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Volume 17 | Issue 127 | Monday, July 02, 2018

The Lede

 

MBA Advocacy Update

This past week, HUD Secretary Ben Carson testified before the House Financial Services Committee regarding oversight of the agency. In the Senate, a six-month extension of the National Flood Insurance Program was included in the recently-passed version of a bipartisan farm bill.

 

Top National News

 
Compliance Experts Gain Designation of Their Own

RESPA News, June 29, 2018 (Subscription)
MBA launched its Certified Mortgage Compliance Professional Certificate and Designation program (CMCP). The designation was created to recognize the achievements of individuals in the real estate finance industry for their commitment to having a compliant workplace, specifically in the mortgage industry.

Ditech Mortgage Considering a Sale Four Months After Exiting Bankruptcy

National Mortgage News, June 29, 2018--Brad Finkelstein (subscription)
Ditech Holding Corp. is considering selling itself, just over four months after the lender emerged from bankruptcy protection.

Three Emerging Cybersecurity Trends to Focus On in 2018

HousingWire, June 29, 2018--JT Gaietto
The author, with Richey Mae & Co., says lenders cannot afford a "wait and see" approach to dealing with new compliance challenges. Data privacy laws are accelerating, and lenders that lag behind them could be left in the dust for good.

Fintechs' Vulnerability Apparent in Capital One Data-Access Flap

American Banker, June 29, 2018--Mary Wisniewski (subscription)
It's far from the first time a bank has been accused of preventing consumers from using fintech apps. But the news that a security update from Capital One has resulted in a major data aggregator being blocked from porting some bank data to other apps for more than a month marks a disturbing turn for financial innovation.

Even After Last Year's Terrible Hurricanes, Insurers Are in Solid Shape

Wall Street Journal, June 30, 2018--Mengqi Sun, Leslie Scism (subscription)
Major Atlantic Ocean hurricanes, California wildfires and Mexico earthquakes made 2017 one of the costliest years ever for insurers. But even that slate of disasters wasn't enough to dent insurers' fat capital cushions.

Nationstar, WaMu Shareholders Approve $.19B Acquisition

National Mortgage news, June 29, 2018--Bonnie Sinnock (subscription)
The company that holds Washington Mutual's legacy business can move ahead with its plan buy a controlling interest in Nationstar Mortgage now that both companies' shareholders have approved the deal.

Younger Generation Can't Afford to Buy a Home

HousingWire, June 29, 2018--Jessica Guerin
Research from Freddie Mac reveals homeownership rates among young adults 24 to 35 has dropped and isn't likely to pick up any time soon.

Fannie Mae Delinquency Lowest Since 2017

Mortgage Daily, July 2, 2018
As serious mortgage delinquency fell to the lowest level since last year at Fannie Mae, new business jumped to the second-highest level this year.

Record Low Rate-Term Refi Business

Mortgage Daily, June 29, 2018
The U.S. Mortgage Market Index, published by Mortgage Daily based on average per-user rate-lock volume by clients of OpenClose, was virtually unchanged in the week ended June 29.

Obtaining a Fair Insurance Settlement

UExpress, June 29, 2018--Lew Sichelman
As too many homeowners have learned after a major loss, obtaining a full and fair settlement from their insurance companies isn't a given.

Residential Finance News

 
Loan Application Defect, Fraud Risk Drops as Home Purchases Improve Share

First American Financial Corp., Santa Ana, Calif., said frequency of defects, fraudulence and misrepresentation in information submitted in mortgage loan applications decreased by 2.4 percent in May from a month ago and by 3.6 percent from a year ago.

The Week Ahead

MBA offices will close at noon ET on Tuesday, July 3 and remain closed on Wednesday, July 4 in observance of the Independence Day holiday.

Commercial/Multifamily News

 
MBA Chart of the Week: Q1 Changes in Commercial/Multifamily Mortgage Debt Outstanding

During the first three months of 2018, commercial and multifamily mortgage debt outstanding (shown by the red line in the chart) increased more than during any other first quarter since before the Great Recession.

Rents Appreciate at Faster Rate in 3/4 of Nation's Largest Markets

Zillow, Seattle, said rents appreciated at a faster rate this past spring from a year ago in 27 of the 35 largest U.S. rental markets, but noted in pricier markets, rent appreciation slowed noticeably.

Dealmaker: Cushman & Wakefield Arranges $270M for Office, Multifamily

Cushman & Wakefield, Washington, D.C. secured $174 million for a 13-property multifamily portfolio and a new office building in Washington, D.C.

MBA News

 
mPowering You Summit for Women in Real Estate Finance in D.C. Oct. 13

mPowering You, the Mortgage Bankers Association's Summit for Women in Real Estate Finance, takes place Saturday, Oct. 13 at the Walter E. Washington Convention Center in Washington, D.C., ahead of the MBA Annual Convention & Expo.

MBA 2018 Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual 2018 Human Resources Symposium takes place Sept. 11-12 in Arlington, Va.

MBA Education School of Mortgage Banking Course III Sept. 18-21 in Washington

MBA Education presents its School of Mortgage Banking Course III, Sept. 18-21 at MBA headquarters in Washington, D.C.

MBA Education School of Mortgage Servicing July 16-26

MBA Education offers its popular School of Mortgage Servicing instructor-guided online course July 16-26.

About MBA Newslink

President and CEO: David H. Stevens, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.