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Volume 17 | Issue 130 | Friday, July 06, 2018

The Lede


Urban Neighborhoods Matching Suburban Growth

A new Urban Land Institute study finds the population of urban neighborhoods in many metropolitan areas is growing as quickly or nearly as quickly as that of suburban neighborhoods, reflecting ongoing consumer demand--particularly among younger households-for "highly walkable" living environments convenient to jobs, transit and urban amenities.


Top National News

CFPB's Compliance Approach Makes Regulatory Guidance Unreliable: MBA

National Mortgage News, July 5, 2018--Elina Tarkazikis (free article)
The Consumer Financial Protection Bureau's practice of "regulation by enforcement" and use of nonbinding guidance materials makes its regulatory efforts "unfair and ineffective" to lenders and servicers, claims the Mortgage Bankers Association.

MBA Names New VP of Human Resources

National Mortgage Professional, July 5, 2018--Phil Hall
The Mortgage Bankers Association has named Holly Cannon as its new Vice President for Human Resources.

The Temporary Slide in Mortgage Rates Could Give New Hope to First-Time Home Buyers

Washington Post, July 5, 2018--V. Dion Haynes
Mortgage rates continued their month-long slide, according to data released Thursday, giving new--but temporary--hope to millennial buyers struggling to piece together a down payment amid soaring home prices and lackluster wage growth. (MBA mention)

Mortgage Rates Lowest Since April

Mortgage Daily, July 5, 2018--Sam Garcia
Thirty-year fixed-rate mortgages had an average interest rate of 4.52 percent, Freddie Mac said, the lowest rates since April 19.

CFPB Set to Issue HMDA Guidance This Summer

National Mortgage News, July 5, 2018--Kate Berry (subscription)
The Consumer Financial Protection Bureau plans to issue guidance later this summer on how it will give community banks partial exemptions from Home Mortgage Disclosure Act requirements.

Fed Expects to Keep Raising Rates, Ending Years of Stimulus

Wall Street Journal, July 5, 2018--Nick Timiraos (subscription)
Federal Reserve officials at their meeting last month signaled they could raise interest rates over the next year to a level that no longer seeks to stimulate growth, formally ending a long postcrisis chapter in which the central bank unleashed unprecedented stimulus campaigns.

RBS to Pay $20 Million to Illinois Pension Funds over Crisis-Era Mortgage Bonds

HousingWire, July 5, 2018--Ben Lane
For the third time this year, the Royal Bank of Scotland is about to pay up over the bank's mortgage practices in the run-up to the housing crisis.

BBVA Compass Ordered to Pay $96.2 Million for Defrauding Texas Real Estate Developer

HousingWire, July 5, 2018--Ben Lane
BBVA Compass was ordered to pay more than $96 million to a Texas real estate developer and several associated business entities after a Dallas jury ruled that the bank committed fraud against the developer involving the financing of several high-end housing developments in the midst of the financial crisis. The company said it disagrees with the judgment and intends to appeal.

Decade-Low Monthly Reverse Mortgage Production

Mortgage Daily, July 5, 2018
It's been more than a decade since the production of new federally insured reverse mortgages came in as low as it did last month.

All Eyes will Be on C&I in Banks' 2Q Results

American Banker, July 5, 2018--Kristin Broughton (subscription)
Though complete second-quarter numbers aren't in yet from the Federal Reserve, and banks don't start announcing their quarterly financial results for another week, a Wedbush Securities analysis of the Fed's weekly lending data found that commercial and industrial loans were on pace to increase 4% in the three-month period when compared with a year earlier.

Residential Finance News

MBANow: Eddy Perez, CMB, on Transitional Licensing, CMB Designation

The Mortgage Bankers Association released a new MBANow video featuring Eddy Perez, CMB, a member of the MBA Board of Directors, who discusses the impact of MBA advocacy on his business and the benefits of earning the MBA Education Certified Mortgage Banker designation.

Bureau Says It Will Line up HMDA Exemptions with New Reg Relief Law

The Consumer Financial Protection Bureau yesterday issued a statement signaling its intent to align its Home Mortgage Disclosure Act policies with the recently passed Economic Growth, Regulatory Relief and Consumer Protection Act.

Fitch: U.S. RMBS Rep & Warranties Have ‘Room for Improvement

Fitch Ratings, New York, said some new U.S. residential mortgage-backed securities deals are coming to market of late with rep and warranty frameworks that are showing signs of slippage at a time when they should be taking on greater importance.

Commercial/Multifamily News

Foreign Investment in U.S. Commercial Real Estate Remains Strong

Nearly one-fifth of commercial real estate realtors closed a sale with an international client in 2017, the National Association of Realtors reported.

Dealmaker: JLL Arranges $115M for Retail, Mixed Use

JLL, Chicago, arranged $115 million for a retail building in Arizona and mixed-use development in Brooklyn, N.Y.

MBA News

MBA Summit on Diversity & Inclusion in D.C. Nov. 27-28

The Mortgage Bankers Association's annual Summit on Diversity and Inclusion takes place Nov. 27-28 at the Capital Hilton in Washington, D.C.

MBA Education Introduction to Mortgage Banking Sept. 11-25

MBA Education presents its popular Introduction to Mortgage Banking instructor-guided online course Sept. 11-25.

Upcoming MBA Education School of Mortgage Banking I Courses

MBA Education presents its popular School of Mortgage Banking Course I this summer in Arlington, Va.; Atlanta; and Dallas.

MBA Education Advanced Servicing Workshop Aug. 8-9

MBA Education presents its Advance Servicing Workshop in Irving, Texas Aug. 8-9.

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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