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Volume 17 | Issue 80 | Wednesday, April 25, 2018

The Lede


From Senators, Pessimism on Housing Reform

WASHINGTON--Senators from both sides of the aisle, appearing here at the Mortgage Bankers Association's National Advocacy Conference, expressed skepticism that Congress can pass comprehensive housing reform legislation this year.


Residential Finance News

Applications Down Slightly in MBA Weekly Survey

Mortgage applications fell for the third straight week, albeit slightly, as key interest rates rose to their highest level in five and a half years, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending April 20.

New Home Sales, Earlier Revisions Point to Stronger Spring

New single-family home sales rose by a healthy 4 percent in March, coming off improved revisions from previous months, HUD and the Census Bureau reported yesterday.

Home Prices Up; Demand Falters

Two new reports show home prices continuing their upward arc; but low inventories put a damper on housing demand as fewer would-be homeowners toured homes for sale.

Commercial/Multifamily News

Manhattan Office Market Activity Cools

Manhattan's office market experienced some cooling in early 2018 after several consecutive quarters of positive absorption in 2017, reported Transwestern, Houston.

Commercial/Multifamily Briefs

Waterton, Chicago, closed its latest multifamily value-add investment fund, Waterton Residential Property Venture XIII with $920 million of equity commitments, surpassing its $750 million target. The firm launched the fund in fall 2016 and held its final closing on April 18.

Dealmaker: Trion Properties Acquires Three Multifamily Assets for $24M

Trion Properties, Los Angeles, acquired three multifamily assets totaling 174 units in the Portland, Ore., area for $24.3 million.

MBA News

MBA Legal Issues/Regulatory Compliance Conference in L.A. Apr. 29-May 2

The Mortgage Bankers Association's annual Legal Issues and Regulatory Compliance Conference takes place Apr. 29-May 2 at the J.W. Marriott L.A. Live in Los Angeles.

MBA Education School of Loan Origination Instructor-Guided Online Course Apr. 30-May 24

MBA Education offers its School of Loan Origination Instructor-Guided Online Course Apr. 30-May 24.

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

Homebuyers are Stretching Their Budgets and Mortgage Limits to Win Bidding Wars

CNBC, Apr. 24, 2018--Diana Olick
More buyers are stretching their budgets, putting less money down or using adjustable rate loans that offer lower rates. Borrowers have more options for low-downpayment loans, options that were not available as recently as just a few years ago.

Mulvaney to Drop Public Complaints Against Firms, Change CFPB Name

National Mortgage News, Apr. 24, 2018--Rachel Witkowski (subscription)
Acting Consumer Financial Protection Bureau Director Mick Mulvaney vowed to bankers on Tuesday that he would halt the agency's actions against indirect auto dealers, stop posting consumer complaints online and change the bureau's name.

Reg Relief in Limbo as House, Senate Refuse to Budge

National Mortgage News, Apr. 24, 2018--Neil Haggerty (subscription)
A bill to provide community banks with regulatory relief remains stuck as House and Senate lawmakers are still at odds over whether to add provisions to the Senate effort.

Why High-Flying U.S. Home Prices Are About to Get Another Jolt

Bloomberg, Apr. 25, 2018--Vince Golle
The U.S. housing market's storyline for the last several years has been one of steady demand and limited supply, pushing prices ever higher. Now, a new chapter has opened up for the industry and its customers: soaring costs for building materials.

WEI Mortgage Becomes Latest Victim of Data Breach

HousingWire, Apr. 24, 2018--Ben Lane
Virginia-based WEI Mortgage disclosed this week that is the victim of a data breach that may have exposed the highly sensitive personal information of the lender's customers.

Mortgages, Other Loans Get Pricier as 10-Year Treasury Rate Tops 3%

USA Today, Apr. 24, 2018--Adam Shell
Early Tuesday, the 10-year Treasury yield ticked above 3% for the first time since January 2014, according to Tradeweb. The closely watched benchmark affects borrowing costs for businesses and shoppers and is the latest sign that interest rates are moving up after remaining depressed for nearly a decade following the financial crisis.

Year-Over-Year Gain in Flagstar Home Lending

Mortgage Daily, Apr. 24, 2018
With the help of a recent acquisition, Flagstar Bancorp Inc. was able to make a year-over-year gain in mortgage originations. Ongoing reductions continued, though, for the primary servicing portfolio.

Genworth Lowers Mortgage Insurance Premiums

Mortgage Daily, Apr. 24, 2018
Genworth Mortgage Insurance said Tuesday that it is cutting it national rates for borrower-paid monthly premiums and single premiums.

Local and Regional Banks Double Down on Construction Lending for Apartments

National Real Estate Investor, Apr. 24, 2018--Bendix Anderson
Banks provided 71 percent of all construction financing in 2017, according to data from Real Capital Analytics, New York.

U.S. Treasury Boasts Deregulation Reform Accomplishments

HousingWire, Apr. 24, 2018--Kelsey Ramirez
The report explained the Treasury reduced its regulatory agenda by about 100 regulations compared to the Fall 2016 agenda. The Treasury also explained only two of its regulations were identified as significant regulatory actions, and the remaining items on the agenda are burden-reducing or have yet to be classified.

U.S. Consumers More Confident in Economy

Wall Street Journal, Apr. 24, 2018--Josh Mitchell (subscription)
The Conference Board said Tuesday its index of consumer confidence rose 1.7 points from a month earlier to 128.7 in April. Confidence had dipped in March after hitting the highest level since 2000 in February.

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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