The Lede
Top National News
Can Investors Find Safe Harbor in the Single-Family Rental Sector?
National Real Estate Investor, May 19, 2017--Diana BellThe single-family rental sector continues to mature as an asset class. Despite a proliferation of investors chasing the assets, fundamentals point to continued SFR stability.
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America’s Cities Are Running Out of Room
Bloomberg, May 22, 2017--Patrick ClarkA shortage of homes for sale has bedeviled U.S. house hunters in recent years, so why don't builders build more? One problem is that they're running out of lots to build on-at least in the places that people want to live.
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Why Millennials Are (Partly) to Blame for the Housing Shortage
Wall Street Journal, May 22, 2017--Laura Kusisto (subscription)As young people and builders have shifted their focus toward trendier urban markets, overall housing construction has declined.
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Hirings Planned for New Movement Mortgage Office
Mortgage Daily, May 19, 2017Hundreds of new jobs are expected to be added at Movement Mortgage LLC as a result of the opening of a new operations center in Norfolk, Va.
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VA Clarifies Appraisal Requirements
Mortgage Daily, May 19, 2017The Department of Veterans Affairs clarified its appraisal requirements on loans secured by properties located in rural areas.
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Former Chase Mortgage Originator Pleads Guilty
Mortgage Daily, May 19, 2017The U.S. Attorneys Office for the Middle District of Florida alleges that Ross Pickard and his co-conspirators submitted $30 million in fraudulent information and documents to Chase in order to secure loan approvals.
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Baby Boomers are Making it Harder for Millennials to Buy Homes
Business Insider, May 21, 2017--Madeline StoneWhile baby boomers make up a much smaller portion of homebuyers, they and millennials may end up competing for the same type of home, despite being in completely different phases of their lives.
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Bank of America Settles Lending Discrimination Claims Brought By National Fair Housing Alliance
HousingWire, May 19, 2017--Ben LaneBank of America will contribute more than $400,000 towards fair housing efforts in South Carolina and nationwide as the result of a settlement between the bank and the National Fair Housing Alliance over charges of lending discrimination, the fair housing group announced Friday.
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Rep. Barr Reintroduces Act to Make CFPB Spending Accountable to Congress
HousingWire, May 19, 2017--Brena SwansonRep. Andy Barr, R-Ky., reintroduced the Taking Account of Bureaucrats' Spending Act on Friday in attempts to make the budget of the Consumer Financial Protection Bureau subject to congressional appropriations, instead of the Federal Reserve.
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Few Big Banks Would Benefit From Key Part of House Reg Reform Bill: CBO
National Mortgage News, May 19, 2017--John Heltman (subscription)In the report on House Financial Services Committee Chairman Jeb Hensarling's Financial Choice Act, the CBO estimate that "most of the financial institutions that chose to maintain a 10% leverage ratio would be those with assets below $10 billion," primarily because those institutions already hold leverage ratios in excess of 10%.
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Most Fulfilled Borrowers Went With Their Guts
UExpress, May 19, 2017--Lew SichelmanBuyers who chose a lender because of financial incentives provided by their builders were only marginally satisfied with their experiences. That's according to the National Borrower Satisfaction Index produced by the Stratmor Group, a Colorado-based consulting firm.
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The Next Shortage Facing Young Homebuyers: Good Schools
Bloomberg, May 19, 2017--Patrick ClarkThe same young homebuyers who must cope with bidding wars to buy a first home may face a shortage in another key resource: schools for their kids.
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Watchdog: The CFPB Fails to Properly Secure Confidential Enforcement Information
HousingWire, May 19, 2017--Ben LaneThe new report, released this week by the Board of Governors of the Federal Reserve System Office of the Inspector General for the Consumer Financial Protection Bureau (first reported by Law360), showed the Consumer Financial Protection Bureau's Office of Enforcement did not put proper protocols in place to secure confidential investigative information and confidential supervisory information.
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Home Sales Listings Turning Over Faster than Ever: Redfin
National Mortgage News, May 19, 2017--Brad Finkelstein (subscription)The median time it took a home listed for sale to go into contract was 40 days in April, the fastest since Redfin started tracking this data in 2010.
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Financial Health Improved for Most Americans in Recent Years, Fed Survey Says
Wall Street Journal, May 19, 2017--Harriet Torry (subscription)Most Americans are doing better financially than a few years ago, although the degree of improvement rises with a person's education level, according to a new Federal Reserve survey.
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Giliberto-Levy: Uneven 1Q for Private Commercial Mortgage Loans
Chief Investment Officer, May 19, 2017--Poonkulali ThangaveluPrivate commercial mortgage loans held in investor portfolios turned in a total return of 2.01% for the first quarter, regaining form after the previous quarter's negative 2.48% return, according to the Giliberto-Levy commercial mortgage performance index.
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Ellie Mae: Closing Time on a Mortgage Keeps Getting Faster
HousingWire, May 19, 2017--Kelsey RamirezPurchase originations continued to gain ground in April as refinances fell, according to the latest Origination Insight Report from Ellie Mae.
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Survey: Downpayment Confusion Keeps People From Homeownership
National Mortgage Professional, May 19, 2017--Phil HallIn a poll of 150 industry professionals conducted during the recent Mortgage Bankers Association Secondary Conference, 39 percent of respondents a general lack of knowledge about the homebuying process was among the greatest impediments to first-time homebuyer demand.
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Why Banks Should Take Notice of Retailers’ Problems
American Banker, May 19, 2017--Mayra Rodriguez Valladares (subscription)This is a good time for bank risk managers and bank regulatory examiners to evaluate the effects of a deepening retail crisis on the financial services sector.
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Residential Finance News
Commercial/Multifamily News
MBA News
MBA Education Understanding the New HUD 2530 Rules Webinar May 23
MBA Education presents a webinar designed to boost FHA lenders' understanding of HUD notice H2016-15: Processing Guide for Previous Participation Review of Prospective Multifamily Housing and Healthcare Programs' Participants.
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