Mortgage Daily, July 5, 2017Proceeds from the sale of the mortgage servicing rights, which was originally announced back in December, amounted to $333.1 million.
Category: Top National News
LOS Adoption and Integration
Mortgage Daily, July 5, 2017–Sam GarciaMultiple mortgage service providers have recently integrated their offerings into a loan origination system.
Commercial Real Estate Demand Softens, Investors Fret Trump Tax Cuts Won’t Pass
NPR, July 5, 2017–Jim Zarroli Revenue from President Trump’s office buildings is falling. The problem: commercial real estate prices are declining. In New York, buildings are rising and older properties have to compete harder.
MBA Weekly Applications Survey Rescheduled for Thursday
The Mortgage Bankers Association’s Weekly Applications Survey, which normally comes out Wednesday morning, will be delayed until this Thursday, July 6 because of the Tuesday Independence Day holiday, which altered normal data collection deadlines.
GSE Reform Returns to Center Stage
Scotsman Guide, July 3, 2017–Victor WhitmanThe Mortgage Bankers Association envisions turning Fannie and Freddie into utilities and chartering other companies to compete against them. MBA President and CEO David Stevens said the trade group’s plan was developed with input from its small lenders, and their proposal protects them.
Office Market Growth Slows
Wall Street Journal, July 4, 2017–Peter Grant (subscription)The pace of office-space leasing slowed in the second quarter, mostly because of sluggish activity in the country’s top five markets, according to new figures from data firm Reis Inc.
Monogram Residential to Be Acquired by Greystar Star-Led Group
Wall Street Journal, July 4, 2017–Dana Mattioli (subscription)Monogram Residential Trust Inc. said Tuesday it agreed to be acquired by Greystar Growth and Income Fund LP, an investment group led by Greystar Real Estate Partners LLC, in a deal valued at $2 billion.
DOJ’s False Claims Act Focus Shifts to Reverse Mortgage Servicers
National Mortgage News, July 3, 2017–Brad Finkelstein, Brian Collins (subscription)The Trump administration’s Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.
U.S. Factory Activity Jumps to Near 3-Year High; Construction Spending Flat
Reuters, July 3, 2017The Institute for Supply Management said on Monday its index of national factory activity rose to a reading of 57.8 last month, its best performance since August 2014.
More Securitized Commercial Real Estate Debt Becomes Delinquent in June
Dow Jones Newswire, July 4, 2017–Esther FungThe delinquency rate for securitized commercial real-estate loans jumped 28 basis points to 5.75% in June from May, the biggest month-over-month increase since March 2012 and up sharply from the 4.6% recorded in June last year, according to real estate provider Trepp Inc.