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Volume 18 | Issue 9 | Friday, January 12, 2018

The Lede


One-Fourth of 2017 U.S. Home Sales Above Asking Price

Zillow Inc., Seattle, said buyers paid more than the asking price in 24 percent of U.S. home sales in 2017, netting sellers an additional $7,000 each on average.


Residential Finance News

MBA Offices Closed Monday for King Holiday

Offices of the Mortgage Bankers Association will be closed next Monday, Jan. 15 in observance of the Martin Luther King Jr. holiday.

Buzzworthy with Ann Fulmer: Pilot Programs

When regulators and investors want to make changes to how we do business, they telegraph their intentions well in advance of the implementation date so that industry participants can start making the changes needed to adapt to new requirements and technologies.

ATTOM: Buying a Home More Affordable than Renting in Majority of Markets

ATTOM Data Solutions, Irvine, Calif., says buying a home is ultimately more affordable than renting in a majority of U.S. housing markets--but not by much.

Commercial/Multifamily News

'Change and Opportunity' for CRE in 2018

Commercial real estate market dynamics are "in flux" as the current investment cycle enters its latter stage, said Avison Young, Toronto.

Dealmaker: Walker & Dunlop Originates $100M Revolving Credit Facility

Walker & Dunlop, Bethesda, Md., structured a $100 million Freddie Mac Revolving Credit Facility for Presidium Group LLC, Dallas.

MBA News

MBA National Mortgage Servicing Conference & Expo Feb. 6-9

The Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2018 returns to the Gaylord Texan in Grapevine, Texas (Dallas) Feb. 6-9.

Nominations for MBA Insights 2018 Tech All-Star Awards Deadline Jan. 19

The Mortgage Bankers Association and MBA Insights are accepting nominations for the MBA Insights 2018 Tech All-Star Awards. Nominations will be accepted through Friday, Jan. 19.  

MBA Education School of Loan Origination Jan. 29-Feb. 22

MBA Education hosts its popular School of Loan Origination Instructor-Guided Online Course from Jan. 29-Feb. 22.

MBA Education Cybersecurity Fundamentals & NY DFS Requirements Workshop Feb. 6-7

MBA Education offers a workshop, Cybersecurity Fundamentals & NY DFS Requirements, on Tuesday Feb. 6 and Wednesday, Feb. 7 in McLean, Va. (near Washington, D.C.).

Top National News

New Home Loan App Volume Down as Storm-Driven Purchases Slow

National Mortgage News, Jan. 11, 2018--Brad Finkelstein (subscription)
There was an 18% drop in mortgage applications to purchase a new home in December from November, according to the Mortgage Bankers Association's Builder Application Survey. But on a year-over-year basis, application volume improved by 7.8%.

Mortgage Rates Shoot Higher to Begin the New Year

Washington Post, Jan. 11, 2018--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 3.99 percent with an average 0.5 point.

Bill Would Rein in Mortgage Companies Targeting Veterans

Associated Press, Jan. 11, 2018
The bill's sponsors--Sens. Elizabeth Warren, D-Mass., and Thom Tillis, R-N.C.--said Thursday the goal is to protect veterans, particularly those who purchase homes through a U.S. Department of Veteran's Affairs home loan program.

A New Approach to Mortgage Design

Huffington Post, Jan. 11, 2018--Jack Guttentag
One intriguing approach has been suggested by Wayne Passmore and Alexander H. von Haften, economists at the Federal Reserve Board. Their central idea for encouraging more rapid equity growth is to trade off the borrower's right to refinance when interest rates fall, which imposes a heavy cost on lenders, for larger principal payments.

Tech Fixes will Bring More Business to FHA, Top HUD Official Says

National Mortgage News, Jan. 11, 2018--Brian Collins (subscription)
Adolfo Marzol, a top official at the Department of Housing and Urban Development, is optimistic that technological improvements and other changes can help draw Federal Housing Administration lenders back to the fold.

Guild Mortgage Launches Midwest Expansion By Acquiring Cornerstone Mortgage

HousingWire, Jan. 11, 2018--Ben Lane
Mary Ann McGarry, president and CEO of Guild, said the acquisition fits with Guild's strategic plan to "grow in existing markets and also acquire firms with a strong presence in new markets and proven histories of exemplary customer service and entrepreneurial cultures."

TD Bank Names New Mortgage Chief

Mortgage Daily, Jan. 11, 2018
TD Bank said Rick Bechtel has been appointed executive vice president and head of U.S. mortgage banking.

Wal-Mart Sam's Club to Shut Some Stores After Review

Reuters, Jan. 11, 2018--Siddharth Cavale
Wal-Mart reported that Sam's Club was closing 63 stores and laying off thousands of workers.

Five Predictions for the Office Sector in 2018

National Real Estate Investor, Jan. 11, 2018--Mary Diduch
The office sector continues to slow, industry analysts say. Insiders offered their opinions on where the sector is heading in 2018.

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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