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Volume 17 | Issue 220 | Thursday, November 08, 2018

The Lede


MBA: 2018 Commercial/Multifamily Originations Forecast to Match 2017's Record Year

The Mortgage Bankers Association says it expects commercial and multifamily originations to close the year roughly on par with the record activity seen in 2017.


Top National News

Mortgage Applications Drop to 4-Year Low as Interest Rates Hit 8-Year High

CNBC, Nov. 7, 2018--Diana Olick
Rising interest rates are now clearly taking their toll on potential homebuyers. Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association's seasonally adjusted index.

MBA Lobbyist: Here's What a Democrat-Led House Means to Us

HousingWire, Nov. 7, 2018--Alcynna Lloyd
Mortgage Bankers Association Chief Lobbyist Bill Killmer believes there will be an emphasis on issues ranging from consumer protection, affordable housing and more.

Siding with Landlords and Lenders, Voters Reject Expanded Rent Control

National Mortgage News, Nov. 7, 2018--Elina Tarkazikis (free article)
California voters rejected Proposition 10, which would have reduced state restrictions on municipal rent control laws that proponents said would create more affordable housing options for tenants, but was opposed by real estate and mortgage industry interests. "We recognized early on that this could have a very far-reaching impact on the multifamily industry and the housing industry, so we're very pleased with the outcome of the election," said Sharon Walker, associate vice president of multifamily at the Mortgage Bankers Association.

Getting a Mortgage is Now Easier, But it Could Backfire

Union-Leader (Manchester, N.H.), Nov. 7, 2018--Deborah Kearns (
Borrowers who don't fit into a pristine credit box now have more options, Joel Kan, associate vice president of industry surveys and forecasting with the Mortgage Bankers Association. There's more balance to the lending equation nowadays after the regulatory pendulum swung too far in the opposite direction--a move that shut out otherwise capable borrowers, Kan says.

UBS Faces New Legal Battle in U.S. over Mortgage Securities

Reuters, Nov. 8, 2018--Karen Freifeld, Michael Shields
UBS Group AG, Switzerland's largest bank, faces another potentially costly legal battle as the U.S. Department of Justice draws up civil charges over the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

Federal Reserve Likely to Keep Interest Rates Steady

Wall Street Journal, Nov. 8, 2018--Nick Timiraos (subscription)
Federal Reserve officials are expected to keep interest rates steady at their two-day policy meeting that concludes Thursday. They will likely discuss the economy, financial markets and the future path of rates, among other topics.

Sources: Mr. Cooper to Buy Pacific Union Financial

HousingWire, Nov. 7, 2018--Kelsey Ramirez
Sources tell HousingWire that Mr. Cooper is expected to announce the move on Thursday in conjunction with the release of its third-quarter earnings and plans to discuss it during its earnings call.

Sizing Up the Real Fintech Threat

American Banker, Nov. 7, 2018--Penny Crossman (subscription)
Fintechs, challenger banks and tech companies trying to disrupt financial services certainly have made their presence felt.

Ditech Faces NYSE Delisting as it Continues to Explore a Sale

National Mortgage News, Nov. 7, 2018--Bonnie Sinnock (subscription)
"The company has fallen below the New York Stock Exchange's continued listing standard that requires listed companies to maintain an average global market capitalization over a consecutive 30-trading-day period of at least $15 million," Ditech said in a press release. "The company will continue to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws. The suspension and commencement of delisting proceedings do not affect the company's business operations."

Residential Finance News

J.D. Power: Mortgage Customer Satisfaction Up, Thanks to Digital

Customer satisfaction with primary mortgage originators increased this year as digital origination channels play a more significant role in the process, said J.D. Power, Westlake, Calif.

Equity Rich Properties Top 14.5 Million in 3Q

ATTOM Data Solutions, Irvine, Calif., said 14.5 million U.S. properties were "equity rich" in the third quarter, up by more than 433,000 from a year ago, representing nearly 26 percent of all properties with a mortgage.

Residential Briefs

Oconee Federal Savings and Loan, Seneca, S.C., selected Wolters Kluwer's ComplianceOne platform to help streamline its current lending processes, positioning the bank for further growth.

Commercial/Multifamily News

Opportunity Zones Could Trigger $100B in Investment

Opportunity Zones created by last December's Tax Cuts and Jobs Act could cause up to $100 billion could be deployed over the next several years, analysts say.

Dealmaker: Newmark Knight Frank Brokers Two Sales Totaling $214M

Newmark Knight Frank, New York, brokered two property sales in Boston and Los Angeles that totaled $213.5 million.

MBA News

MBA Summit on Diversity & Inclusion in D.C. Nov. 27-28

The Mortgage Bankers Association's annual Summit on Diversity and Inclusion takes place Nov. 27-28 at the Capital Hilton in Washington, D.C.

MBA Education Compliance Essentials State Mortgage Servicing Rules Deep Dive Workshop Feb. 25

MBA Education and the Compliance Essentials program present State Mortgage Servicing Rules Deep Dive Workshop on Feb 25 at the Hyatt Regency Orlando in conjunction with the MBA National Mortgage Servicing Conference & Expo.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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