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Volume 17 | Issue 70 | Wednesday, April 11, 2018

The Lede


Applications Down Again in MBA Weekly Survey

Mortgage applications fell for the second straight week even as key interest rates fell, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending April 6.


Residential Finance News

The Fair Housing Act at 50

Fifty years ago today, on April 11, 1968, President Lyndon Johnson signed into law Title VIII of the Civil Rights Act--better known as the Fair Housing Act.

January Early-Stage Delinquencies, Inventories Down

CoreLogic, Irvine, Calif., said mortgage delinquencies fell in January as the impact from 2017 hurricanes and wildfires faded.

Residential Briefs

Ranieri Solutions, New York, a financial services technology investment firm founded by Lewis S. Ranieri, partnered with Symbiont, a blockchain and smart contract company, to explore opportunities to use Symbiont's platform to improve the mortgage industry.

Commercial/Multifamily News

Manhattan Office, Apartment Sectors Diverge

Manhattan's office and apartment sectors diverged in the first quarter, reports said.

Dealmaker: Arbor Funds $57M in Multifamily Loans

Arbor Realty Trust, Uniondale, N.Y., funded two loans totaling $56.7 million, both secured by Texas multifamily properties.

MBA News

MBA Commercial/Multifamily Servicing/Technology Conference in Miami May 20-23

The Mortgage Bankers Association's annual Commercial/Multifamily Servicing and Technology Conference takes place May 20-23 at the Intercontinental Miami.

Upcoming MBA Education School of Mortgage Banking Courses

MBA Education presents its School of Mortgage Banking Course I & II in Irvine, Calif. May 1-4.

MBA Education Successor In Interest State Level Reports Available

MBA and the Compliance Essentials program, in collaboration with leading legal experts, have created state-by-state reports to help servicers understand documents that are required to verify a successor in interest's status in each state.

Top National News

Drop in Refinance Revenue Could Challenge Independent Mortgage Bankers

Dodd-Frank Update, Apr. 10, 2018 (subscription)
MBA Vice President of Industry Analysis Marina Walsh told Dodd-Frank Update that declining refinance volume is a major reason for the drop in revenue, but she believes independent mortgage bankers are up to the challenge of finding purchase borrowers to close that gap over time.

Record 2017 Commercial Mortgage Originations

Mortgage Daily, Apr. 10, 2018
Not only did originators lift annual commercial real estate lending volume last year, they pushed it past the pre-crisis record level, the Mortgage Bankers Association said.

Federal Reserve Proposes New Capital Rules For Wall Street

Reuters, Apr. 11, 2018--Patrick Rucker
The Federal Reserve on Tuesday proposed new rules that could allow some large banks to reduce the amount of capital they must hold as a cushion against a future economic shock.

5 Issues that Could Make Sparks Fly in Mulvaney Testimony

National Mortgage News, Apr. 10, 2018--Rachel Witkowski, Victoria Finkle (subscription)
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, is headed back to Congress this week, only this time he'll be the one under fire.

Rising Home Prices Push Borrowers Deeper Into Debt

Wall Street Journal, Apr. 10, 2018--Laura Kusisto, Christina Rexrode (subscription)
Roughly one in five conventional mortgage loans made this winter went to borrowers spending more than 45% of their monthly incomes on their mortgage payment and other debts, the highest proportion since the housing crisis, according to new data from mortgage-data tracker CoreLogic Inc.

Luxury Homes Are Taking Longer to Sell and That's Costing Owners

Bloomberg, Apr. 11, 2018--Oshrat Carmiel
Last year, 72 percent of the most-expensive properties in the U.S. took longer than 180 days to sell, a sharp jump from 2015, when 59 percent of homes lingered for that long, according to a report Wednesday by Concierge Auctions.

Future Secondary Mortgage Market Firms Likely to be Highly Rated

National Mortgage News, Apr. 10, 2018--Brad Finkelstein (subscription)
The future secondary mortgage market entities will receive high investment grade ratings, even as there is no clarity on their scope or form, Fitch Ratings said.

Homeonwers' Estimates Move Close to Appraised Home Values in March

HousingWire, Apr. 10, 2018--Kelsey Ramirez
Homeowners are growing closer to estimating their home's appraised value, according to the latest Home Price Perception Index from Quicken Loans.

Huge Agency MSR Portfolio On the Market

Mortgage Daily, Apr. 10, 2018
Bids are being accepted on an offering of MSRs on 24,594 single-family loans with a collective unpaid principal balance of $6.148 billion.

Click to Buy: Some Sears Stores Are Being Auctioned Online

Wall Street Journal, Apr. 10, 2018--Esther Fung (subscription)
Real estate services firm Cushman & Wakefield is partnering with Real Insight Marketplace, an online auction platform, to help Sears sell 16 profitable store locations.

Services, Food Boost U.S. Producer Prices in March

Reuters, Apr. 10, 2018--Lucia Mutikani
U.S. producer prices increased more than expected in March, boosted by rising healthcare and food costs, pointing to a steady buildup of inflation pressures.

About MBA Newslink

President and CEO: Robert Broeksmit, 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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