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Volume 17 | Issue 112 | Monday, June 11, 2018

The Lede


MBA Advocacy Update

On Tuesday, Senate Majority Leader Mitch McConnell, R-Ky., announced he is canceling the annual August recess to deal with the Senate's legislative backlog. And finally, the Senate Appropriations Committee approved the FY 2019 Transportation, Housing and Urban Development Appropriations bill.


Top National News

New MBA Chief's Hardest Job? Not Screwing Things Up

National Mortgage News, June 8, 2018--Brad Finkelstein, Austin Kilgore (free story)
"I will come in with a fresh set of eyes and ears and listen to the concerns of our members and respond accordingly," Robert Broeksmit said. Still, "I am coming into the MBA when it is as strong as it's ever been, and not coming in anticipating that there are substantive immediate changes that need to be made."

Ben Carson Walks Back Plan to Triple Rent for Poor

The Hill, June 9, 2018--Max Greenwood
HUD Secretary Ben Carson backed away on Friday from a plan to triple the minimum rent that the poorest Americans pay for federally subsidized housing.

U.S. Bancorp Is The Only Major U.S. Bank Still Reporting Mortgage Servicing Growth

Forbes, June 8, 2018--Trefis Team
The trend of a sequential decline in the total mortgage servicing portfolio for the five largest U.S. banks continued in the first quarter. U..S. Bancorp has bucked this trend over the years, though.

Mulvaney's Defense of CFPB Upheaval: I'm Trying to Fix Leaks

American Banker, June 8, 2018--Kate Berry (subscription)
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Friday that the agency fired more than 60 members of three advisory boards because the boards were simply too big. Mulvaney also said he wants some future advisory board meetings to be held in private because he fears information will be leaked to the media.

PHH 'Extremely Gratified' By CFPB Dismissal

Mortgage Daily, June 8, 2018
PHH Corp. is celebrating the Consumer Financial Protection Bureau's dismissal of a closely watched case involving alleged violations of the Real Estate Settlement Procedures Act.

Waters Renews Calls for Long-Term Flood Insurance Program

HousingWire, June 8, 2018--Kelsey Ramirez
The National Flood Insurance Program is set to expire in July, and Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., is renewing the call to pass a long-term solution for the problem.

Expert: Big Banks will Pass Stress Tests this Year

HousingWire, June 8, 2018--Kelsey Ramirez
Trepp, a provider of data, analytics and technology to the global securities and investment management industries, is predicting most, if not all, of the nation's 38 largest banks will past this year's test, despite the harsher test.

Mortgage Executives Land New Jobs

Mortgage Daily, June 11, 2018--Sam Garcia
Freddie Mac said John Krenitsky has been hired as senior vice president and chief compliance officer. He was recruited from Discover Financial Services.

Two Startups With Big Futures

UExpress, June 8, 2018--Lew Sichelman
One new app can help home buyers determine how flight patterns affect home searches; another purchases homes of seniors but allows them to remain in the house for as long as they live.

You Can't Find a Cheap Apartment Because They're Building So Few

Bloomberg, June 8, 2018--Patrick Clark (subscription)
Property investors have poured no small amount of money and concrete into U.S. rental apartments recently, concentrating on upscale projects in urban cores. The result is a glut of units affordable to affluent renters and far less supply for everyone else.

New York City to Spend $2 Billion Over Decade in Public-Housing Agreement

Wall Street Journal, June 10, 2018--Corinne Ramey, Laura Kusisto (subscription)
New York City has agreed to spend more than $2 billion over a decade to settle federal prosecutors' investigation into health and safety issues at the country's largest public-housing authority.

Wall Street Is Awash in Sublease Space. It's a Bad Sign for Landlords

Bloomberg, June 11, 2018--David M Levitt (subscription)
As companies realize they need less office space than they leased, they're dumping more than 600,000 square feet of subleases downtown, competing with their own landlords and threatening to undercut rents.

Residential Finance News

MBA Presents Burton C. Wood Award to Primary Residential Mortgage's David Zitting

The Mortgage Bankers Association presented its annual Burton C. Wood Legislative Service Award to David Zitting, CMB, CEO of Primary Residential Mortgage, Salt Lake City, Utah.

MBA Chart of the Week: IMB Production Profit & Volume

Independent mortgage banks and mortgage subsidiaries of chartered banks reported average pre-tax production losses of 8 basis points (a loss of $118 on each loan they originated) in the first quarter, down from 9 basis points ($237 per loan) in the fourth quarter, according to the MBA Quarterly Mortgage Bankers Performance Report.

The Week Ahead

The Federal Open Market Committee meets this Tuesday, June 12 and Wednesday, June 13. MBA NewsLink will provide coverage, with commentary from Mortgage Bankers Association Chief Economist Mike Fratantoni.

Commercial/Multifamily News

May Apartment Rents Up, Growth Rate Down

U.S. multifamily rents increased slightly to $1,381 in May, but growth was weaker than one year ago, said Yardi Matrix, Santa Barbara, Calif.

Dealmaker: Newmark Secures $78M for Retail, Office Properties

Newmark, San Francisco, secured $77.8 million for retail and office assets in Colorado, California and Washington.

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 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.

Upcoming MBA Education School of Mortgage Banking Courses

MBA Education presents its School of Mortgage Banking Courses I & II in Arlington, Va., July 24-27.

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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