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Volume 17 | Issue 29 | Monday, February 12, 2018

The Lede

 

MBA Advocacy Update

Last week, the House once again passed bipartisan, MBA-supported legislation (H.R. 1153) that would favorably adjust the Truth in Lending Act's definition of "points and fees" under the Ability to Repay/Qualified Mortgage rule.

 

Residential Finance News

 
Improving Borrower Experience for Better Outcomes

DALLAS--Your borrowers are watching, says Joseph Dombrowski, Director of Product Management & Chief Mortgage Strategist with Fiserv, Brookfield, Wis.

MBA Chart of the Week: Conventional Conforming Fixed-Rate 30-Year Mortgage Rates

Each Tuesday, the MBA Weekly Application Survey collects data from lenders on average contract interest rates for conforming 30-year fixed-rate mortgage applications (both purchase and refinance) processed during the prior week. Freddie Mac also surveys lenders about contract rates on 30-year fixed-rate conforming purchase mortgages.

MBANow: MBA Chief Economist Mike Fratantoni on Rising Interest Rates

The Mortgage Bankers Association released a new video featuring MBA Chief Economist Mike Fratantoni, who discusses rising interest rates and how that could impact the real estate finance industry going forward.

The Week Ahead

SAN DIEGO--MBA NewsLink and MBA Commercial/Multifamily NewsLink come to you this week from the Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo.

Commercial/Multifamily News

 
MBA Forecasts 3% Decline in 2018 Commercial/Multifamily Origination Volume

The Mortgage Bankers Association projects commercial and multifamily mortgage originations will decline slightly in 2018, ending the year at $549 billion, down 3% percent from 2017.

MBA: 2017 Commercial/Multifamily Borrowing Up 15%

SAN DIEGO--Commercial and multifamily mortgage originations rose by 15 percent for the full-year 2017 over 2016, according to preliminary estimates from the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Dealmaker: Starwood Pays $360M for Chicago Office Tower

Starwood Capital Group, Greenwich, Conn., acquired 40-story Chicago office tower One South Dearborn from Olen Properties, Newport Beach, Calif., for $360 million.

MBA News

 
MBA National Secondary Market Conference & Expo May 20-23

The Mortgage Bankers Association' National Secondary Market Conference & Expo returns to the Marriott Marquis in New York May 20-23.

MBA Top 10 Quality Control Errors Made in Loan Production Webinar Mar. 15

MBA Education presents a webinar, Top 10 Quality Control Errors Made in Loan Production, on Tuesday, Mar. 15 from 2:00-3:30 p.m. ET.

MISMO Course 2 Implementation Framework Case Study Part 1 Available Feb. 13-16

MISMO presents its popular Course 2 Implementation Framework Cast Study Part 1, either as a self-study program or as an Instructor-Guided Online Course taking place Feb. 13-16.

MBA Member Advantage Program Adds New Partners

Your MBA membership entitles you to discounts on services such as office supplies, car rental, shipping, employee benefit services and more though our affinity program: MBA Member Advantage.

Top National News

 
Ten Years After the Crisis, Banks Win Big in Trump's Washington

Bloomberg, Feb. 9, 2018--Robert Schmidt, Jesse Hamilton
As the 10th anniversary of the financial crisis approaches, many of the restrictions put in place to rein in Wall Street risk-taking are quietly being unwound.

It's Time to Redefine Service in the Mortgage Servicing Industry

HousingWire, Feb. 9, 2018--Joseph DeStasio
The author, who spoke at the recent MBA National Servicing Conference, says it's time we change the conversation and recognize that people matter. Talented, happy team members create happy customers. And, when this focus is partnered with the right technology, the industry will finally be able to see some real change.

Equifax Hack Might Be Worse Than You Think

Wall Street Journal, Feb. 9, 2018--AnnaMaria Andriotis (subscription)
Equifax said, in a document submitted to the Senate Banking Committee and reviewed by The Wall Street Journal, that cyberthieves accessed records across numerous tables in its systems that included such data as tax identification numbers, email addresses and drivers' license information beyond the license numbers it originally disclosed.

Ellie Mae's Revenue Enhanced by Velocify Acquisition

National Mortgage News, Feb. 9, 2018--Brad Finkelstein (subscription)
or the fourth quarter, Ellie Mae's revenue of $112.9 million was up 17% from $96.2 million for the same period in 2016. This exceeded the midpoint of the company's guidance by approximately $5 million and "was driven by higher-than-expected revenue from Velocify.

Walter Investment Emerges from Chapter 11, Changes Name to Ditech Holding Corp.

HousingWire, Feb. 9, 2018--Ben Lane
With the bankruptcy now in the rearview mirror, Walter Investment is changing its name to Ditech Holding Corp., adopting the name of its prominent subsidiary Ditech Financial.

Mortgage Payments Likely to Keep Zooming

UExpress, Feb. 9, 2018--Lew Sichelman
CoreLogic, a data analytics company that has been tracking mortgage payments for the past generation, says that while home prices may be up 6 percent through August of last year, the average mortgage payment went up 10.1 percent during the corresponding period. And for 2018, the typical home loan payment is likely to rise by more than 11 percent.

Altisource Residential Changing Its Name to Front Yard Residential

HousingWire, Feb. 9, 2018--Ben Lane
Altisource Residential announced Friday that it plans to change its name to Front Yard Residential.

Former Clayton Execs Band Together to Found New Due Diligence Firm

HousingWire, Feb. 9, 2018--Ben Lane
The new company, which is called New Diligence Advisors, officially launched Friday. The company's principals are Mark Hughes, Ann Gibbons and Tom Donatacci, all of whom previously worked at Clayton at various times.

Share of Cashout Mortgage Refinances at Record

Mortgage Daily, Feb. 9, 2018
New mortgage activity moved higher this week, and refinances saw the biggest gain. Cashouts accounted for a bigger share of business than during any week on record.

Mortgage Events Added to Conference Calendar

Mortgage Daily, Feb. 9, 2018--Sam Garcia
Mortgage-related conferences, events and meetings have been added to Mortgage Daily's Mortgage Conference Calendar. The housing finance system, regulation and reverse mortgages are among the topics to be covered.

About MBA Newslink

President and CEO: David H. Stevens, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.