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Volume 16 | Issue 192 | Thursday, October 05, 2017

The Lede


As Mortgages Shift to Purchase Market, So Do Fraud Schemes

MIAMI--"Fraud is beginning to show itself in new and exciting ways," said Don Effertz, vice president of risk management with DataVerify Inc., Chesterfield, Mo.


Residential Finance News

Millennials Going Over Budget to Buy Homes in Today's Hot Market

Millennials poured $514 billion into the U.S. housing market over the past year as the largest generation of home buyers, said Zillow Inc., Seattle. But new survey data show their homeownership aspirations are stymied by affordability issues, frustration with the buying and selling process and a "cutthroat" housing market.

As Consumers Age, Cities Beckon

High-rise buildings in the heart of downtown may be replacing far-flung golf course communities for the coming generation of senior citizens.

For Self-Employed, Borrowing Gets a Bit Easier

Since tightening underwriting standards in the wake of the financial crisis, one key group other than non-prime borrowers has seen the greatest difficulty in getting a mortgage loan: the self-employed.

Commercial/Multifamily News

Stability--But Caution--in Hotel Sector

The hotel sector continues to display stability, "but with a dose of caution regarding future growth," said US Realty Consultants, Columbus, Ohio.

Dealmaker: JLL Secures $96M for Philadelphia Office Tower

JLL, Chicago, secured $96 million for Taconic Capital Advisors and Cohen Equities to acquire 801 Market Street, a 695,000-square-foot office tower in Philadelphia's Market East submarket.

MBA News

MBA Presents mPowering You Event at MBA Annual Convention & Expo

The Mortgage Bankers Association is pleased to introduce mPowering You, a one-day event for women in real estate finance, on Saturday, Oct. 21 in Denver.

MISMO Seeks Input on Online Notary Standards

MISMO®, the Mortgage Industry Standards Maintenance Organization, invites mortgage industry participants to collaborate on developing new electronic and online notary standards and best practices for use within the mortgage process.

MBA Education Practical Blockchain Applications for Mortgage Lenders Webinar Oct. 31

MBA Education presents a webinar, Practical Blockchain Applications for Mortgage Lenders, on Tuesday, Oct. 31 from 2:00-3:30 p.m. ET.

Compliance Essentials Recent FCRA Regulation, Enforcement & Litigation Updates Webinar Oct. 5

MBA Education and Compliance Essentials will host a new webinar, Recent FCRA Regulation, Enforcement & Litigation Updates this Thursday, Oct. 5 from 2:00-3:30 p.m. ET.

Top National News

Weekly Mortgage Applications Stall Along with Rates and Home Sales

CNBC, Oct. 4, 2017--Diana Olick
Mortgage application volume slipped 0.4 percent last week, the Mortgage Bankers Association said. Volume now stands 24 percent lower than a year ago.

Three Things New Loan Officers Need in Order to Launch a Career

Mortgage Orb, Oct. 4, 2017--Chris Backe
Between 2014 and 2024, the industry is expected to add more than 24,000 loan officers. For most of these mortgage sales rookies, the biggest challenge will be getting business and learning how to communicate with borrowers.

CFPB Gives More Time to Reach Troubled Borrowers in Servicer Rule Revision

National Mortgage News, Oct. 4, 2017--Kate Berry (subcription)
In an interim rule, the Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to send early intervention notices to distressed borrowers who have asked not to be contacted about collection of their debts.

Wells Fargo to Refund Fees Charged for Mortgage Delays that Were Primarily Its Own Fault

Los Angeles Times, Oct. 4, 2017--Lauren Raab
As it looks to win back trust after a scandal over its sales practices, the San Francisco bank said it will reach out to customers who paid so-called "rate-lock extension" fees from Sept. 16, 2013, through Feb. 28, 2017, and give refunds to customers who don't think they should have paid.

Senators Rip Credit-Reporting Model in Wake of Equifax Breach

Wall Street Journal, Oct. 4, 2017--AnnaMaria Andriotis, Michael Rapoport, Christina Rexrode (subscription)
Senators questioning Equifax Inc.'s former chief on Wednesday attacked the business model of the credit-reporting industry, asking why consumers shouldn't have power over the data that the companies collect on them.

Waters' Bill Gives Power to Fed to Shut Down Megabanks

HousingWire, Oct. 4, 2017--Kelsey Ramirez
Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced The Megabank Accountability and Consequences Act Wednesday in a press conference.

This Lender Will Now Help Mortgage Borrowers Crowdfund their Down Payment

MarketWatch, Oct. 5, 2017--Jacob Passy
Privately held mortgage banking firm CMG Financial has launched HomeFundMe--a pilot crowdfunding service that's the first to receive approval from Fannie Mae and Freddie Mac.

Alexa, Get Me a Mortgage

American Banker, Oct. 4, 2017--Bryan Yurcan (subscription)
Virtual assistants such as Amazon's Alexa can tell the customers of a select few banks their checking account balances, but could she one day help them secure a mortgage?

Millennial Market Share Grows in Top Cities for Young Borrowers

National Mortgage News, Oct. 4, 2017--Elina Tarkazikis (subscription)
In housing markets dominated by young borrowers, millennials took an even bigger share of overall mortgage activity in August.

Ocwen Dodges SEC Investigations; Settles with 3 More States

HousingWire, Oct. 4, 2017--Ben Lane
Ocwen announced the Securities and Exchange Commission concluded two different examinations of the nonbank's business, and said that the agency will not be seeking enforcement actions in either matter.

Hurricanes Hit U.S. Hiring in September; Services Sector Resilient

Reuters, Oct. 4, 2017--Richard Leong
U.S. companies scaled back their hiring to an 11-month low in September after two powerful hurricanes disrupted some business activities, while the vast domestic services sector overcame those snags to expand at its fastest pace in 12 years.

Investors Look for Bargains in Undervalued Markets

National Real Estate Investor, Oct. 4, 2017--Beth Mattson-Teig
Property values have surged steadily higher in the prolonged recovery. But that high tide isn't raising all boats as some metros are still falling short of 2007 pricing.

MSRs Being Auctioned on Over $300 Mil in GSE Loans

Mortgage Daily, Oct. 4, 2017
MSRs on 1,415 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $339 million have been put up for auction. California properties secure 52 percent of the loans in the offering.

Over $800 Million in Freddie Mac Loans Sold

Mortgage Daily, Oct. 4, 2017
Freddie Mac disclosed Wednesday that it sold 3,514 single-family loans with a collective unpaid principal balance of $817 million through a seasoned loan structured transaction.

Economic Consensus Masks Many Uncertainties

Commercial Property Executive, Oct. 4, 2017--Paul Fiorilla
While economists foresee little chance of a recession in the near term, potential policy changes could affect the U.S. economy and commercial real estate values.

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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