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Volume 18 | Issue 8 | Thursday, January 11, 2018

The Lede


MBA Calls for Improved Policing of VA Loan ‘Churning'

Mortgage Bankers Association Chairman David Motley, CMB, testifying yesterday before a House subcommittee, said lenders who engage in serial refinancing ("churning") of Veterans Affairs loans run counter to sound lending practices and expressed support for measures that result in stronger policing of such practices.


Residential Finance News

MBA: New Home Purchase Mortgage Apps Down 18% in December, Up 8% from Year Ago

The Mortgage Bankers Association said December mortgage applications for new home purchases increased by 7.8 percent from a year ago but fell by 18 percent from November.

For Luxury Homes, $5 Million is the New $1 Million

Trulia, San Francisco, says if you want to get into the luxury home market, living in a $1 million home no longer cuts it: with more and more million-dollar homes swamping housing markets, $5 million is the new bar for luxury living.

Veros: Overall Market Strength to Continue; Washington Set to ‘Boom'

Veros Real Estate Solutions, Santa Ana, Calif., said residential market values will continue their overall upward trends during the next 12 months, with only a small percentage of markets projected to depreciate.

Commercial/Multifamily News

CRE Prices Slow at Year-End

Commercial real estate prices ended 2017 on a down note, reported Ten-X, Irvine, Calif.

Dealmaker: Greystone Lends $43M for Multifamily

Greystone, New York, closed two transactions totaling nearly $19 million under Freddie Mac's new Targeted Affordable Housing Express pilot program.

MBA News

CREF18 in San Diego Feb. 11-14

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 returns to San Diego Feb. 11-14.

MBA C/MF Diversity/Inclusion Leadership Awards Application Deadline Extended to Jan. 17

The Mortgage Bankers Association has extended the applications deadline for its second annual Commercial/Multifamily Diversity and Inclusion Leadership Awards until Wednesday, Jan. 17.

Attention Lenders: Upcoming 2018 MBA and STRATMOR Peer Group Roundtables

Is your company flying blind by not using reliable data to support key business decisions? Join an elite group of lenders this spring that participate in the MBA and STRATMOR Peer Group Roundtables.

MBA Mergers & Acquisitions Workshop Jan. 22

The Mortgage Bankers Association's annual Mergers & Acquisitions Workshop takes place Jan. 22 at the Ritz Carlton Amelia Island in Fernandina Beach, Fla., ahead of the MBA Independent Mortgage Bankers Conference.

Top National News

Mortgage Applications Shoot up 8.3% to Start the Year

CNBC, Jan. 10, 2018--Diana Olick
Total application volume rose 8.3 percent during the first week of the year from the previous week, as mortgage rates held below year-ago levels, according to the seasonally adjusted Mortgage Bankers Association report.

The ‘Unintended' Effect of New Tax Laws on Property Tax Servicing

Mortgage Orb, Jan. 10,2018--Mark Collins
Mortgage servicers have set up a very complicated system that attempts to get taxes paid on time and allows them time to perform research on exceptions. This fragile system of timing tax payments has now collided with the new tax laws introduced just before the end of 2017, which threw a wrinkle into this already delicate framework.

Judge Denies Injunction to Remove Mick Mulvaney as CFPB Acting Direcor

Los Angeles Times, Jan. 10, 2018--Jim Puzzanghera
A federal judge on Wednesday denied a request for a preliminary injunction to remove Mick Mulvaney as acting director of the Consumer Financial Protection Bureau.

Is CFPB's Data Freeze About Security or a Political Ploy?

National Mortgage News, Jan. 10, 2018--John Heltman (subscription)
The Consumer Financial Protection Bureau's recent freeze on collecting any personally identifiable information from companies it supervises is slowing investigations and could ultimately cripple the agency's enforcement function--and that may be the point, according to former agency and law enforcement officials.

Top Democrats Want Credit Reporting Agencies Severely Punished for Equifax-Style Breaches

HousingWire, Jan. 10, 2018--Ben Lane
Sens. Mark Warner, D-Va., and Elizabeth Warren, D-Mass., introduced a bill that would increase oversight of credit reporting agencies and allow the government to impose financial penalties on the agencies for failing to secure consumer data.

Trump Administration Seeks to Change Rules on Bank Lending to the Poor

Wall Street Journal, Jan. 10, 2018--Rachel Louise Ensign, Ryan Tracy (subscription)
Changes to the regulations of the Community Reinvestment Act-a law first enacted in 1977-could potentially transform the way banks make billions of dollars in loans, investments and donations to poorer customers. In all, they could make it easier for banks to meet certain lending requirements and lower penalties for compliance problems.

Fed Sent Roughly $80.2 Billion in Profit to U.S. Treasury in 2017

Wall Street Journal, Jan. 10, 2018--Kate Davidson (subscription)
Remittances from the Federal Reserve to the U.S. Treasury declined for the second straight year in 2017 as rising short-term interest rates weighed on its profit, the central bank said Wednesday.

Freddie Mac Settles With Evicted REO Tenant

Milwaukee Journal Sentinel, Jan. 10, 2018--Cary Spivak
Alishia Evans, the Milwaukee woman who was conned by a bogus landlord and then bounced by police from the home she thought she would be renting, is receiving a financial settlement from Freddie Mac, the giant mortgage agency that owned the house.

Home Equity Business Grows at CA Credit Unions

Mortgage Daily, Jan. 10, 2018
Despite a tumble in first-mortgage production at California's credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.

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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