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Volume 17 | Issue 47 | Friday, March 09, 2018

The Lede


Best Market for First-Time Homebuyers? Texas, Florida

Four of the top five markets for first-time homebuyers are in Texas and Florida, with Tampa leading all markets, said Zillow Inc., Seattle.


Residential Finance News

More Millennials Qualifying for Conventional Mortgages

Ellie Mae, Pleasanton, Calif., said more than two-thirds of all closed loans to Millennials in January were conventional, the highest percentage in two years.

Fannie Mae: Housing Confidence Falls, Remains Volatile

The Fannie Mae Home Purchase Sentiment Index fell by 3.7 points in February to 85.8, reversing last month's increase,

Commercial/Multifamily News

Multifamily Permitting, Starts Bounce Back

A temporary multifamily construction slowdown reversed course in January--the annual rate for both permits and starts increased significantly from December, reported Axiometrics, Richardson, Texas.

Commercial/Multifamily Briefs

Marcus & Millichap expanded its southern California presence with a new office in El Segundo.

Dealmaker: Hersha Hospitality Trust Refinances Seven Manhattan Hotels

Hersha Hospitality Trust, Philadelphia, refinanced $335 million in debt on seven Manhattan hotels owned in a joint venture with investment manager Cindat Capital Management Limited, Beijing.

MBA News

MBA National Secondary Market Conference & Expo May 20-23

The Mortgage Bankers Association' National Secondary Market Conference & Expo returns to the Marriott Marquis in New York May 20-23.

MBA Education Mortgage Accounting Webinar Series Begins Apr. 4

MBA Education presents a four-part webinar series, Mortgage Accounting, on consecutive Wednesdays beginning Apr. 4.

MBA Education Residential Mortgage Banking for the IT Professional Workshop in Detroit Apr. 15

MBA Education presents its popular workshop, Residential Mortgage Banking for the IT Professional, on Sunday, Apr. 15 in conjunction with the MBA Technology Solutions Conference & Expo at the Detroit Marriott at the Renaissance Center.

MBA Education Advanced Servicing Workshop in Phoenix Apr. 4-5

MBA Education presents its Advance Servicing Workshop in Phoenix Apr. 4-5.

Top National News

Mortgage Rates Continue their Upward March

Washington Post, Mar. 8, 2018--Kathy Orton
According to the latest data, released Thursday by Freddie Mac, the 30-year fixed-rate average rose to its highest level since January 2014, climbing to 4.46 percent with an average 0.5 point.

Mortgage Credit Availability Down as an Investor Changes Programs

National Mortgage News, Mar. 8, 2018--Brad Finkelstein (subscription)
February's Mortgage Credit Availability Index was 180.7, compared with 182.9 in January and 177.8 for February 2017, according to the Mortgage Bankers Association. January's value was the third-highest since the MCAI was introduced in June 2013.

Home Lenders More Restrictive Last Month

Mortgage Daily, Mar. 8, 2018
The ability for prospective borrowers to qualify for a single-family loan was more elusive last month, and jumbo credit tightening led the contraction, the Mortgage Bankers Association reported.

CFPB Finalizes Technical Correction to Mortgage Servicing Rule

National Mortgage News, Mar. 8, 2018--Kate Berry (subscription)
The Consumer Financial Protection Bureau's final rule gives mortgage servicers a temporary exemption, for a single statement period, from certain timing requirements in sending periodic statements to borrowers entering and exiting bankruptcy. The rule is a technical revision to the CFPB's 2016 mortgage servicing rule.

CFPB Giving Servicers 'More Latitude' in Dealing with Borrowers in Bankruptcy

HousingWire, Mar. 8, 2018--Ben Lane
Mortgage servicers are about to have "more latitude" when it comes to dealing with borrowers entering or exiting bankruptcy, the Consumer Financial Protection Bureau announced Thursday.

Carson: Rumors HUD's Mission Statement is Changing ‘Patently False'

MReport, Mar. 8, 2018--David Wharton
HUD Secretary Ben Carson fired back against accusations that proposed changes to the HUD mission statement represented a rolling back of the agency's commitment to fair housing practices.

Lehman to Pay $2.4 Billion to End Crisis-Era Mortgage Claims

Bloomberg, Mar. 8, 2018--Tiffany Kary
Lehman Brothers Holdings Inc.'s bankruptcy estate will pay $2.38 billion to compensate for its role in the previous decade's mortgage crisis, a federal judge decided, far less than the $11.4 billion some hedge funds had sought.

Mortgage Lender Guaranteed Rate Lays Off About 180 Employees, 30 in Chicago

Chicago Tribune, Mar. 8, 2018--Ally Marotti
Before the layoffs, the company employed about 3,600 workers nationally, about 1,1,00 of them in Chicago, spokeswoman Valerie Dolenga said. The employees were notified last week and early this week, and the terminations were immediate.

Mortgage Brokers are Making a Comeback, But Big Banks are Staying Clear

National Mortgage News, Mar. 8, 2018--Brad Finkelstein (subscription)
For small and midsize lenders--depositories and independent mortgage bankers alike--wholesale lending has again become an attractive option to expand residential real estate lending.

Toys ‘R' Us Is Prepping to Liquidate Its U.S. Operations

Bloomberg, Mar. 8, 2018--Lauren Coleman-Lochner, Matthew Townsend, Eliza Ronalds-Hannon
Toys "R" Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders.

U.S. Household Net Worth Rises on Higher Stock, Home Values

Wall Street Journal, Mar. 8, 2018--Harriet Torry (subscription)
The total net worth of U.S. households rose to nearly $100 trillion during the final quarter of 2017, as buoyant stock markets and rising property prices boosted Americans' wealth.

1 Billboard Inside Wilmington, North Carolina

Mortgage Daily, Mar. 8, 2018
A delinquent borrower has paid for a billboard in Wilmington, North Carolina, in his effort to avoid a foreclosure on his delinquent loan with SunTrust Mortgage Inc.

U.S. Services Data Suggests Upward Revision to Fourth-Quarter GDP

Reuters, Mar. 8, 2018--Lucia Mutikani
U.S. economic growth for the fourth quarter is likely to be revised higher after data on Thursday indicated more spending on services than previously estimated by the government.

About MBA Newslink

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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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