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Volume 17 | Issue 72 | Friday, April 13, 2018

The Lede

 

1Q Foreclosure Rate Falls 19%

ATTOM Data Solutions, Irvine, Calif., reported a 4 percent increase in foreclosure filings in the first quarter but noted such filings fell by nearly 20 percent from a year ago.

 

Residential Finance News

 
Fitch: GSEs Likely to Have High Ratings Post-Reform

If--and when--housing finance reform eventually becomes effective, the resulting entities that securitize and/or guarantee U.S. mortgages will be appropriately capitalized, have ample access to capital markets and be regulated such that high investment-grade ratings will likely be warranted, said Fitch Ratings, New York.

Residential Briefs

Zillow Group Inc., Seattle, will expand its Zillow Instant Offers program to Phoenix, joining its program in the Las Vegas and Orlando markets.

Commercial/Multifamily News

 
Long-Term Trends Boosting Data Centers

Long-term secular and structural trends in countries around the world are underpinning growth in the data center market, reported JLL, Chicago.

Dealmaker: MidCap Financial Closes $58M for Retail

MidCap Financial, Bethesda, Md., closed transactions totaling $57.6 million for retail assets in Florida, Illinois and California.

MBA News

 
MBA National Secondary Market Conference & Expo May 20-23

The Mortgage Bankers Association' National Secondary Market Conference & Expo returns to the Marriott Marquis in New York May 20-23.

MBA Education Credit Scores in Loan Origination Apr. 24, May 3

MBA Education offers a two-part webinar series, Credit Scores in Loan Origination, on Tuesday, Apr. 24 (Part I) and Thursday, May 3 (Part II) from 2:00-3:30 p.m. ET.

MBA Compliance Essentials Home Mortgage Disclosure Act Resource Guide Available

MBA Education and MBA Compliance Essentials announce availability of the Compliance Essentials Home Mortgage Disclosure Act Resource Guide.

Top National News

 
Mortgage Rates Stay the Course Despite Trade Tensions and Global Concerns

Washington Post, Apr. 12, 2018--Kathy Orton
Mortgage rates have settled in, undeterred by conflicting economic data, global political and economic concerns, and recent Federal Reserve signals. (MBA mention)

Why Home Refinance Loans Are Slipping

24/7 Wall Street, Apr. 12, 2018--Paul Ausick
According to the Mortgage Bankers Association report for the week ending April 6, home refinancing applications fell 2% week over week to 38.4% of all new mortgage loan applications. That's the lowest percentage for home refinance applications since September 2008 and about half the peak rate of just a few years ago.

MBA Predicts New Home Sales Up in March

Mortgage News Daily, Apr. 12, 2018--Jann Swanson
The Mortgage Bankers Association is predicting a strong increase in new home sales in March. Its Builder Application Survey, conducted with mortgage subsidiaries of new home builders, found applications for new home purchase mortgages were up 14 percent from February.

Elizabeth Warren, Mick Mulvaney Spar in Senate Testimony over CFPB

CBS News, Apr. 12, 2018
Massachusetts Democratic Sen. Elizabeth Warren grilled Office of Budget and Management Director Mick Mulvaney on Thursday over his numerous votes to abolish the Consumer Financial Protection Bureau.

Appeals Court Skeptical of Mulvaney's Ability to Independently Lead CFPB

Wall Street Journal, Apr. 12, 2018--Lalita Clozel (subscription)
An appeals court appeared skeptical Thursday that the interim director of the Consumer Financial Protection Bureau could independently run the bureau given his other role as head of the White House's Office of Management and Budget.

CoreLogic Acquires a la mode

HousingWire, Apr. 12, 2018--Kelsey Ramirez
CoreLogic, a property information, analytics and data-enabled services provider, announced Thursday that it acquired a la mode technologies.

Zillow Intends to Buy and Flip Homes

Wall Street Journal, Apr. 12, 2018--Laura Kusisto, Rolfe Winkler (subscription)
Real-estate listings company Zillow Group is getting into the business of buying and flipping homes, a risky and untested business model for the online service that could disrupt the traditional brokerage business.

Subprime Mortgages Make A Comeback--with a New Name and Soaring Demand

CNBC, Apr. 12, 2018--Diana Olick
Subprime mortgages--home loans to borrowers with sketchy credit who put little to no skin in the game. Following the epic housing crash, they disappeared, due to strong, new regulation, and zero demand from investors who were badly burned. Barely a decade later, they're coming back with a new name--nonprime--and, so far, some new standards.

Chase Expanding in Dozen States

Philadelphia Inquirer, Apr. 12, 2018--Joseph N. DiStefano
JPMorgan Chase Chief Executive Officer Jamie Dimon has called for adding 400 U.S. branches in a bid to put his company's large and rising profits to work finding new customers, following the windfall of last year's federal income tax cuts passed by Congress and signed by President Trump.

Big Data Means Small Margins in the Mortgage Industry of the Future

National Mortgage News, Apr. 12, 2018--Jeremy Sicklick (subscription)
The author, CEO of HouseCanary, says more and better data will also mean more and better loans, as valuations become more accurate and faster appraisals send earlier alerts to lenders and buyers about any potential loan issues. But this trend will also mean lower rates.

MB Financial to Exit National Mortgage Banking

American Banker, Apr. 12, 2018--Paul Davis (subscription)
The $20 billion-asset company disclosed in a regulatory filing Thursday that the decision was based on recent economic changes, heavy competition, "very low" margins and input from shareholders.

Non-Bank Mortgage Lenders Lead Tech Transformation

Mortgage Daily, Apr. 12, 2018
The digital transformation of the mortgage process is being led by large non-bank lenders. Title and mortgage insurers could be the biggest beneficiaries of blockchain adoption.

A Small Fix for the Housing Crunch Is in Your Backyard

Bloomberg, Apr. 12, 2018--Patrick Clark, Noah Buhayar
The housing crunch in many West Coast cities has revived interest in an old idea: the granny flat. Often called "accessory dwelling units," or ADUs, the free-standing structures can be manufactured off-site and plunked in a backyard for about $150,000, including permits and site work.

Housing Credit Availability Index

Urban Institute, Apr. 12, 2018
The Urban Insitute's latest credit availability index shows that mortgage credit availability rose, for the second quarter in a row, from 5.6 to 5.8 percent in the fourth quarter, the highest level since 2013.

About MBA Newslink

President and CEO: David H. Stevens, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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