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Volume 17 | Issue 73 | Monday, April 16, 2018

The Lede


MBA Advocacy Update

House Speaker Paul Ryan, R-Wis., announced on Wednesday that he will retire at the end of this term, thereby setting up a GOP leadership race ahead of a set of already challenging midterm elections. House Financial Services Committee member and deputy whip Rep. Dennis Ross, R-Fla., also announced his retirement on the same day.


Residential Finance News

MBA Chart of the Week: IMB Total Production Expenses per Loan

Based on the Mortgage Bankers Association's latest Quarterly Performance Report, independent mortgage bankers' total loan production expenses--commissions, compensation, occupancy, equipment and other production expenses and corporate allocations--increased to $8,475 per loan in the fourth quarter, from $8,060 in the third quarter.

Challenging the 'Myth' of Millennial Homeownership

Despite growing evidence to the contrary, perceptions persist that Millennials are destined to be a generation of renters.

The Week Ahead

DETROIT--MBA NewsLink and MBA Insights comes to you this week here from the Mortgage Bankers Associaton's Tech Solutions Conference & Expo.

Commercial/Multifamily News

Triple Net Lease Cap Rates Drop Again

Cap rates for triple net leased assets dropped 22 basis points in the first quarter to a new low 6.03 percent median cap rate, reported NNNet Advisors, Los Angeles.

Dealmaker: Madison Realty Capital Closes $103M

Madison Realty Capital, New York, closed a $72 million first mortgage loan collateralized by Highline Development Group's nearly completed condominium development in Manhattan's Chelsea neighborhood.

MBA News

MBA National Advocacy Conference Apr. 24-25

The Mortgage Bankers Association's annual National Advocacy Conference takes place Apr. 24-25 at the Capital Hilton in Washington, D.C.

MISMO Seeks Blockchain Working Group Members

MISMO launched a new group to discuss the potential for using blockchain in the industry and invited interested parties to participate.

MBA Education Checklist for Effective Compliance Management Systems Webinar May 15

MBA Education presents a new webinar, A Checklist for Effective Compliance Management Systems, on Tuesday, May 15 from 2:00-3:30 p.m. ET.

Top National News

New Home Purchase Apps Rise But Lag Year-Ago Levels

National Mortgage News, Apr. 13, 2018--Bonnie Sinnock (subscription)
New home purchase applications were 14% higher than the previous month, but they were 2.6% lower than they were in March 2017, according to the Mortgage Bankers Association's Building Application Survey.

Wells Fargo Faces $1B Fine from Federal Regulators over Mortgage, Auto Loan Abuses

USA Today, Apr. 13, 2018--Kevin McCoy
Federal regulators are seeking a $1 billion payment from Wells Fargo to settle problems with mortgage and auto loan issues, along with compliance risk management concerns, the bank said Friday as it reported its first-quarter earnings.

Mortgage Origination Volume Creates Drag on JPMorgan Chase Earnings Growth

HousingWire, Apr. 13, 2018--Kelsey Ramirez
In the first quarter, JPMorgan Chase saw a significant increase in its earnings from both the previous quarter and previous year--despite the drag from its mortgage origination volume.

Citigroup Profit Beats on Strength in Consumer Banking, Equity Trading

Reuters, Apr. 13, 2018--Sweta Singh, David Henry
Citigroup Inc. reported a higher-than-expected quarterly profit on Friday, driven by strength in its consumer banking business and a surge in equities trading.

House Clears Bill That Makes It Easier to Soften Volcker Rule

Bloomberg, Apr. 13, 2018--Elizabeth Dexheimer
The House passed legislation Friday that would make the Federal Reserve the sole regulator in charge of the Volcker Rule, a change that Wall Street banks have sought for years because they believe it will make complying with the controversial provision less burdensome.

First Republic Earnings, Mortgage Assets Increase

Mortgage Daily, Apr. 13, 2018
Although quarterly home lending was significantly lower at First Republic Bank, residential asset holdings expanded and earnings were stronger.

Increase in Mortgage Business Led by Conventional

Mortgage Daily, Apr. 13, 2018
A tool for predicting upcoming originations, the Mortgage Daily U.S. Mortgage Market Index, increased nearly 3 percent from the previous week during the seven days ended April 13.

Why the Dodd-Frank Rollback Has Some Small Banks Yawning

Wall Street Journal, Apr. 15, 2018--Ryan Tracy, Christina Rexrode (subscription)
Smaller banks say deregulation bill doesn't go far enough and mainly benefits the biggest regional banks.

Verbal Offers; IRS Agreements

UExpress, Apr. 13, 2018--Lew Sichelman
It used to be that homebuyers had to pay off their past-due federal taxes to obtain financing. But no more, at least not when the mortgage is being purchased by Fannie Mae.

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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