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Volume 17 | Issue 129 | Thursday, July 05, 2018

The Lede


MBA Letter Urges Bureau to Use Clear Guidance on Compliance Issues

In its latest letter to the Consumer Financial Protection Bureau/Bureau of Consumer Financial Protection, the Mortgage Bankers Association this week reiterated its criticism of the Bureau's "regulation by enforcement" practices and urged the Bureau to adopt guidance principles to provide certainty to its rules and regulations.


Top National News

Mortgage Applications Fall, as Refinancing Hits 20-Year Low

CNBC, July 4, 2018--Diana Olick
Total mortgage application volume decreased 0.5 percent on a seasonally adjusted basis compared with the previous week, according to the Mortgage Bankers Association.

Home Street to Sell $5B in Mortgage servicing Rights

American Banker, July 3, 2018--Paul Davis (subscription)
The $6.9 billion-asset company said in a press release Tuesday it will sell the rights to service about $5 billion in unpaid balances for single-family mortgages. It did not identify the buyer or disclose the price of the deal.

How Mortgages Have a Critical Impact on Presidential Elections

Washington Post, July 3, 2018--Michele Lerner
An analysis of presidential elections between 1996 and 2012 found that the availability of mortgage credit is a critical indicator in presidential races and has five times as much impact on voter behavior as rising unemployment.

New York's Iconic Plaza Hotel Sold to Qatar Fund for $600 Million

Wall Street Journal, July 3, 2018--Craig Karmin, Keiko Morris (subscription)
Katara Hospitality, which buys and manages hotels around the world for the Qatar government, has acquired full ownership of the 1907 property for $600 million.

New Residential Completes $190M Acquisition of Lou Ranieri's Shellpoint Partners

HousingWire, July 3, 2018--Ben Lane
Shellpoint is the parent company of several subsidiaries, including mortgage lender New Penn Financial, Shellpoint Mortgage Servicing, title and settlement services provider Avenue 365, and eStreet, an appraisal management company.

How Private-Label Investors are Beating the GSEs at their Own Game

National Mortgage News, July 3, 2018--Brad Finkelstein (subscription)
Fannie Mae and Freddie Mac enjoy considerable market advantages because of their lower cost of capital and significant government subsidies. But with some conforming loans, the private market is finding a way to compete with the government-sponsored enterprises.

An Inside Look at the Battle over AVMs

HousingWire, July 3, 2018--Kevin Gillen
An intellectual property court case that was decided this spring has elevated the topic of Automated Valuation Models, or AVMs, into the public discourse. While normally confined to real estate industry circles, the subject has received increased discussion as media outlets report on the case that led to a $706 million jury verdict.

Personal Loans Surge to a Record High

Bloomberg, July 3, 2018--Hannah Levitt (subscription)
Personal loans surged to a record this year and are the fastest-growing U.S. consumer-lending category, according to data from credit bureau TransUnion.

New Mortgage Call Center Will Employ Over 100

Mortgage Daily, July 3, 2018
A new call center in South Carolina launched by Princeton Mortgage Corp. will be the home for in excess of a hundred new employees.

Several Mortgage Conferences, Events in July

Mortgage Daily, July 3, 2018--Sam Garcia
Among mortgage industry events planned for this month are a loan officer expo, a consumer bankruptcy forum and an annual meeting hosted by a mortgage technology provider.

Residential Finance News

MBA Names Holly Cannon VP for Human Resources

The Mortgage Bankers Association named Holly Cannon as Vice President for Human Resources. She assumed duties on July 2.

Applications Down Slightly in MBA Weekly Survey

Mortgage applications fell for the second straight week, despite an uptick in purchase applications, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 29.

CoreLogic Reports Strong Home Price Growth

Two things appear to be unchanged in the current mortgage market: home prices are going up; and despite that, consumers still want to buy homes.

Commercial/Multifamily News

‘Transformational' Real Estate Development Boosts N.Y. Lodging

Already a dynamic hub for the lodging industry, New York is poised for strong growth over the next several years thanks to "transformational" real estate development that is changing the city's landscape and lodging environment, said JLL, Chicago.

Dealmaker: HFF Arranges $280M for Office Properties

HFF arranged sales and financing for office projects in California, northern Virginia, Texas and Florida.

MBA News

MBA Risk Management/QA/Fraud Prevention Forum Sept. 23-25

The Mortgage Bankers Association's annual Risk Management, QA and Fraud Prevention Forum takes place Sept. 23-25 in Los Angeles.

MBA Compliance Essentials UDAAP & FTC MAP Rule Resource Guide Available

The MBA Compliance Essentials program offers a new Resource Guide: Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) & FTC Mortgage Acts and Practices Advertising (MAP) Rule.

MBA Education Successful Practices in Third-Party Risk Management Sept. 25

MBA Education presents Successful Practices in Third-Party Risk Management on Sept. 25 at the JW Marriott LA Live, in conjunction with the MBA Risk Management and Quality Assurance Forum.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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