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Volume 16 | Issue 215 | Friday, November 03, 2017

The Lede


Stevens: Only Congress Can Provide Legitimacy, Public Confidence to Housing Reform

Mortgage Bankers Association President and CEO David Stevens, CMB, testifying yesterday before a House Financial Services subcommittee, said without comprehensive legislative secondary mortgage market reform, "borrowers, taxpayers and lenders will all face increased risk and uncertainty about the future."


Residential Finance News

House Republicans Unveil Tax Bill; MBA Expresses Concerns over Mortgage Interest Reductions

House Republicans on Thursday released deals of the largest tax bill since 1986 that reduces the mortgage interest deduction and cuts corporate tax rates.

Millennials Pick Up Refinancing Pace

Millennials--at least, the ones who already have mortgages--are refinancing.

Mortgage Application Defects Down--Except in Hurricane-Hit States

First American Financial Corp., Santa Ana, said frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications fell in September, except in Florida and Texas, where post-hurricane activity led to a predictable bump in such activity.

Residential Briefs

HouseCanary, San Francisco, announced a partnership with appraisal management company Dart Appraisal to accelerate growth of the HouseCanary Agile Appraisal Platform.

Commercial/Multifamily News

Retail Sector Growth Slows To 'Low-Water Mark'

The retail sector's long-term forecast has reached a "low-water mark" for the current cycle, said Ten-X, Irvine, Calif.

Dealmaker: Bascom, Pacific Life Acquire Two Apartment Communities for $148M

A joint venture between Bascom Arizona Ventures, Scottsdale, Ariz., and Pacific Life Insurance Co., Newport Beach, Calif., acquired two apartment communities totaling 724 units for $148 million--$204,420 per unit.

MBA News

CREF18 in San Diego Feb. 11-14

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 returns to San Diego Feb. 11-14.

MBA Education Fundamentals and Best Practices in Mortgage Accounting Workshop Nov. 13

MBA Education presents Fundamentals and Best Practices in Mortgage Accounting, a one-day workshop taking place Monday, Nov. 13 in San Antonio, Texas, ahead of the MBA Accounting and Financial Management Conference.

MBA Education/Compliance Essentials Understanding Successor in Interest Requirements Webinar Nov. 6

MBA Education and Compliance Essentials presents a new webinar, Understanding Successor in Interest Requirements, on Monday, Nov. 6 from 2:00-3:30 p.m. ET.

NMLS Launches 2018 Licensing Renewal Effort; Deadline Dec. 31

The Nationwide Mortgage Licensing System's 2018 Streamlined Renewal Process begins November 1 and ends December 31. MBA encourages Mortgage Loan Originators to renew their licenses as soon as possible.

Top National News

GOP Tax Plan Would Shrink Mortgage Interest Benefit, Slash Corporate Tax Rate

Washington Post, Nov. 2--Damian Paletta; Mike DeBonis
House Republican leaders on Thursday proposed legislation that would overhaul the U.S. tax code, slash corporate and individual income tax rates and jettison numerous tax breaks Americans and businesses have used for years to limit their tax bills.

Mortgage Rates Hold Steady But are Poised to Move Higher

Washington Post, Nov. 2, 2017--Kathy Orton
Mortgage rates paused ahead of news from this week's Federal Reserve meeting, the announcement of the nominee for the central bank's new chairman and Friday's employment report.

Trump Announces Nomination of Jerome Powell to Chair Federal Reserve

The Hill, Nov. 2, 2017--Sylvan Lane
Powell, a Republican appointed to the Fed by President Obama in 2012, served as a Treasury Department undersecretary during the George W. Bush administration.

Mortgage Industry Stands Behind Trump's Fed Chair Pick

HousingWire, Nov. 2, 2017--Kelsey Ramirez
"[Jerome] Powell brings substantial experience at the Fed, at Treasury and in the private sector to this critically important role," said MBA Chief Economist Mike Fratantoni. "His work at the Fed through this challenging recovery should enable him to carefully guide monetary and regulatory policies in the years ahead in a manner that provides the environment for further, sustainable growth."

Fannie Mae Makes $3Bn; One-Third of Single-Family Now Private Risk Transfer

HousingWire, Nov. 2, 2017--Jacob Gaffney
The largest financier of single-family homes in the nation, Fannie Mae, made $3 billion in the third quarter. That's a decrease of $177 million from the second quarter of 2017 driven primarily by hurricane-related provision for credit losses.

Fannie Mae Keeping an Eye on Servicers' Hurricane Response

National Mortgage News, Nov. 2, 2017--Bonnie Sinnock (subscription)
Expected losses from the recent hurricanes put a dent in Fannie Mae's third-quarter earnings and the mortgage agency is keeping a close eye on how its servicers manage the pressures of the recovery effort.

Supply Shortage in U.S. Sends Home Prices Higher

Wall Street Journal, Nov. 2, 2017--Laura Kusisto (subscription)
Home prices climbed and sales declined during the third quarter as a chronic supply shortage continued to disrupt the housing market.

Nationstar Mortgage Lending Jumps, Could Go Higher

Mortgage Daily, Nov. 2, 2017
A sequential acceleration in home-lending activity at Nationstar Mortgage Holdings Inc. is likely to repeat as the company trimmed refinance share. Delinquency dropped.

Big Technology Enhancements Ahead At BofA

Charlotte Observer, Nov. 2, 2017--Deon Roberts
For years, bank customers have relied on user IDs and passwords to access their online accounts. From a security standpoint, that's no longer a smart practice, said Bank of America executive Michelle Moore.

Ocwen Moves Closer to Profitability Amid Extensive Business Changes

HousingWire, Nov. 2, 2017--Ben Lane
It's been a rough year for Ocwen Financial, but the company's executives said Thursday that they believe they have the company pointed in the right direction.

U.S. Third Quarter Productivity Fastest in Three Years; Jobless Claims Fall

Reuters, Nov. 2, 2017--Lucia Mutikani
U.S. worker productivity increased at its fastest pace in three years in the third quarter but the trend remained moderate, suggesting that a recent acceleration in economic growth was unlikely to be sustained.

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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