent Orders Webinar Today

MBA Education and the MBA Compliance Essentials program present a new webinar, Update and Overview of Recent RESPA Consent Orders, today, Mar. 2 from 2:00-3:30 p.m. ET.

MBA Education Special Purpose National Bank Charters for Fintech Companies Webinar Mar. 9

MBA Education hosts a webinar, Special Purpose National Bank Charters for Fintech Companies, on Thursday, Mar. 9 from 2:00-3:30 p.m. ET.

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