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Volume 17 | Issue 31 | Wednesday, February 14, 2018

The Lede


Mortgage Bankers Post Open Letter to Congress on GSE Reform

More than 130 mortgage banking leaders from 40 states, including current and former officers of the Mortgage Bankers Association, sent an open letter to Congress Tuesday emphasizing the need for comprehensive secondary mortgage market reform.


Residential Finance News

MBA Offers Support for TRID Improvement, Mortgage Licensing Bill

The Mortgage Bankers Association sent a letter to House leaders yesterday expressing strong support for legislation that would make key adjustments to the TILA/RESPAIntegrated Disclosure rule and support flexibility for mortgage loan originators.

Applications Down in MBA Weekly Survey

Mortgage applications fell from one week earlier as key interest rates hit three-year highs, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending February 9.

Disrupters to Mortgage Servicing

DALLAS--You've seen it with Uber, Amazon and other companies bringing new models to traditional businesses. And disruption is already rampant in the mortgage servicing industry.

Commercial/Multifamily News

‘Be Prepared For a Change'

SAN DIEGO--Make hay while the sun shines, but be prepared for a storm when clouds appear, said Mortgage Bankers Association Chairman Dave Motley, CMB.

MBA Presents JLL with Commercial/Multifamily Diversity & Inclusion Leadership Award

SAN DIEGO--The Mortgage Bankers Association awarded JLL, Chicago, with its 2018 Commercial/Multifamily Diversity & Inclusion Leadership Award for the company's efforts in organizational diversity and inclusion.

MBA Honors Tom Dennard with 2018 CREF Distinguished Service Award

SAN DIEGO--The Mortgage Bankers Association awarded Thomas S. Dennard, Chairman and CEO of Grandbridge Real Estate Capital, with its 2018 Commercial Real Estate Finance Distinguished Service Award.

Dealmaker: Walker & Dunlop Arranges $80M for Milwaukee Office Building

Walker & Dunlop, Bethesda, Md., structured an $80 million non-recourse loan for 833 East Michigan, a 359,000-square-foot Class A office building in Milwaukee's central business district.

MBA News

MBA Recognizes Premier Members

MBA is proud to recognize its Premier and Select Associate Members and to thank them for their continued support of MBA and the real estate finance industry.

MBA National Technology Solutions Conference Apr. 15-18

Tech 18, the Mortgage Bankers Association's National Technology Solutions Conference & Expo, takes place Apr. 15-18 at the Detroit Marriott At the Renaissance Center.

MBA Education Ten(ish) Performance Ratios Every Mortgage Banker Must Know Webinar Feb. 27

MBA Education presents a webinar, Ten(ish) Performance Ratios Every Mortgage Banker Must Know, on Tuesday, Feb. 27 from 2:00-3:30 p.m. ET.

MBA Advanced Risk Management for Mortgage Pros Workshop in Washington June 11-13

MBA Education presents its popular Advanced Risk Management for Mortgage Pros Workshop June 11-13 in Washington, D.C.

Top National News

How Lenders Who Prey on Veterans Hurt Other Homebuyers as Well

Washington Post Writers Group, Feb. 13, 2018--Kenneth R. Harney
Could predatory lending practices affecting veterans also be inflating interest rates paid by thousands of unsuspecting homebuyers using Federal Housing Administration loans? Michael Fratantoni, chief economist for the Mortgage Bankers Association, said "it absolutely impacts interest rates" adversely when investors cut the prices they'll pay for Ginnie Mae bonds.

Applications for New Home Purchases Up in January

National Mortgage Professional, Feb. 13, 2018--Phil Hall
Mortgage applications for new home purchases in January increased 18.4 percent from one year earlier, according to the latest the Mortgage Bankers Association Builder Application Survey. Compared to December, applications increased by 34 percent.

Optimizing Environmental Due Diligence in CRE Transactions

Commercial Property Executive, Feb. 13, 2018--Sanyu Kyeyune
Environmental and engineering expert Dan Spinogatti outlines considerations to improve assessment of environmental risk to keep real estate deals on time and on budget, during the Mortgage Bankers Association CREF/Multifamily Finance conference in San Diego.

Kept Out: How Banks Block People of Color from Homeownership

Associated Press, Feb. 13, 2018
"While quite informative regarding the state of the lending market," the records analyzed by Reveal do "not include sufficient data to make a determination regarding fair lending," said the Mortgage Bankers Association's chief economist, Mike Fratantoni.

U.S. Mortgage Debt Rises to $8.8 Trillion

Marketplace, Feb. 13, 2018--Sabri Ben-Achour, Jana Kasperkevic
Americans owe $8.88 trillion in mortgages loans. That's a good thing, according to Joelle Scally, the administrator of the Center for Microeconomic Data at the New York Fed. Household debt has been growing for five years but mortgage balance growth has been slow since it stopped declining in 2013. The recent jump in mortgage debt is a proof of recovery in the housing market.

Mulvaney Unveils New CFPB Five-Year Strategic Plan

National Mortgage Professional, Feb. 13, 2018--Phil Hall
The Consumer Financial Protection Bureau released a five-year Strategic Plan that offers a very different approach to regulatory oversight than the draft version initially released in October.

Upbeat FHA Outlook in Trump Budget Renews Call for Premium Reduction

National Mortgage News, Feb. 13, 2018--Brian Collins (subscription)
The Trump administration's new budget proposal shows the Federal Housing Administration mortgage insurance program should be very profitable in fiscal year 2019, but there are no indications that the FHA will reduce its mortgage insurance premiums anytime soon.

Nationstar (aka Mr. Cooper) Merging with WMIH in $3.8 Billion Deal

HousingWire, Feb. 13, 2018--Ben Lane
Nationstar announced Tuesday morning it is merging with WMIH Corp., the former parent company of Washington Mutual in a $3.8 billion deal.

Access and Affordability in the New Housing Finance System

Urban Institute, Feb. 13, 2018--Jim Parrott, Michael Stegman, Phillip L. Swagel, Mark M. Zandi
In this analysis, the authors assess how well the multi-guarantor system proposed in the draft bill under discussion in the Senate Banking Committee (as of February) would serve these households, concluding that they would do considerably better than they do under the system we have today.

The States Damaged by the Financial Crisis Still Stand Out a Decade Later

MarketWatch, Feb. 13, 2018--Greg Robb
A decade later, echoes of the financial crisis still linger in mortgage debt data, according to research released by the New York Fed on Tuesday.

Shopping for a Home? It Will Take a Lot Longer than You Think...

CNBC, Feb. 13, 2018--Diana Olick
Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.

Mortgage Broker Group Launches

Mortgage Daily, Feb. 13, 2018
The Association of Independent Mortgage Experts was founded by Anthony J. Casa, who serves as the group's chairman. He also runs Garden State Home Loans Inc. as president.

Arch M.I.'s Annual Business More than Doubles

Mortgage Daily, Feb. 13, 2018
Annual business more than doubled at Arch Mortgage Insurance Co. thanks to its acquisition of United Guaranty Corp.

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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