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Volume 17 | Issue 59 | Tuesday, March 27, 2018

The Lede


HFF, Wells Fargo Lead MBA 2017 Commercial/Multifamily Origination Rankings

The Mortgage Bankers Association this morning released its 2017 Rankings of Commercial/Multifamily Mortgage Firms' Origination Volumes.


Residential Finance News

MISMO Launches Effort to Enhance Trust in Digital Process

MISMO, the Mortgage Industry Standards Maintenance Organization, invites mortgage industry participants to collaborate in a new effort to create a more trustworthy, verifiable process that provides assurance that loan documents and associated data are consistent, reliable and unaltered.

Homebuyers Expect High Tech--But Also Want Human Touch

John Naisbitt first developed the concept of "high-tech, high-touch" in his 1982 bestseller Megatrends. He theorized in a world of technology, people long for personal, human contact.

FHFA: Fannie Mae, Freddie Mac Foreclosure Preventions Surpass 4 Million

The Federal Housing Finance Agency released its fourth quarter Foreclosure Prevention Report, showing Fannie Mae and Freddie Mac completed 67,569 foreclosure prevention actions in the fourth quarter, bringing the total number of homeowners helped to 4.040 million since the start of the conservatorships in September 2008.

Commercial/Multifamily News

Freddie Mac: LIHTC Leads to Lower Rents, Less Volatility

Apartments built through the Low-Income Housing Tax Credit program have significantly lower monthly rents and also see less rental price volatility, reported Freddie Mac Multifamily, McLean, Va.

Dealmaker: Lightstone Receives $91M to Build Moxy East Village Hotel

Lightstone, New York, received $91 million in financing from Bank of the Ozarks, Little Rock, Ark., to build its third New York City Moxy hotel.

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 Compliance Essentials HMDA Implementation Series Begins Mar. 28

MBA Education and the MBA Compliance Essentials program present a new four-part webinar series on Home Mortgage Disclosure Act issues beginning Wednesday, Mar. 28 with 2018 Issues & Considerations.

MBA Education Introduction to Mortgage Banking Series Apr. 3-17

MBA Education presents its popular Introduction to Mortgage Banking Instructor-Guided Online Course on Tuesdays and Thursdays from Apr. 3-17.

MBA Education School of Loan Origination Instructor-Guided Online Course Apr. 30-May 24

MBA Education offers its School of Loan Origination Instructor-Guided Online Course Apr. 30-May 24.

Top National News

MBA: Average Cost to Originate a Mortgage Increased to $8,475 in Q4

Mortgage Orb, Mar. 26, 2018--Patrick Barnard
Shrinking refinance volume and lackluster purchase volume caused the net profit per loan to fall to $237 in the fourth quarter, down from $929 in the third quarter, according to the Mortgage Bankers Association.

New Evidence Shows that Limited English Proficiency is a Barrier to Homeownership

Urban Institute, Mar. 26, 2018--Edward Golding, Sarah Strochak, Laurie Goodman
Data at the zip code level from the Urban Institute and Sloan Foundation's Administrative Data Research Facility found a "considerable gap" in homeownership rates between neighborhoods with low levels of limited English proficient residents and those with higher levels of LEP residents.

Arrival of Final Bank Regulator Could Speed Up Easing of Rules

Wall Street Journal, Mar. 27, 2018--Lalita Clozel (subscription)
Jelena McWilliams, the top lawyer at Cincinnati-based Fifth Third Bancorp, is set to succeed Obama-appointee Martin Gruenberg as head of the Federal Deposit Insurance Corp. as early as April.

Capital Rule Change Could Spur More Bank Interest in Servicing

National Mortgage News, Mar. 26, 2018--Bonnie Sinnock (subscription)
A proposed regulatory change could jump-start more bank interest in mortgage servicing rights this year. The capital simplification proposal, which increases the percentage of Tier 1 capital that can be made up of MSRs to 25% from 10%, would reduce the pressure on banks to sell MSRs.

Supreme Court Rejects AIG ex-CEO Greenberg's Bailout Challenge

Reuters, Mar. 26, 2018--Andrew Chung
The U.S. Supreme Court on Monday handed a defeat to former American International Group Inc. CEO Maurice "Hank" Greenberg, refusing to hear an appeal he led arguing that the federal government illegally bailed out the insurer during the 2008 financial crisis at the expense of shareholders.

Here's How Blockchain Could Help the Mortgage Industry

American Banker, Mar. 26, 2018--Michael E. Reyen (subscription)
Elements of blockchain technology appear to be the next step in what has been an evolution from a wet ink, paper-based system to an online, paperless (or at least paper-light) system that has already been moving toward e-filing, electronic signatures and electronic access to scanned documents.

Less Q1 Optimism on Homebuying

National Mortgage Professional, Mar. 26, 2018--Phil Hall
In a poll of 2,700 households, 68 percent of homeowner respondents during the first quarter felt that now is a good time to buy a home, down from 72 percent in the fourth quarter.

Millennials Will Spend 45% of Income on Rent Before Age 30

HousingWire, Mar. 26, 2018--Kelsey Ramirez
Analyzing U.S. Census Bureau data going back as far as 1974, a new study from RentCafé found that Millennials have been the hardest generation for those ages 22 to 30. And the future does not look bright for Generation Z.

Reverse Mortgage Lender Settles With HUD

Mortgage Daily, Mar. 26, 2018
HUD reached a settlement with reverse mortgage lender MetLife Home Loans LLC, which allowed someone to sign loan documents even though he didn't have the authority to do so.

Fed's Dudley Says Bank Executives Should Share the Cost of Fines

Bloomberg, Mar. 26, 2018--Jesse Hamilton
Wall Street should force banks to share the pain of regulatory penalties by docking executives' pay, a move that would help discourage bad behavior, Federal Reserve Bank of New York President William Dudley said Monday.

Mortgage Market Index Jumps to 4-Mth High

Mortgage Daily, Mar. 26, 2018
A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months, according to the Mortgage Daily U.S. Mortgage Market Index.

Brookfield Strikes Deal to Buy Rest of Mall Owner GGP

Wall Street Journal, Mar. 27, 2018--Maria Armental, Miriam Gottfried (subscription)
Agreement would create one of the world's largest retail real-estate companies; Brookfield would pay $9.25 billion in cash plus stock.

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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