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Volume 16 | Issue 214 | Thursday, November 02, 2017

The Lede


Fed Looks Ahead to December

December should be a busy month for the Federal Reserve. It will likely have a new chairman in place to replace Janet Yellen and it should be ready to raise the federal funds rate again.


Residential Finance News

MBA Hires Hopkins as Director of Strategic Member Relations

The Mortgage Bankers Association appointed Laura Hopkins as Director of Strategic Member Relations. She will join the Association's Member Engagement Team (M-Team).

Dip in Rates Gives Home Buyers Temporary Affordability Relief

There's a lot in play when it comes to housing affordability, says Mark Fleming, chief economist with First American Financial Corp., Santa Ana, Calif.

Lenders One: Info Security, Data Protection Weigh Heavily on Members

The Lenders One Cooperative, St. Louis, said an annual poll of its membership shows information security and data protection have become a central concern.

Commercial/Multifamily News

CMBS Supply/Demand Stable; Delinquency Rate Drops

Commercial property market supply and demand fundamentals remained relatively stable in the second quarter, reported Moody's Investors Service, New York.

Dealmaker: Meridian Capital Group Secures $63M for Mixed-Use, Retail Assets

Meridian Capital Group, New York, arranged $62.5 million for mixed-use and retail assets in New Jersey and Florida.

MBA News

MBA Education Foundational Concepts in Residential Mortgage Servicing Feb. 6

MBA Education presents a workshop, Foundational Concepts in Residential Mortgage Servicing, Tuesday Feb. 6 in conjunction with the MBA National Servicing in Mortgage Banking Conference & Expo at the Gaylord Texas outside of Dallas.

MBA CRA Residential Lending Workshop Feb. 21

The Mortgage Bankers Association's annual CRA Residential Lending Workshop takes place Feb. 21, 2018 at the Embassy Suites Charlotte Uptown in Charlotte, N.C.

MBA Education School of Loan Origination Workshop in Jacksonville Jan. 18-19

MBA Education presents its popular School of Loan Origination in a new way--a two-day Workshop at Everbank headquarters in Jacksonville, Fa. From Jan. 18-19.

MBA Education Successor In Interest State Level Reports Available

MBA and the Compliance Essentials program, in collaboration with leading legal experts, have created state-by-state reports to help servicers understand documents that are required to verify a successor in interest's status in each state.

Top National News

Weekly Mortgage Applications Fall 2.6% as Rates Move Even Higher

CNBC, Nov. 1, 2017--Diana Olick
Mortgage interest rates moved higher last week, causing borrowers to back away from the mortgage market. "Rates increased last week as speculation over the next Fed chair continued and the European Central Bank announced plans to taper its asset-purchase program, signaling increased confidence in the euro zone economies," said Mortgage Bankers Association Economist Joel Kan.

Trump to Tap Fed's Jerome Powell for Fed Chairman

Wall Street Journal, Nov. 1, 2017--Kate Davidson, Peter Nicholas, David Harrison (subscription)
The White House has notified Federal Reserve governor Jerome Powell that President Donald Trump intends to nominate him as the next chairman of the central bank.

Ocwen Switches Servicing Systems Per Consent Orders

Mortgage Daily, Nov. 1, 2017
Ocwen Financial Corp.'s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.

Trump Signs Resolution Killing CFPB Arbitration Rule

National Mortgage News, Nov. 1, 2017--John Heltman (subscription)
President Trump has signed the congressional measure invalidating the Consumer Financial Protection Bureau's arbitration rule, killing the regulation that was unpopular with banks and other financial institutions.

Fannie, Freddie Reveal One Place Being Neglected by New Mortgage Tech

HousingWire, Nov. 1, 2017--Kelsey Ramirez
The mortgage industry is ripe for disruption, said Fannie Mae Executive Vice President for Single-Family Business Andrew Bon Salle, referring to the need for new technology updates.

Banks Remain Stingy With Construction Dollars

National Real Estate Investor, Nov. 1, 2017--Beth Mattson-Teig
Over the past two years, banks wary of taking on construction risk have lowered leverage, increased rates and applied more conservative underwriting.

Storms Drive Loan Application Defect Rise in Texas and Florida

National Mortgage News, Nov. 1, 2017--Brad Finkelstein (subscription)
Hurricanes Harvey and Irma were responsible for an increase in loan application defects during September in Texas and Florida, according to First American Financial Corp.

Mark Calabria: Trump Administration 'Committed' to Ending Conservatorship

HousingWire, Nov. 1, 2017--Kelsey Ramirez
During a wide-ranging discussion about the government's role in housing, Vice President Mike Pence's chief economist Mark Calabria revealed Wednesday that the Trump administration is "committed" to ending the conservatorship of Fannie Mae and Freddie Mac.

Record Business, Earnings at NMI

Mortgage Daily, Nov. 1, 2017
Quarterly pre-tax income and quarterly new business each ascended to the highest level ever at NMI Holdings. In addition, the book of business grew.

ADP: U.S. Private Sector Adds 235,000 Jobs in October

Wall Street Journal, Nov. 1, 2017--Austen Hufford (subscription)
Firms across the country added 235,000 workers to their ranks in October, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody's Analytics. Economists surveyed by The Wall Street Journal had expected the addition of 190,000 jobs.

U.S. Factory Activity Eases Off 13-1/2 Year High

Reuters, Nov. 1, 2017--Lucia Mutikani
The Institute for Supply Management said its index of national factory activity slipped to a reading of 58.7 last month from 60.8 in September, which was the highest since May 2004.

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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