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SUBSCRIBE ? Volume 11 | Issue 202 | Wednesday, October 17, 2012
The Lede
MBA Letter Outlines Loan Officer Compensation Recommendations
The Mortgage Bankers Association, in a letter yesterday to the Consumer Financial Protection Bureau, said changes to mortgage loan originator compensation and qualifications should be done with an eye toward establishing uniformity and protecting the interests of both consumers and lenders.
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Article Abstracts

Top National News

Home Builder Confidence Rises to Highest Level in Six Years
Los Angeles Times (10/17/12) Hsu, Tiffany
Home builder sentiment rose this month to the strongest level since June 2006. The one-point gain in the National Association of Home Builders/Wells Fargo index represented the sixth consecutive uptick; while prospective buyer traffic for October climbed five points to a score of 35, the highest level since April 2006. Still, NAHB Chairman Barry Rutenberg expressed concern that "overly tight credit conditions are still constraining new building and new purchases."
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Obama Refi Effort to Help 1 Million in 2012: FHFA
MarketWatch (10/16/12) Orol, Ronald D.
An Obama administration initiative designed to help homeowners with little or no equity refinance at today's favorable mortgage rates is on pace to serve 1 million Americans this year, the Federal Housing Finance Agency estimates. According to the regulator, refis were completed on 618,000 Fannie Mae and Freddie Mac loans through HARP in the first eight months of 2012 -- up from 400,024 transactions last year.
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Feds Seek Help in Resolving Fannie, Freddie Loans
4-Traders (10/16/12) Sparshott, Jeffrey; Yoon, Al
The U.S. Treasury's Mary Miller confirms that federal officials are exploring ways to help Fannie Mae and Freddie Mac shed their nonperforming loans by soliciting more outside help. The department is working with the Federal Housing Finance Agency on the matter and ultimately may shift the burden to "special servicers" that focus on problem loans. Doing so, Miller asserts, "could give such servicers more flexibility to determine modifications or find faster resolutions for troubled borrowers."
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Increasing Home Equity Revolving Credit Reaches Three-Year High
National Mortgage Professional (10/16/12)
Equifax tracked more than $44 billion in new home equity revolving lines of credit from January through July, marking a three-year high. The gain reflects "homeowner confidence and momentum towards an improved market," according to Equifax's Craig Crabtree. The report also showed a 1.3 percent decline in the write-off rate for home equity revolving lines to a three-year low of 2.15 percent in September.
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FHFA Should Help Pursue Fannie, Freddie Strategic Defaulters: Report
Housing Wire (10/16/12) Gaffney, Jacob
With Fannie Mae and Freddie Mac recovering just 0.22 percent on deficient loans -- $4.7 million from accounts worth $2.1 billion -- the Inspector General of the Federal Housing Finance Agency says the firms could use some help in pursuing borrowers who strategically default. The IG's report recommends that FHFA assume oversight of deficiency management, which could help the firms "recoup future losses and protect taxpayers' investment in their financial health."
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Residential Finance News
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Applications Fall for 2nd Consecutive Week
Mortgage application activity fell for the second consecutive week as key mortgage rates inched back up, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending October 12.
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Gas Prices Drive up Consumer Price Index; Home Prices Rise
The Consumer Price Index increased by 0.6 percent in September on a seasonally adjusted basis, largely the result of rising gasoline prices, the Bureau of Labor Statistics reported yesterday.
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Commercial/Multifamily News
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Moody's: CRE Price Growth Remains 'Effectively Stalled'
The commercial real estate price recovery that slowed last fall remained stalled in the three months ending in August, gaining only 0.1 percent, reported the Moody's/RCA Commercial Property Price Index.
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Dealmaker of the Day
Red Mortgage Capital, Columbus, closed two FHA loans--including the largest Section 221(d)(4) unsubsidized loan ever--for a California apartment community and a Section 232 loan for a Texas assisted-living facility.
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MBA News
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MBA National Mortgage Servicing Conference & Expo Feb. 19-22
The Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2013, Feb. 19-22 at the Gaylord Texan in Dallas, is the premier event for servicing professionals to network with peers and learn from industry heavyweights who will help you be prepared for what's ahead.
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MBA Residential Originations DataBook Breaks Down Mortgage Markets
Want to know more about the mortgage market in Ohio or another state, metro or county? Get your copy of the MBA 2011 MBA Annual Residential Originations DataBook.
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CampusMBA Accepting Applications to Path to Diversity Scholarship Program
CampusMBA, the education division of the Mortgage Bankers Association, is accepting applications for its Path to Diversity Scholarship Program.
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Quote

"The 'rules of the road' on loan originator compensation are important to consumers, industry and the nation as a whole. If these rules are established properly, loan originators will be able to serve the interests of consumers without undue harm to credit availability. If they are not, they will unduly hamper the loan origination process and, in the worst case, reduce the availability of credit in the mortgage market endangering the nation's economic recovery."
--From an MBA letter to the Consumer Financial Protection Bureau on proposed mortgage loan officer compensation rules.

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