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Volume 17 | Issue 71 | Thursday, April 12, 2018

The Lede

 

MBA: March New Home Purchase Mortgage Applications Up 14%

Mortgage applications for new home purchases increased by 14 percent in March from February but decreased by 2.6 percent from a year ago, the Mortgage Bankers Association reported this morning.

 

Residential Finance News

 
MBANow: MBA Associate Vice President Justin Wiseman on CFPB Requests for Information

The Mortgage Bankers Association released a new MBANow video featuring MBA Associate Vice President and Managing Regulatory Counsel Justin Wiseman, who discusses recent requests for information issued by the Consumer Financial Protection Bureau.

Homes Appreciation Exceeds Minimum Wage or More in Half of Largest Cities

How much money does your house "earn" every day? In 24 of the 50 largest U.S. cities, said Zillow, Seattle, home value appreciation per working-hour is higher than local minimum wage, while renters are struggling just to come up with enough money to break into the market.

Housing Sentiment Remains ‘Volatile,' Edges Back Up

The Fannie Mae Home Purchase Sentiment Index rose by 2.5 points in March to 88.3, reversing last month's decrease, but indicated continued volatility as the spring buying season continues.

Commercial/Multifamily News

 
Hotel Metrics Healthy, But Cap Rates Creep Up

U.S. hotels continue to see growth across all travel segments, but hotel capitalization rates have started to increase, analysts said.

Dealmaker: Ashford Hospitality Trust Refinances 22 Hotels

Ashford Hospitality Trust, Dallas, refinanced a mortgage secured by 22 hotel properties with an outstanding balance totaling $972 million.

MBA News

 
MBA State & Local Workshop Apr. 23-24

The Mortgage Bankers Association's annual State & Local Workshop takes place Apr. 23-24 at the Capital Hilton in Washington, D.C., in conjunction with the MBA National Advocacy Conference (Apr. 24-25).

MISMO Spring Summit in Denver June 4-8

The MISMO Summits offer you an opportunity to learn more about MISMO and to engage in face-to-face standard setting activities.

MBA Education Checklist for Effective Compliance Management Systems Webinar May 15

MBA Education presents a new webinar, A Checklist for Effective Compliance Management Systems, on Tuesday, May 15 from 2:00-3:30 p.m. ET.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

Top National News

 
Mortgage Refinances Fall to the Lowest Level in a Decade Amid Lean and Expensive Spring Housing Market

CNBC, Apr. 11, 2018--Diana Olick
Total mortgage application volume fell 1.9 percent, seasonally adjusted, from the previous week, according to the Mortgage Bankers Association. Volume was 5.5 percent lower than the same week one year ago.

MBA Observes 50th Anniversary of Fair Housing Act

National Mortgage Professional, Apr. 11, 2018--Phil Hall
The Mortgage Bankers Association commemorated the 50th anniversary of the passage of Title VIII of the Civil Rights Act, also known as the Fair Housing Act.

Mulvaney: ‘The Bureau Is Not Designed to be Accountable'

DS News, Apr. 11, 2018--Radhika Ojha
Appearing before the House Financial Services Committee, Consumer Financial Protection Bureau Acting Director Mick Mulvaney. "The bureau is not designed to be accountable and my work there is aimed towards one end goal: to make the bureau more accountable."

With Ryan Departing, It's Now or Never for Reg Relief

National Mortgage News, Apr. 11, 2018--Victoria Finkle (subscription)
Wednesday's announcement, anticipated by some for months, could heighten pressure to move a pending regulatory relief bill as soon as possible--well ahead of the November elections that will determine which party leads the chamber next term.

Bank of America Launches Digital Mortgage Platform

HousingWire, Apr. 11, 2018--Ben Lane
Bank of America revealed Wednesday that it is launching a digital mortgage platform, which allows customers to complete the mortgage application process either via their mobile device or on Bank of America's website.

Digital Home Buying Path Hits 'Screeching Halt' at Mortgage Process

National Mortgage News, Apr. 11, 2018--Elina Tarkazikis (subscription)
When borrowers take their first steps toward homeownership, they preselect potential homes online, e-sign their offers and can engage in bidding wars entirely from their phones. But this almost completely digital experience comes to a "screeching halt" at the mortgage process, explained Michael Fratantoni, chief economist and SVP of research and industry technology at the Mortgage Bankers Association.

New York Fines Nationstar $5M for Past Compliance Flaws

National Mortgage News, Apr. 11, 2018--Bonnie Sinnock (subscription)
The New York Department of Financial Services is fining Nationstar Mortgage $5 million for failing to comply with servicing and origination regulations as it grew between 2012 and 2014.

The Fed's New Rules Are a Letdown for Wall Street

Wall Street Journal, Apr. 11, 2018--Aaron Back (subscription)
Big Wall Street banks like Goldman Sachs and Morgan Stanley won't get the relaxation of capital requirements that they hoped for under the Trump administration. That is the key takeaway from proposed changes to the annual stress test process announced by the Federal Reserve Tuesday.

Over 50 Mortgage Related Events in Q2

Mortgage Daily, Apr. 11, 2018--Sam Garcia
Among the more than 50 events on Mortgage Daily's Mortgage Conference Calendar for the second quarter are multiple annual trade group conventions, a roundtable and several workshops.

Nearly $2 Bil in Reperforming GSE Loans Sold

Mortgage Daily, Apr. 11, 2018
Winning bidders have been announced in the auction of nearly $2 billion in reperforming government-sponsored enterprise residential loans.

Fed Leans Toward Faster Pace of Hikes as Trade War Poses Risk

Bloomberg, Apr. 11, 2018--Craig Torres
Federal Reserve officials leaned toward a slightly faster pace of tightening at their March meeting as their growth outlook and confidence in hitting their inflation target strengthened, according to minutes released Wednesday.

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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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.