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Volume 17 | Issue 209 | Wednesday, October 24, 2018

The Lede


MBA Members Urge Bureau to Change Loan Originator Compensation Rule

Nearly 250 senior executives of Mortgage Bankers Association member companies signed a letter urging the Bureau of Consumer Financial Protection (Consumer Financial Protection Bureau) to make changes to its Loan Originator Compensation rule, saying such changes would help consumers and reduce regulatory burdens.


Top National News

Two Channels Battle for the Purchase Mortgage Market

HousingWire, Oct.23, 2018--Clayton Collins
Last week, the mortgage industry gathered in Washington D.C. for three hard-charging days of meetings, demos and general sessions at MBA Annual. Speakers dug deep into forecasted growth in purchase market and GSE conservatorship. Anthony Hsieh and Bill Emerson shared perspectives on Amazon entering the mortgage industry and some viewpoints on the wholesale market.

New MBA Council Focuses on Commercial Real Estate

National Mortgage Professional, Oct. 23, 2018--Phil Hall
The new body, which will replace the MBA's Investor Council, is designed to formulate ideas about investment in commercial real estate debt. It will also present information on market trends and develop best practices and industry standards. Council members will include professionals from life insurance companies, banks, securitized lenders, debt funds and government-backed capital sources.

Three Big States Account for Nearly a Third of Complaints to CFPB

American Banker, Oct. 23, 2018--Hannah Lang (subscription)
More than 30% of the customer complaints lodged about a financial institution and submitted to the Consumer Financial Protection Bureau January 2017 through June 2018 originated in one of three states: California, Florida and Texas.

Trump Steps Up Attacks on Fed Chairman Jerome Powell

Wall Street Journal, Oct. 23, 2018--Multiple Staff (subscription)
President Trump escalated his attacks on Federal Reserve Chairman Jerome Powell, saying the head of the nation's central bank threatened U.S. economic growth and appeared to enjoy raising interest rates.

Mortgage Firms Spend Less than Others on Fraud, But Costs Still Add Up

National Mortgage News, Oct. 23, 2018--Bonnie Sinnock (subscription)
Bigger digital mortgage firms are paying $3.27 for every $1 of fraud, while other digital creditors in the same size range are paying $3.47, according to LexisNexis Risk Solutions' 2018 True Cost of Fraud report.

Flagstar's Move to Diversify Beyond Mortgages Pays Off

National Mortgage News, Oct. 23, 2018--Brad Finkelstein (subscription)
Despite an overall weak mortgage originations market, Flagstar Bancorp's third-quarter earnings grew 20%, due in large part to its ongoing efforts to diversify operations.

CoreLogic to Buy Out Symbility Solutions

HousingWire, Oct. 23, 2018--Jeremiah Jensen
CoreLogic is buying Symbility Solutions, a subscription and cloud-based property insurance claims workflow company.

Boise and Reno Capitalize on the California Real Estate Exodus

Bloomberg Businessweek, Oct. 23, 2018--Prashant Ghopal, Noah Buhayar
For some Californians, the state's punishing housing costs, high taxes, and constant threat of natural disaster have all become too much. They're making their escape to areas such as Boise, Phoenix, and Reno, Nev., fueling some of the biggest home-price gains in the country.

Residential Finance News

Applications Bounce Back in MBA Weekly Survey

Mortgage applications rebounded solidly from one week earlier as key interested rates continued to hover at seven-year highs, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending October 19.

Residential Briefs

The Federal Housing Administration announced revised requirements for Home Equity Conversion Mortgage servicers when they assign FHA-insured reverse mortgages to the agency for claim payment.

Commercial/Multifamily News

Green Buildings Gaining Ground

The commercial real estate industry is making significant progress in reducing energy consumption, carbon emissions, water usage and waste disposal, reported the Urban Land Institute, Washington, D.C.

Dealmaker: HFF Secures $451M for Condominiums, Mixed-Use, Multifamily

Holliday Fenoglio Fowler, Houston, secured $451 million for commercial assets in Massachusetts, Tennessee and California.

MBA News

CREF19 in San Diego Feb. 10-13

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2019 returns to San Diego Feb. 10-13.

MBA Education School of Loan Origination II Oct. 30-Nov. 15

MBA Education offers its popular School of Loan Origination II instructor-guided online course from Oct. 30-Nov. 15.

MBA Member Advantage Program Adds New Partners

Your MBA membership entitles you to discounts on services such as office supplies, car rental, shipping, employee benefit services and more though our affinity program: MBA Member Advantage.

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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