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Volume 16 | Issue 210 | Friday, October 27, 2017

The Lede


Looking Ahead in an ‘Uncertain' World

DENVER--Business people need resilience and optionality to succeed in the current "uncertain" world, said Mohamed El-Erian, Chief Economic Advisor with Allianz, Munich, Germany at the recent Mortgage Bankers Association's Annual Convention & Expo.


Residential Finance News

September Pending Home Sales Unchanged

Pending home sales flattened in September as stagnation in the South offset gains elsewhere, the National Association of Realtors reported yesterday.

Redfin: Under-Building, High Construction Costs Perpetuating Housing Shortage

Redfin, Seattle, said while new homes represent a growing share of the market over the past five years, high construction costs and persistently low inventories leave the U.S. market substantially underbuilt.

Zillow: West Coast Housing Markets ‘Booming'

Home values in booming West Coast markets continue to out-appreciate the rest of the country, with home prices in Seattle and San Jose, Calif., leaving San Francisco's housing market "in the dust," said Zillow Inc., Seattle.

Commercial/Multifamily News

Freddie Mac Finds 'Widening' Affordable Rental Shortfall

The already-acute shortfall of affordable rental apartments has widened "considerably" over the past six years, said Freddie Mac, McLean, Va.

Dealmaker: WeWork To Acquire Lord & Taylor Manhattan Flagship for $850M

Office-sharing startup WeWork, New York, agreed to acquire Lord & Taylor's flagship retail store on Manhattan's Fifth Avenue for $850 million.

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.

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.

MBA Whole Loan Trading Workshop in Chicago Nov. 9

The Mortgage Bankers Association presents its annual Whole Loan Trading Workshop, taking place Thursday, Nov. 9 in Chicago.

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.

Top National News

Housing's Biggest Trade Groups Declare Support for Congressional Push to Change TRID

HousingWire, Oct. 26, 2017--Ben Lane
A bill to change part of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures rule has bipartisan support in the House of Representatives and a coalition of many of the biggest trade groups in housing [including the Mortgage Bankers Association].

Rising Star Gives Her Tips on How to Recruit the Best Mortgage People

HousingWire, Oct. 26, 2017--Brena Swanson
HousingWire interviews MBA Associate Director Ashley Gunn on getting younger professionals into the mortgage industry.

Mortgage Rates Rise to Highest Levels Since July

Washington Post, Oct. 26, 2017--Kathy Orton
"Rates increased late last week as the market responded to news of a Senate budget plan which may positively impact tax reform progress and more speculation around the future leadership of the Federal Reserve," said Joel Kan, an economist with the Mortgage Bankers Association.

Mortgage Rates Hit Three-Month High

National Mortgage Professional, Oct. 26, 2017--Phil Hall
Average mortgage rates hit their highest level since July, according to data from Freddie Mac.

House Adopts Senate Budget, Step Toward Tax Reform

The Hill, Oct. 26, 2017--Niv Elis, Cristina Marcos
The budget will allow Republicans to pass a tax overhaul that adds up to $1.5 trillion to the deficit through a process known as reconciliation, which only requires 51 votes to pass in the Senate.

Bill Introduced to Eliminate FHA Life of Loan Insurance Premium

HousingWire, Oct. 26, 2017--Ben Lane
The bill would repeal the life of loan requirement and reinstate the FHA's previous policy of requiring borrowers to pay mortgage insurance premiums until the outstanding principal balance reaches 78% of the original home value.

RBS to Pay $44 Million to Settle U.S. Charges it Defrauded Customers

Reuters, Oct. 26, 2017--Jonathan Stempel
Royal Bank of Scotland Group Plc agreed to pay more than $44 million and enter a non-prosecution agreement to settle a Department of Justice criminal probe of traders accused of defrauding customers on bond prices.

Delinquency Down as Book Expands at Radian

Mortgage Daily, Oct. 26, 2017
Pretax income at the Philadelphia-based mortgage insurance company was $103 million, according to its third-quarter earnings report.

Legal Settlement, Orgination Decline Reduce CoreLogic Earnings

National Mortgage News, Oct. 26, 2017--Bonnie Sinnock (subscription)
A legal settlement and origination decline drove CoreLogic's earnings in the third quarter down to $31 million from $36 million a year ago.

Staffing Expands at Finance of America

Mortgage Daily, Oct. 26, 2017
Home-lending activity saw a quarter-over-quarter gain and a year-over-year loss at Finance of America Holdings LLC. Headcount continued to grow.

Home Sellers Use Bonus Items to Sweeten the Deal

Wall Street Journal, Oct. 26, 2017--Amy Gamerman (subscription)
In luxury real estate, deals can hinge on throw-ins-items like furniture, art or sports cars that prospective buyers want included in the sale. Throw-ins can help lubricate a deal, or worse, provoke an acrimonious tug of war.

Rising Rents Are Pushing More Tenants Past the Breaking Point

Bloomberg, Oct. 26, 2017--Patrick Clark
Rents have increased rapidly across U.S. housing markets as the share of renting households has risen faster than the number of new units. Now, in a survey published Thursday by an apartment-listing service, nearly one in five respondents reports struggling to make the monthly payments.

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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