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Volume 17 | Issue 128 | Tuesday, July 03, 2018

The Lede


Housing Demand Up as Homebuyers Stare Down Rising Mortgage Rates

A Redfin-commissioned survey involving 1,300 people who planned to buy a home in the next year said just 5 percent said they'd call off their search if rates rose above 5 percent. Twenty-four percent of buyers said such an increase would have no impact on their search.


Top National News

CRE, Multifamily Mortgage Debt Oustanding Spikes in First Quarter: MBA

National Mortgage News, July 2, 2018--Paul Centopani (subscription)
Commercial and multifamily mortgage debt outstanding grew $44.3 billion during the first three months of 2018, the largest first-quarter gain since before the Great Recession, according to the Mortgage Bankers Association.

Eddy Perez on Going for Broke in Atlanta

Hispanic Executive, July 2018--Rhiannon Root
"Eddy Perez one of our industry's greatest advocates," said David Stevens, CMB, President and CEO of the Mortgage Bankers Association. "He has been a leading voice for the dream of homeownership and has driven a culture of political and community engagement down though his company. Our industry needs more leaders like Eddy."

Kraninger's CFPB Hearing Set for July 19

National Mortgage Professional, July 2, 2018--Phil Hall
Kathy Kraninger, President Trump's choice to serve as the next Director of the Consumer Financial Protection Bureau, will receive a confirmation hearing before the Senate Banking Committee on July 19.

Judge Rules PricewaterhouseCoopers Must Pay $625.3 Million in Damages

Wall Street Journal, July 2, 2018--Michael Rapoport (subscription)
PricewaterhouseCoopers LLP must pay $625.3 million in damages for failing to catch a fraud scheme that helped cause one of the biggest bank failures of the financial crisis, involving Colonial Bank in Alabama, a federal judge ruled Monday.

California Regulator Puts Nonbanks on Notice about Compliance

National Mortgage News, July 2, 2018--Brad Finkelstein (subscription)
The number of nonbank mortgage lenders and servicers that did not comply with the California Residential Mortgage Lending Act Annual Report requirements grew this year, prompting a reprimand and warning of penalties from the commissioner of the state's Department of Business Oversight.

Fed Extends Stress Test Filing Deadlines for 14 Big Banks

HousingWire, July 2, 2018--Kelsey Ramirez
The Federal Reserve announced Monday that it is extending the stress test filing deadline by one year for some of the nation's largest banks.

RealPage: Class C is Now Cream of the Multifamily Crop

HousingWire, July 2, 2018--Jeremiah Jensen
It's the underdog story of the decade. Class-C is now on top of the multifamily food chain, boasting tighter occupancy rates than Class-B and Class-A, according to a report from RealPage.

Major Mortgage Mergers & Acquisitions Activity

Mortgage Daily, July 2, 2018--Sam Garcia
This year has been busy for mergers and acquisitions in the mortgage industry so far.

Agency MBS Issuance Up Despite Decline at Fannie

Mortgage Daily, July 2, 2018
Fannie Mae, Freddie Mac and Ginnie Mae reported $99.571 billion in fixed-rate mortgage backed securities issued during June.

More Mortgages for Manufactured Housing Mean More Affordable Housing

Urban Institute, July 2, 2018--Laurie Goodman, Bhargavi Ganesh
In a research brief, the authors say increasing the annual supply of the one of the most affordable types of housing, manufactured housing, from the 93,000 units produced in 2017 could ease the country's severe shortage of affordable housing.

Residential Finance News

MBA Offices Closed July 4

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.

Survey: 59% of Organizations Do Not Have Vendor Management Program in Place

A survey of banking and mortgage professionals from Vendorly found three in five respondents (59 percent) said their organization does not have a fully comprehensive vendor management program in place.

Residential Briefs

HUD approved nearly $6 billion in disaster recovery plans to spur recovery from 2017 hurricanes in Florida and Texas.

Commercial/Multifamily News

CMBS Market in ‘Dog Years'

Conventional wisdom suggests the commercial real estate marketplace operates in 10-year cycles--of which 2018 is Year 10. But new reports on commercial mortgage-backed securities performance indicate a market more in mid-cycle form.

Commercial/Multifamily Briefs

New York Life Real Estate Investors, New York, closed its first dedicated national value-add vehicle, The Madison Square Value Enhancement Fund.

Dealmaker: Meridian Capital Group Arranges $183M for Office, Hotel, Condo

Meridian Capital Group, New York, arranged more than $183 million in financing for properties in Texas, Illinois and New York.

MBA News

MBA Annual Convention & Expo in Washington Oct. 14-17

Join thousands of your industry colleagues in our nation's capital this October for the Mortgage Bankers Association' Annual Convention & Expo 2018.

MBA CREF Market Intelligence Symposium July 11-12

The Mortgage Bankers Association's Commercial Real Estate Finance Market Intelligence Symposium returns to New York City July 11-12.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

MBA Disaster Recovery Guide Now Available in Spanish

The Mortgage Bankers Association and the National Association of Hispanic Real Estate Professionals have developed a Spanish-language version of Disaster Recovery: A Resource for Homeowners, a consumer-facing informational guide.

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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