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Volume 17 | Issue 30 | Tuesday, February 13, 2018

The Lede


Commercial Real Estate Dynamics Changing

SAN DIEGO--Commercial real estate remains healthy going into 2018, but it dynamics are changing, says Mortgage Bankers Association Vice President of Commercial and Multifamily Research Jamie Woodwell.


Residential Finance News

MBA: January New Home Purchase Mortgage Apps Surge

The Mortgage Bankers Association said January mortgage applications for new homes jumped by 34 percent from December and by 18.4 percent from a year ago.

It's Not Your Father's Tech Anymore

DALLAS--Blockchain. Big Data. Fintech. Predictive Analytics. Artificial Intelligence. Whatever you might call it and however you might use it, technology is (finally) transforming the mortgage servicing industry.

Redfin: Affordable Inland Metros Drew Migrants from High-Cost Coastal Markets

Redfin, Seattle, said migration patterns in the fourth quarter saw people in expensive, high-tax coastal markets such as San Francisco, New York and Los Angeles searched for homes in more affordable metros with lower taxes such as Sacramento, Phoenix, Las Vegas and Nashville.

Commercial/Multifamily News

Wells Fargo Leads MBA 2017 Year-End Commercial/Multifamily Servicer Rankings

SAN DIEGO--The Mortgage Bankers Association released its year-end ranking of commercial and multifamily mortgage servicers' volumes as of December 31.

MBA Projects 2018 Maturing Commercial/Multifamily Mortgage Volume to Drop 42%

SAN DIEGO--The Mortgage Bankers Association said 6 percent, or $102.2 billion, of the $1.8 trillion outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2018, a 42 percent decrease from $175.9 billion in 2017.

Dealmaker: Love Funding Secures $67M for Multifamily

Love Funding, Washington, D.C., secured $33.5 million in construction financing for Michigan and Colorado multifamily properties.

MBA News

MBA State & Local Workshop Apr. 23-24

The Mortgage Bankers Association's annual State & Local Workshop takes place Apr. 23-24 at the Capital Hilton in Washington, D.C., in conjunction with the MBA National Advocacy Conference (Apr. 24-25).

MBA Education Customer Trust: How to Measure It & How to Improve It Webinar Feb. 21

MBA Education presents a webinar, Customer Trust: How to Measure It & How to Improve It?, on Wednesday, Feb. 21 from 2:00-3:30 p.m. ET

MBA Education Tax Reform: Important Considerations for Mortgage Companies Webinar Feb. 20

MBA Education presents a webinar, Tax Reform: Important Considerations for Mortgage Companies, on Tuesday, Feb. 20 from 2:00-3:30 p.m. ET.

MBA Education Advanced Servicing Workshop in Phoenix Apr. 4-5

MBA Education presents its Advance Servicing Workshop in Phoenix Apr. 4-5.

Top National News

MBA Releases 2018 Outlook

Commercial Property Executive, Feb. 12, 2018--Sanyu Kyeyune
Origination volume is slowing, according to the Mortgage Bankers Association. MBA forecasts $549 billion in commercial and multifamily originations by year-end 2018, down 3 percent from 2017, and near-flat volume in 2019.

Commercial Mortgage Originations Ended 2017 on a High Note

National Mortgage Professional, Feb. 12, 2018--Phil Hall
Commercial and multifamily mortgage originations during 2017 was up 15 percent from the previous year, according to the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Early-Stage Mortgage Delinquencies Dropped in Q4 2017

DS News, Feb. 12, 2018--David Wharton
According to the MBA Fourth Quarter 2017 National Delinquency Survey, general downward trends for mortgage delinquencies continued as 2017 wrapped up, even after the impact of a historically damaging hurricane season.

Thousands of Mortgage Lending Jobs at Risk as Refis Drop

HousingWire, Feb. 12, 2018--Kelsey Ramirez
Thousands of lending jobs are now at risk as the number of refinances continue to fall, threatening to sink to their lowest level since 2000. The Mortgage Bankers Association recently predicted the Federal Reserve will raise the federal funds rate four times in 2018 and twice more in 2019.

How Trump's Budget Affects CFPB, GSE Fees, Other Bank Priorities

National Mortgage News, Feb. 12, 2018--John Heltman, Ian McKendry (subscription)
The Trump administration's 2019 budget highlights the administration's goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.

Trump White House Proposes Even Deeper Cuts to HUD

The Real Deal, Feb. 12, 2018--Will Parker
The White House Office of Management and the Budget released its 2019 federal budget proposal on Monday, calling for an 18.3 percent reduction in funding for the Department of Housing and Urban Development. The $8.8 billion proposed cut to HUD is even deeper than the roughly $7 billion the White House wanted to withhold from the department last year.

The 22 Agencies and Programs Trump's Budget Would Eliminate

The Hill, Feb. 12, 2018--Brett Samuels
Among the agencies slated for elimination: The Rural Business and Cooperative Service; The Economic Development Administration; and the HUD Neighborhood Reinvestment Corp.

Mulvaney Unveils Sweeping Plan to Dramatically Alter CFPB

HousingWire, Feb. 12, 2018--Ben Lane
"If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau's statutory responsibilities, but go no further," Mulvaney said in a statement.

Fannie and Freddie Mortgages Face Higher Fees Under Trump Budget

Bloomberg, Feb. 12, 2018--Joe Light
In its 2019 spending plan released Monday, the administration asked Congress to raise the fees Fannie and Freddie charge to back payments on mortgage-backed securities by 0.1 percentage point, a move it said would reduce the federal budget deficit by $25.7 billion over the next decade.

Regulation Reduction Continues at CFPB

Mortgage Daily, Feb. 12, 2018
The latest request for information from the Consumer Financial Protection Bureau marks the third in the past month as the Trump administration continues to reduce regulation on financial services providers.

Here's How a 5% Mortgage Rate Would Roil the Housing Market

CNBC, Feb. 12, 2018--Diana Olick
Mortgage rates are now at their highest level in four years and poised to move even higher. The timing couldn't be worse, as the usually busy spring housing market kicked into gear early this year amid higher home prices and strong competition for a record low supply of homes for sale.

Higher Mortgage Rates Could Change the Pace of Home Buying

National Mortgage News, Feb. 12, 2018--Bonnie Sinnock (subscription)
Homebuyers are most likely to slow their purchases or stay on course if mortgage rates rise above a certain benchmark, but some could act more quickly or drop out.

Zillow: The Odds Seem Stacked Against Single Homebuyers

National Mortgage Professional, Feb. 12, 2018--Phil Hall
A single homebuyer needs to devote 11 years to savings for a 20 percent downpayment on the typical U.S. home, while married or partnered couples require less than five years, according to a new Zillow analysis.

Ocwen Jettisons Executive Vice President of Lending as Business Shift Continues

HousingWire, Feb. 12, 2018--Ben Lane
Otto Kumbar was, until last week, Ocwen's executive vice president of lending, but Ocwen disclosed Monday that Kumbar's position was eliminated "in connection with the company's previously disclosed strategic assessment of its lending business."

Agency MSR Offering Has NY Concentration

Mortgage Daily, Feb. 12, 2018
Mortgage servicing rights are being offered on 4,263 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $773 million as of Dec. 29.

About MBA Newslink

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