Mortgage Firm Acquiring Bank

Mortgage Daily, Nov. 13, 2017Paramount Financial has been approved to become a bank-holding company. As part of the transformation, it will acquire Superior Bank in Hazelwood, Mo.

Mortgage Subsidies Take Center Stage in Tax Debate

Scotsman Guide, Nov. 13, 2017–Victor WhitmanIn a letter to leaders of the Senate Committee on Finance, MBA President David Stevens praised that the plan preserves the interest deduction with the current $1 million cap on mortgage debt. MBA has issues, though, with its proposal to eliminate deductions on local property taxes, and also removes the interest deduction on home equity lines of credit.

Thousands of Groups Call on Congress to Use MID Savings for Low-Income Housing

HousingWire, Nov. 13, 2017–Kelsey RamirezA huge coalition featuring thousands of organizations, state and local governments, and elected officials joined together to call on Congress to use the savings derived from any changes to the mortgage interest deduction via the new tax reform bill to fund low-income housing.

MBS Issuance Slowest in 5 Months at Ginnie

Mortgage Daily, Nov. 13, 2017Securitizations on behalf of Ginnie Mae turned lower last month, falling to the slowest volume in five months. The weak performance came off of a record year.

Commercial Mortgage Loans Jump 8 Percent in Third Quarter

Financial Regulation News, Nov. 13, 2017–Dave KovaleskiCommercial and multifamily mortgage loan originations were up 8 percent in the third quarter, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Mortgage Rates Quiet, Awaiting Tax Reform Outcome

Washington Post, Nov. 9, 2017–Kathy OrtonAccording to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 3.90 percent with an average 0.4 point. (MBA mention)

Senate GOP Plan Would Delay Corporate Tax Cut, Protect Mortgage Interest Deduction

Washington Post, Nov. 9, 2017–Damian Paletta, Mike DeBonisSenate Republicans are forging their own path on the effort to overhaul the U.S. tax code, preparing a plan that would delay President Trump’s top business priority and blow up House Republicans’ carefully crafted compromise on state and local tax deductions.

Digital Mortgages Advancing, But Borrowers Still Want More Speed

National Mortgage News, Nov. 9, 2017–Bonnie Sinnock (subscription)Despite digital mortgage advances, borrowers think it still takes too long to get a loan, J.D. Power finds in its annual customer satisfaction ranking of originators.