The Lede
Top National News
Mortgage Rates Move Higher for Seventh Week in a Row
Washington Post, Dec. 15, 2016--Orton, Kathy
Home loan rates are loosely tied to long-term bond yields, which have been on an upward march.
Full Story
Fed Rate Hike: What Does it Mean for Mortgage Rates?
Christian Science Monitor, Dec. 15, 2016--Bundrick, Hal M.
Mike Fratantoni, chief economist for the Mortgage Bankers Association, expects a steady climb in the federal funds rate. "What happened in the past month, we were looking to occur over the next year," he says. "I think we've seen the big move already."
Full Story
SunTrust Fails One National Mortgage Settlement Test in First Quarter
HousingWire, Dec. 15, 2016--Swanson, Brena
The metric failed tests whether SunTrust properly collected default-related fees from borrowers. Those fees include property preservation fees, valuation fees and attorneys' fees.
Full Story
Federal Reserve Adopts Bailout-Prevention Rule Without Major Changes
Wall Street Journal, Dec. 15, 2016--Tracy, Ryan
The Federal Reserve on Thursday adopted a bailout-prevention rule that will force big banks to issue substantial amounts of new long-term debt-one of the finishing touches to its new regulatory regime for big firms.
Full Story
Wells Fargo Sued Over Missing Info in ARM Reset Notices
National Mortgage News, Dec. 15, 2016--Button, Keith
Wells Fargo's disclosure documents notifying borrowers of pending adjustable-rate mortgage resets are defective because they do not include information for a single point of contact at the bank, a lawsuit filed in California claims.
Full Story
Home Builder Confidence Ends the Year at Highest Point since 2005
HousingWire, Dec. 15, 2016--Ramirez, Kelsey
Home builders saw a significant boost in confidence after President-elect Donald Trump won the election, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
Full Story
How Not to Build a Supermall: $5 Billion, 5 Governors, 3 Developers, and 15 Years
Bloomberg Businessweek, Dec. 15, 2016--Berfield, Susan; Marritz, Ilya; Reitmeyer, John
Chris Christie once called American Dream "the ugliest damn building in New Jersey." Will it ever open?
Full Story
All Types of Loans Cost More Just One Day After Fed’s Rate Hike
Bloomberg, Dec. 15, 2016--Surane, Jennifer; Scully, Matt
It's been less than 24 hours since the Federal Reserve raised interest rates and already bank customers are paying more for loans, including home-equity loans.
Full Story
Rising Rents Lift U.S. Inflation; Labor Market Tightens
Reuters, Dec. 15, 2016--Mutikani, Lucia
Rising rents lifted underlying U.S. inflation in November, pointing to a steady build-up of price pressures in the economy that could support more interest rate increases from the Federal Reserve next year.
Full Story
Higher Interest Rates Shouldn’t Halt the Housing Market
CBS News, Dec. 15, 2016--Leefeldt, Ed
Now that the Fed has announced an interest rate hike, it's likely to have little or no impact on those in the business of buying and selling homes.
Full Story
Proposed $300 Mortgage Fee Draws Opposition in Suffolk
Newsday (N.Y.), Dec. 15, 2016--Schwartz, David M.
Real estate professionals urged Suffolk County lawmakers Thursday to block a new $300 county fee on mortgage recordings that they said would drive residents off Long Island and hit seniors and first-time home buyers hardest.
Full Story
FHFA Continues to Push Fannie, Freddie on Credit-Risk Sharing
National Mortgage News, Dec. 15, 2016--Collins, Brian
A regulatory 2017 scorecard for Fannie Mae and Freddie Mac calls on the firms to transfer a significant portion of credit risk to third-party private investors on at least 90% of unpaid principal balance of newly acquired single-family mortgages.
Full Story
GSE Refinances Fall, Slowest HARP Month on Record
Mortgage Daily, Dec. 15, 2016
Just a month after surging to a three-year high, refinances of government-sponsored enterprise loans fell -- with federally funded transactions falling to a record low.
Full Story
Q1 2017 Mortgage Origination Forecast Trimmed
Mortgage Daily, Dec. 15, 2016
MBA says 30-basis-point increase in expected interest rates has led to a small reduction in projected first-quarter mortgage production.
Full Story
Residential Finance News
Commercial/Multifamily News
MBA News
MBA Education Foundational Concepts in Residential Mortgage Servicing Workshop Feb. 14
Held in Conjunction with MBA National Servicing Conference & Expo
Full Story
CREF Returns to San Diego Feb. 19-22
Four Days of Networking, Relationship-Building, Dealmaking
Full Story
MAA Steering Committee Elections Underway; Deadline Today
The Mortgage Action Alliance, the grassroots advocacy arm of the Mortgage Bankers Association, has opened the voting period for election of three at-large seats on its 2017 Steering Committee through close of business today.
Full Story
MBA Commercial/Multifamily Diversity & Inclusion Leadership Awards Nomination Deadline Jan. 13
MBA has created the Commercial/Multifamily Diversity & Inclusion Leadership Awards. Recipients will be recognized at the MBA Commercial Real Estate Finance/Multifamily Housing Convention & Expo, taking place Feb. 19-22 in San Diego. Nomination deadline is Friday, Jan. 13.
Full Story