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Volume 17 | Issue 208 | Tuesday, October 23, 2018

The Lede


MBA Launches New Business Council for Commercial Real Estate Finance Members

The Mortgage Bankers Association announced formation of the Capital Council, a new business council, consisting of commercial real estate finance professionals from MBA member firms.


Top National News

Volcker 2.0 Unites Banks and their Critics in Opposition

American Banker, Oct. 22, 2018--Hannah Lang (subscription)
The industry has eagerly awaited revisions to the Volcker Rule, but so far regulators' proposal to simplify the compliance process is getting panned both by critics of the proprietary trading ban and by its most ardent supporters. (MBA mention)

Quicken Pushes Servicing Portfolio Past $300 Bil

Mortgage Daily, Oct. 22, 2018
For the first time since it began reporting mortgage servicing data six years ago, Quicken Loans Inc. has pushed the servicing portfolio past $300 billion.

To Boost Credit Scores, FICO, Experian, Finicity Want Bank Data

National Mortgage News, Oct. 22, 2018--Bonnie Sinnock (subscription)
In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

Trump Administration Unveils New Rules for Opportunity Zones

HousingWire, Oct. 22, 2018--Ben Lane
Aiming to answer some of the lingering questions surrounding Opportunity Zones, the Department of the Treasury unveiled a number of new rules and regulations designed to provide clarity to investors on the tax implications of investing in the newly designated areas.

Lenders Share Their Underwriting Secrets With Credit Karma

Wall Street Journal, Oct. 22, 2018--Peter Rudegeair, AnnaMaria Andriotis (subscription)
Some of the biggest U.S. lenders, eager to bring in more borrowers and extend a yearslong expansion in consumer credit, are handing over the keys to their loan-approval process to personal-finance portal Credit Karma Inc.

Mortgage Earnings Fall at BBT, Originations Ease

Mortgage Daily, Oct. 23, 2018
As home-lending volume slowed at BB&T Corp., mortgage earnings tumbled. But the financial institution grew both its mortgage investments and servicing portfolio.

Bank of America, Broker Back Revival of Subprime Mortgage Market

UPI, Oct. 22, 2018--Daniel Uria
Specifically, the groups are offering the loans to buyers with poor or rehabbing credit, which was one of the issues that contributed to the last meltdown -- buyers who couldn't afford the mortgages they had. Bank of America and NACA, though, say they have a vetting system in place to help prospective home buyers who shouldn't be excluded by credit score alone.

FHA Takes Steps to Relieve Balance Sheet Stress for Reverse Mortgage Issuers

HousingWire, Oct. 22, 2018--Jessica Guerin
In a mortgagee letter, FHA updated guidelines for servicers when submitting a HECM to HUD for assignment, which is done when the loan reaches a maximum claim amount of 98%.

Florida Home Sales Bounce Back From Irma's Impact

National Mortgage Professional, Oct. 22, 2018--Phil Hall
In the year since Hurricane Irma struck Florida, the Sunshine State's housing market has bounced back with gusto, according to data from Florida Realtors.

Residential Finance News

Housing Inventory Showing Signs of Catching Up

Recent housing price reports suggest that the housing inventory crunch of the past few years is finally showing signs of subsiding, even as home prices continue to rise and sales drop.

Rising Interest Rates Send Mortgage Payments Climbing Twice as Fast as Home Values

Home buyers today would have to spend nearly $1,400 more per year on their mortgage than they would have a year ago, as rates have risen rapidly since the beginning of 2018, said Zillow, Seattle.

Commercial/Multifamily News

Hotel Sector Sees Mixed 3Q Performance

The U.S. hotel sector saw mixed year-over-year performance during the third quarter and full-year 2017 performance fell short of expectations, analysts said.

Commercial/Multifamily Briefs

RealPage, Richardson, Texas, agreed to acquire Rentlytics, San Francisco, for nearly $57 million.

Dealmaker: Cushman & Wakefield Arranges $102M in Multifamily Sales

Cushman & Wakefield, New York, negotiated two apartment property sales totaling $101.8 million in Florida and Georgia.

MBA News

MBA Accounting & Financial Management Conference in Orlando Nov. 12-14

The Mortgage Bankers Association's MBA Accounting & Financial Management Conference takes place in Orlando Nov. 12-14.

MBA Education School of Mortgage Banking Course III Dec. 4-7 in Dallas

MBA Education presents its School of Mortgage Banking Course III Dec. 4-7 at Mr. Cooper in Dallas.

MBA Disaster Recovery Guide Now Available in Spanish

The Mortgage Bankers Association and the National Association of Hispanic Real Estate Professionals have developed a Spanish-language version of Disaster Recovery: A Resource for Homeowners, a consumer-facing informational guide.

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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