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Volume 18 | Issue 73 | Tuesday, April 16, 2019

The Lede


IRS Reform Legislation Advances in Congress

The first legislative reform to the Internal Revenue Service in nearly two decades took a major step last week in Congress.


Top National News

Record $573.9 Billion of U.S. Commercial, Multifamily Mortgage Originations Made in 2018

World Property Journal, Apr. 15, 2019--Monsef Rachid
According to the Mortgage Bankers Association's 2018 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, mortgage bankers in the U.S. closed a record $573.9 billion in commercial, multifamily loans in 2018.

Mark Calabria Takes Over as FHFA Director, Begins Push for Housing Finance Reform

HousingWire, Apr. 15, 2019--Ben Lane
In remarks delivered at his swearing-in ceremony at the Federal Housing Finance Agency, Calabria emphasized the pressing need for housing finance reform. "I enter this office with a great sense of urgency. One I hope you share," he said.

Will Reg Relief Plan Bring Back Failure-Related Risks?

American Banker, Apr. 15, 2019--Hannah Lang (subscription)
The proposal that the Fed drafted jointly with the Federal Deposit Insurance Corp. would tailor the requirements based mostly on institution size. U.S. banking companies with assets of between $100 billion to $250 billion would be exempted from submitting a resolution plan entirely, while larger firms could submit plans less often.

Trump's Tax Overhaul Is Curbing Housing Activity, Fed Researchers Say

Bloomberg, Apr. 15, 2019--Shelly Hagan
President Trump's tax reform is likely having a negative effect on the housing market, according to a newly published study by researchers at the Federal Reserve Bank of New York.

Citi's Mortgage Revenue Rises as Business Continues to Shrink

National Mortgage News, Apr. 15, 2019--Brad Finkelstein (subscription)
Citigroup's first quarter mortgage-related revenue increased compared with the fourth quarter--although down slightly from the same period last year--as its lending operations continued to contract.

The Next Housing Boom Looks More Sustainable

Bloomberg, April 15, 2019--Conor Sen
A housing boom doesn't have to be followed by a painful bust. The boom of the last decade was powered by speculative froth and lax mortgage underwriting and it ended predictably badly. The present day, with large employers continuing to raise their minimum wages, creates a framework for a new, more sustainable housing expansion.

Residential Finance News

Half of Would-Be Home Buyers Face Barriers

The National Foundation for Credit Counseling, Washington, D.C., said its annual Consumer Financial Literacy Survey found half of Americans who tried to purchase a home faced barriers ranging from rising home prices, saving for a down payment, limited credit history and household debt.

Residential Briefs

HUD announced a Request for Information seeking public input on how the Department can use its existing authorities to maximize the beneficial impact of Opportunity Zones for residents and their communities.

Commercial/Multifamily News

New York Bumps London as Top City for Foreign Real Estate Investment

New York regained its perch as the number one global city for foreign investors, displacing London, reported A Fellowship for International Real Estate, Washington, D.C.

Dealmaker: Walker & Dunlop Secures $183M for Multifamily Properties

Walker & Dunlop, Bethesda, N.Y., structured $183 million for apartment properties in Manhattan and Atlanta.

MBA News

MBA Document Custody Workshop June 20

The Mortgage Bankers Association's popular Document Custody Workshop takes place Thursday, June 20 at the Ritz-Carlton Tysons Corner in McLean, Va.

MBA School of Mortgage Banking II May 14-17 in Chicago

MBA Education presents its popular School of Mortgage Banking Course II May 14-17 in Chicago.

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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