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Volume 17 | Issue 93 | Monday, May 14, 2018

The Lede


MBA Advocacy Update

House Speaker Paul Ryan, R-Wis., said last week the House will take up S. 2155, the community lender regulatory relief package that passed the Senate by a filibuster-proof 67 votes in March, as currently written and free from amendment.


Top National News

New Home Mortgage Applications Tumble in April

Scotsman Guide, May 11, 2018--Victor Whitman
Mortgage applications for new-home purchases uncharacteristically dipped in April, but remain solidly ahead of the pace of last year, the Mortgage Bankers Association reported.

FHFA Releases Plan to Increase Access to Credit for Limited English Proficiency Borrowers

HousingWire, May 11, 2018--Kelsey Ramirez
The Federal Housing Finance Agency released its Language Access Multi-Year Plan, which outline major obstacles for limited English proficiency borrowers and lays out potential solutions.

CFPB Warns Nationstar that RESPA Penalty May be Coming

National Mortgage News, May 11, 2018--Bonnie Sinnock (subscription)
Nationstar Mortgage may face a Consumer Financial Protection Bureau enforcement action over alleged violations of the Real Estate Settlement Act and other regulations, the Mr. Cooper parent company said.

Ben Carson vs. the Fair Housing Act

New York Times, May 13, 2018 (Editorial)
The Times' editors say HUD Secretary Ben Carson is illegally trying to sweep aside rules that are fully consistent with the Fair Housing Act. It supports a lawsuit filed by community groups and says the court should force HUD to reinstate and fully enforce those rules.

In the Pipeline: Navigating This Multifamily Sellers' Market

HousingWire, May 11, 2018--Jeremiah Jensen
The multifamily market is in on hold as far new starts go with the exception of an odd permitting blip registered over the course of March, in which permit numbers spiked by 19%. That aside, researchers are predicting a slowdown in new construction starts as the market is full-up on Class-A product, and construction costs don't allow for developers to build Class-B product.

Homebuilders Poised for Gains but Face Interest-Rate Fears

Reuters, May 11, 2018--April Joyner
Some investors are betting on shares of homebuilders to outperform U.S. stocks at large, but with interest rates expected to rise they may have to wait several months before those bets pay off.

100s of OH Layoffs at US Bank

Mortgage Daily, May 11, 2018
The Minneapolis-based bank-holding company has disclosed plans to eliminate mortgage-related jobs in Bedford, Ohio.

Alternatives to Reverse Mortgages

UExpress, May 11, 2018--Lew Sichelman
Home Equity Conversion Mortgages may be a good choice for some seniors who fear they might outlive their retirement funds and will need cash to enjoy their remaining years. But they aren't the only options elder owners might want to consider.

These 95 Apartments Promised Affordable Rent in San Francisco. Then 6,580 People Applied

New York Times, May 12, 2018--Emily Badger
The development, Natalie Gubb Commons, was reserved for households with incomes up to 50 percent of the local median. The applications were open for three weeks last fall, and 6,580 households applied for a chance to rent there, or nearly 70 for each unit.

100% LTV Program Launches

Mortgage Daily, May 11, 2018
The product, dubbed Community Program by Arch Mortgage Guaranty Co., allows loan-to-value ratios as high as 100 percent for professionals--including mortgage bankers.

Why Universities Became Big-Time Real Estate Developers

Slate, May 11, 2018--Henry Grabar
A university is now the largest employer in two-thirds of America's 100 largest cities and they have enthusiastically seized more economic and urban development responsibilities.

Residential Finance News

MBA, Trade Groups Petition FCC on ‘Auto-Dialing' Definition

The Mortgage Bankers Association and 15 other industry trade groups joined the U.S. Chamber of Commerce in a petition to the Federal Communications Commission, asking for a declaratory ruling on the Telephone Consumer Protection Act's definition of Automated Telephone Dialing Systems, also known as "auto-dialing" or "robo-calling."

MBA Chart of the Week: Construction & Finance Sector Job Openings, Wage Growth

In this week's chart, we feature data on job openings and hourly earnings for the construction and finance sectors.

The Week Ahead

It's a busy period for the Mortgage Bankers Association, with several key reports and the final two of its major spring conferences scheduled over the next two weeks, as well as important activity on Capitol Hill.

Commercial/Multifamily News

JLL: First-Quarter Transaction Volume Grows

Transaction volumes exceeded expectations in the first quarter with 4.7 percent year-over-year growth, reported JLL, Chicago.

Dealmaker: Metropolitan Capital Advisors Arranges $18M

Metropolitan Capital Advisors, Dallas, arranged $17.8 million for retail, hotel and medical assets in Texas and Colorado.

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 Education Checklist for Effective Compliance Management Systems Webinar May 15

MBA Education presents a new webinar, A Checklist for Effective Compliance Management Systems, on Tuesday, May 15 from 2:00-3:30 p.m. ET.

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).

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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