MBA Newslink Tuesday 1-2-18

“Three years of low inventory is taking its toll on buyer demand in terms of tour and offer activity. People still want to buy homes, especially before mortgage interest rates increase and prices rise even more. But there just aren’t enough homes for sale, especially at lower- to mid-level prices.”–Redfin chief economist Nela Richardson.

MBA Newslink Friday 12-22-17

“[FHFA] Director [Mel] Watt has expressed significant concern regarding the lack of a capital cushion at the enterprises. This negotiated outcome is far better than the Director taking unilateral action and should put to rest calls for indefinite retention of earnings. “Now that this issue is settled, it is time to focus our attention on the legislative actions being contemplated in the Senate and the House to resolve this conservatorship through congressional reform.”–MBA President and CEO David Stevens, CMB, following a Federal Housing Finance Agency announcement that it will allow Fannie Mae and Freddie Mac to rebuild capital in the wake of passage of tax reform legislation.

MBA Newslink Thursday 12-21-17

“In issuing this RFI, FHFA hopes to obtain honest and reliable information and stakeholder feedback on the operational and competition aspects of changing Fannie Mae and Freddie Mac’s credit score requirements. Responses to the RFI will provide important details on the complexities of this decision, which is why I encourage stakeholders to respond in the most meaningful way possible.”–Federal Housing Finance Agency Director Director Melvin Watt, on a Request for Information issued asking feedback on how Fannie Mae and Freddie Mac use credit score agencies for loan underwriting.

MBA Newslink Wednesday 12-20-17

“Had the final bill not included the Rounds Amendment, the change in tax accounting for mortgage servicing rights would have had a devastating impact on the flow of capital that supports a robust and competitive real estate finance market, both single-and commercial/multifamily.”–MBA President and CEO David Stevens, CMB, on a tax reform bill that includes an exception for tax treatment of mortgage servicing rights.

MBA Newslink Tuesday 12-19-17

“Immediate action needs to be taken by the IRS to rectify the recent changes to avoid a material impact to taxpayers who are borrowing money to finance the purchase of their home.”–From an MBA/trade group letter to the IRS urging changes to a tax processing procedure that is causing delays in home mortgage closings.

MBA Newslink Monday 12-18-17

“It’s hard to say whether the use of cryptocurrency to buy and sell homes is a long-term trend or just a blip based on the recent spike in value. In some ways, cryptocurrency investors have just won the lottery, and so it makes perfect sense to buy their dream home. On the other side of the ‘coin,’ sellers probably wouldn’t accept lottery tickets as payment.”–Redfin chief economist Nela Richardson.

MBA Newslink Friday 12-15-17

“Technology was deemed effective at helping home buyers more efficiently find a home to buy and determine how much they can reasonably afford to borrow, but less effective at setting appropriate expectations among millennials on home prices.”–First American Financial Corp. Chief Economist Mark Fleming.

MBA Newslink Thursday 12-14-17

“With this optimistic outlook, driven in part by the spur in demand expected from the tax cuts, it is surprising that the Fed still expects just three rate hikes next year. We think they are likely to revise up this guidance early next year to show four hikes in 2018.”–Mortgage Bankers Association Chief Economist Mike Fratantoni.

MBA Newslink Wednesday 12-13-17

“H.R. 2948 promotes a ‘fair and competitive labor market’ by eliminating barriers to the ability of non-bank lenders–especially small lenders–to compete for talented staff, and allowing MLOs to more easily move to the employer that offers them the best chance to succeed.”–MBA Senior Vice President of Legislative and Political Affairs Bill Killmer, in an MBA letter to House Financial Services Committee leadership in support of legislation that would provide “transitional authority” to originate mortgages for individuals who move from a federally insured institution to a non-bank lender while they work to meet the SAFE Act’s licensing and testing requirements.

MBA Newslink Tuesday 12-12-17

“The third quarter marks a significant turning point for the CMBS market. With only a few exceptions, since 2008, the balance of commercial and multifamily mortgages held in CMBS has declined each quarter. That years-long trend ended this quarter.”
–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.