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Volume 16 | Issue 164 | Friday, August 25, 2017

The Lede


MBA: Mortgage Delinquencies, Foreclosures Continue Decline in Q2

Mortgage delinquency and foreclosure rates continued to drop in the second quarter, with the delinquency rate reaching its lowest level since 2000, the Mortgage Bankers Association reported.


Residential Finance News

Inventory Woes Continue to Crimp Existing Home Sales

July existing home sales, hampered by dwindling inventories slumped for the second straight month, the National Association of Realtors reported yesterday.

Home Values at Record Highs in Nearly Half of Largest Markets

The median U.S. home is $4,100 more valuable now than at the housing bubble's peak a decade ago, said Zillow Inc., Seattle.

Fitch: New GSE Refi Programs ‘Modest Plus' for U.S. Credit Risk Transfers

New refinance programs announced by Fannie Mae and Freddie Mac should provide incremental support in the event of future home price declines, said Fitch Ratings, New York.

Commercial/Multifamily News

Marcus & Millichap/NREI: CRE Investor Sentiment Slips

Commercial real estate investor sentiment is cooling gradually, the Marcus & Millichap/NREI Investor Sentiment Survey found.

Commercial/Multifamily Briefs

Cushman & Wakefield acquired 20 VIC Management Inc., a Canadian commercial real estate management firm servicing pension funds, private equity firms and high-net-worth investors.

Dealmaker: Passco Cos. Acquires Key West Apartments for $102M

Passco Cos., Irvine, Calif., acquired Key West, Fla. multifamily community Ocean Walk Apartments for $101.5 million from Mast Capital and Rockpoint Group.

MBA News

MBA Risk Management, QA & Fraud Prevention Forum in Miami Sept. 24-26

The Mortgage Bankers Association's Risk Management, Quality Assurance and Fraud Prevention Forum takes place Sept. 24-26 at the InterContinental Miami.

MBA 2017 Human Resources Symposium Sept. 14-15

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 14-15 at the Residence Inn Arlington Capital View in Arlington, Va. (Washington, D.C.)

MBA Education Preparing for the Fannie Mae/Freddie Mac UCD Webinar Aug. 29

MBA Education presents a the first in a two-webinar series, Preparing for the Fannie Mae/Freddie Mac UCD, on Tuesday, Aug. 29 from 2:00-3:30 p.m. ET.

MBA Education Recruit, Interview & Hire the Right Originators Webinar Series Sept. 11-13

MBA Education presents a three-part webinar series, Recruit, Interview & Hire the Right Originators, on Monday, Sept. 11; Tuesday, Sept. 12; and Wednesday, Sept. 13 from 2:00-3:30 p.m. ET.

Top National News

Americans Haven't Been This Good At Paying Their Mortgages Since 2000

HousingWire, Aug. 24, 2017--Ben Lane
A new report from the Mortgage Bankers Association shows that the delinquency rate for mortgages on one-to-four-unit residential properties fell to a seasonally adjusted rate of 4.24% of all loans at the end of the second quarter.

30-Year Fixed Mortgage Rate Sinks to its Lowest Level in Nine Months

Washington Post, Aug. 24, 2017--Kathy Orton (MBA mention)
A terrorist attack in Spain and political drama in Washington continued to put downward pressure on mortgage rates this week.

CFPB Gives Small Banks, CUs a Break on HMDA Reporting

National Mortgage News, Aug. 24, 2017--Brian Collins (subscription)
Lenders will not have to report data on open-ended home equity lines of credit in 2018 or 2019 if they originated fewer than 500 HELOCs in the preceding year, the bureau said Thursday.

American Pacific Mortgage Sues Insurer After Hacker Stole Funds from Lender

HousingWire, Aug. 24, 2017--Ben Lane
American Pacific Mortgage filed a lawsuit in federal court this week against Aspen Specialty Insurance Company, claiming that the insurance company is refusing to cover a claim filed after a hacker impersonated the mortgage company's former CEO and stole more than $75,000 from the company.

Goldman and Pimco Are Loading Up on Mortgage Bonds

Bloomberg, Aug. 24, 2017--Claire Boston
Pacific Investment Management Co., Goldman Sachs Asset Management, Columbia Threadneedle and others are snatching up bonds tied to subprime mortgages and other home loans made before the housing crisis, while selling speculative-grade company debt.

Higher Home Prices Risk Closing Door on U.S. Housing Momentum

Bloomberg, Aug. 25, 2017--Vince Golle
Signs are mounting that rising home values are starting to close the door for more Americans, threatening to temper the momentum in residential real estate.

CFPB Warns About Dangers of Taking Out a Reverse Mortgage to Delay Social Security

HousingWire, Aug. 24, 2017--Ben Lane
According to the CFPB, some number of "financial professionals" are "increasingly promoting" a strategy involving seniors taking out a reverse mortgage as a way to bridge the financial gap until they are able to claim their full Social Security benefits.

Diversity: Influencing the Mortgage Industry

DSNews, Aug. 25, 2017--Whitney Blessing
The author, with Churchill Mortgage, says more single women are buying homes, which is as important a trend as the emergence of Millennials.

Foreclosures at 10-Year Low, Delinquency Up

Mortgage Daily, Aug. 24, 2017
Single-family mortgages that were at least 30 days past due or in the foreclosure process numbered 2.384 million as of the end of July, said Black Knight Financial Services.

Fannie Mae Offers Appraisal Waivers on Purchase Mortgages

National Mortgage News, Aug. 24, 2017--Bonnie Sinnock (subscription)
Fannie Mae has begun allowing property inspection waivers for certain purchase loans that have prior appraisals in its Collateral Underwriter system.

Freddie's Book Up, Delinquency Holds Near 10-Yr Low

Mortgage Daily, Aug. 24, 2017
Freddie Mac managed a total mortgage portfolio that had a balance of $2.0439 trillion as of July 31, according to data provided in its Monthly Volume Summary: July 2017.

Investing in the Future: Blend Raises $100 Million in Series D Funding

HousingWire, Aug. 24, 2017--Brena Swanson
San Francisco-based, mortgage-tech provider Blend announced it raised $100 million in Series D funding, marking its second round of funding for the year. The new round of funding brings Blend's total funding to $166 million.

Where U.S. Homebuyers Are Headed Next

Bloomberg, Aug. 24, 2017--Patrick Clark
According to a new report, the most active metropolitan areas include Chicago, where an inventory logjam appears to be loosening. Also, Colorado Springs, Washington, D.C., and Reno, Nevada, near Tesla's massive battery factory, which is attracting workers and driving housing demand.

Sears to Close Another 28 Kmart Stores

Associated Press, Aug. 24, 2017
Sears continued to struggle in its second quarter with declining sales amid heightened competition. It now says it will close even more stores.

About MBA Newslink

President and CEO: David H. Stevens, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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