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Volume 17 | Issue 41 | Thursday, March 01, 2018

The Lede


January Pending Home Sales Stumble

January saw disappointing existing and new home sales, so why not pending home sales, too?


Residential Finance News

MBA Welcomes 33 New Members

The Mortgage Bankers welcomed 33 new regular members to its ranks, which currently numbers more than 2,300 member companies:

Redfin: Housing Demand High, Sight Unseen

Redfin, Seattle, says the spring home buying season is already so tight that many potential home buyers in some markets are bidding on homes before they even see them.

Commercial/Multifamily News

Commercial Real Estate Deal Volume Slips

Commercial real estate transaction volume slipped 0.5 percent in the fourth quarter to $117.4 billion, said Real Capital Analytics, New York.

Dealmaker: HFF Secures $77M for Hotel, Office Assets

Holliday Fenoglio Fowler, Houston, arranged $76.7 million for hotel and office assets in Illinois and New York.

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.

Attention Lenders: Upcoming 2018 MBA and STRATMOR Peer Group Roundtables

Is your company flying blind by not using reliable data to support key business decisions? Join an elite group of lenders this spring that participate in the MBA and STRATMOR Peer Group Roundtables.

MISMO HMDA Implementation and Reporting Toolkit Overview Webinar Mar. 1

MISMO hosts a new webinar, HMDA Implementation and Reporting Toolkit Overview, on Thursday, Mar. 1 from noon-1:30 p.m. ET.

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 Applications Rise 2.7 Percent as Rates Take a Breather from Surge

CNBC, Feb. 28, 2018--Diana Olick
After rising sharply for weeks, mortgage interest rates steadied last week, and homebuyers responded, the Mortgage Bankers Association reported.

Coalition Reports on Homeownership Education in Four Test Markets

Banker & Tradesman (Mass.), Feb. 28, 2018
A coalition of real estate trade associations and nonprofit housing counseling providers released its findings on steps that can be taken to increase the utilization of nationwide homeownership education and housing counseling services. (MBA mention)

Senate Readies Rollback of Bank Rules

Wall Street Journal, Mar. 1, 2018--Andrew Ackerman, Christina Rexrode (subscription)
The bipartisan legislation, supported by the Trump administration and top Federal Reserve officials, would relax dozens of rules for small to medium-size banks, shaking up the banking sector with policy changes that could encourage deal-making and make it easier for banks to expand.

Reforming the FHA's Foreclosure and Conveyance Processes

Urban Institute, Feb. 28, 2018--Karan Kaul, Laurie Goodman, Alanna McCargo, Todd M. Hill
The authors address how the Federal Housing Administration foreclosure and conveyance processes can be changed to bring down costs and create efficiencies.

CFPB Has Plenty of Options for Slashing Its Budget

National Mortgage News, Feb. 28, 2018--Kate Berry (subscription)
Mick Mulvaney, acting head of the Consumer Financial Protection Bureau, has made clear his desire to slash the agency's budget, but what he plans to cut to meet his spending goals is more of a mystery.

How Ocwen Plans to Rebuild Servicing Scale with PHH Deal

National Mortgage News, Feb. 28, 2018--Bonnie Sinnock (subscription)
Ocwen Financial Corp.'s $360 million acquisition of PHH Corp. presents an opportunity for the nonbank servicer to rebuild scale that's been diminished by years of regulatory restrictions and the decline in distressed mortgage volume brought about by improvements in the overall housing market.

Does Wells Fargo Have a Plan?

Bloomberg, Mar. 1, 2018--Laura J Keller, Shahien Nasiripour
Eighteen months after the bogus-accounts scandal, America's third-largest bank is trying to get back on track.

BofA Asks Higher Court to Intercede in Countrywide Suit

MReport, Feb. 28, 2018--Radhika Ojha
In its filing to the court, the bank had said that the parties deserved clarity from the Ninth Circuit and should not be required to engage in unnecessary and expensive work that might be undone.

What Do Rising Interest Rates Mean for Homebuyers?

Moneywatch, Feb. 28, 2018--Jillian Harding
As the U.S. economy continues to chug along at a steady pace, interest rates have been rising--making it more expensive to buy and own a home.

In Supply-Starved Home Market, Can Wall Street Landlords Help?

Bloomberg, Feb. 28, 2018--Patrick Clark
Wall Street landlords own thousands of single-family homes in the U.S. Buyers are struggling to find houses they can afford in inventory-starved markets. Can they make a match?

MSRs on Over $700 Million in Loans For Sale

Mortgage Daily, Feb. 28, 2018
Ginnie Mae II loans account 2,426 of the units, while Fannie Mae A/A mortgages make up 1,504 units, and Freddie Mac ARC loans number just 36.

Another Auditor Settles Over Taylor Bean Fraud

Mortgage Daily, Feb. 28, 2018
Deloitte & Touche LLP, the independent outside auditor of Taylor Bean, knowingly deviated from applicable auditing standards when auditing the company, according to a statement Wednesday from the Department of Justice. As a result, it failed to detect the fraudulent conduct and bogus financial statements.

Hawk or Dove? Fed's Powell Showed Market Both Sides in Debut

Reuters, Feb. 28, 2018--Howard Schneider, Lindsay Dunmuir
Financial markets barely batted an eye on Tuesday when Jerome Powell's first public statement as Federal Reserve chief saw daylight, interpreting it as a steady-handed commitment to the U.S. central bank's policy of gradual interest rate increases.

GDP Revised Down Slightly in Fourth Quarter

HousingWire, Feb. 28, 2018--Kelsey Ramirez
Real GDP increased at an annual rate of 2.5% in the fourth quarter, down from 2.6% in the first estimate and down from 3.2% in the third quarter of 2017.

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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