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Volume 17 | Issue 154 | Thursday, August 09, 2018

The Lede


Maryland Court Ruling Boosts Servicing Licensing Interpretation

The highest court in Maryland gave the mortgage industry a victory last week, supporting arguments in a Mortgage Bankers Association-led amicus brief that Maryland law does not require securitization trusts organized under the laws of other states to be licensed in the state as collection agencies.


Top National News

Weekly Mortgage Applications Fall as Home Prices Climb

CNBC, Aug. 8, 2018--Lisa Rizzolo
Rising home prices hit the mortgage industry hard last week. Total mortgage application volume fell 3 percent from the previous week, and 17 percent from a year ago, according to the Mortgage Bankers Association.

HomeReady and Home Possible: Loans With 3% Down for 2018

NerdWallet, Aug. 8, 2018--Hal M. Bundrick
MBA Chief Economist Mike Fratantoni says low-downpayment loans are having a positive impact with first-time home buyers, but notes they are more expensive than FHA loans, particularly for borrowers with less-than-perfect credit.

My Experience at the Ellie Mae Classic

HousingWire, Aug. 8, 2018--Alcynna Lloyd
The fourth annual Ellie Mae Classic, a celebrity golf tournament that supports the Mortgage Bankers Association's Opens Doors Foundation, featured a Community Pro-Am and a Celebrity Shootout to raise funds for families with sick kids by paying their mortgage or rent.

House Panel Plans FHFA Oversight Hearing, Invites Watt to Testify

American Banker, Aug. 8, 2018--Neil Haggerty (subscription)
The hearing is planned for "no later than" Sept. 27 and Fannie Mae Chief Executive Timothy Mayopoulus and FHFA Director Mel Watt "will be invited to testify," according to a press release from Committee Chairman Jeb Hensarling, R-Texas, and Oversight and Investigations Subcommittee Chairman Ann Wagner, R-Mo.

Trump Administration Cuts Dozens of Staff at Financial Market Watchdog

Reuters, Aug. 8, 2018--Pete Schroeder
The Trump administration moved on Wednesday to drastically shrink the Office of Financial Research, a government agency tasked with identifying looming financial risks, notifying around 40 staff members they would be laid off.

FICO Shows Mortgage Applicants How to Improve their Credit Scores

Washington Post, Aug. 8, 2018--Kenneth R. Harney
FICO has created a new prescriptive "Score Planner" tool that the company says will allow you to improve your score within a set time period by following a customized, detailed set of steps. Although it's only in the pilot stage with one of the three national credit bureaus, Experian, FICO officials said last week that in the months ahead it should become widely available through participating banks, mortgage companies, brokers and others.

Single LO License Test Approved for All States

Mortgage Daily, Aug. 8, 2018
Mortgage loan originators in all states can now apply for a license in one or more states and only be responsible for passing a single national test.

Pricey Housing Markets in West Are Cooling Off Most Quickly

Wall Street Journal, Aug. 8, 2018--Laura Kusisto (subscription)
Western states experienced the sharpest decline for existing-home sales in the second quarter, a sign that rising prices, higher mortgage rates and, to a limited extent, the new tax law are weighing on pricier markets.

Quicken Launches Proprietary Reverse Mortgage Alternative to HECM

National Mortgage News, Aug. 8, 2018--Bonnie Sinnock (subscription)
Quicken Loans subsidiary One Reverse Mortgage is rolling out a private-label alternative to the Federal Housing Administration's Home Equity Conversion Mortgage that offers higher loan limits and more flexible underwriting terms.

Gateway Mortgage Group Acquiring Bank

Mortgage Daily, Aug. 8, 2018
Gateway Mortgage Group LLC said it reached an agreement to acquire more than 85 percent of Farmers Exchange Bank.

Ocwen Refinancing $300M of Notes Backed by Reimbursement Rights

National Mortgage News, Aug. 8, 2018--Allison Bisbey (subscription)
Ocwen is refinancing $300 million of bonds backed by reimbursement rights to funds it has advanced on residential mortgages it services. The two new series of notes will both extend the maturity of the debt issued by the securitization trust and reduce the interest rate.

Residential Finance News

MBA: July New Home Purchase Mortgage Applications Up 0.2%

Mortgage applications for new home purchases rose by 0.2 percent in July from June and by nearly 3.6 percent from a year ago, the Mortgage Bankers Association reported this morning.

MBA Diversity & Inclusion Interview: Nicholas Whiteside of Fisk University

Nearly a year ago, the Mortgage Bankers Association collaborated with HomeFree-USA, Wells Fargo and Freddie Mac to create The Center for Financial Advancement, focusing on career opportunities and financial education at Historically Black Colleges and Universities. This summer, Nicholas Whiteside, a sophomore accounting major at Fisk University in Nashville, Tenn., became the first student to serve an internship through the program--right here at MBA.

Commercial/Multifamily News

Small-Cap 'Crosswinds' Emerge

Demand for small-cap commercial real estate stayed in positive territory but continued to erode during the second quarter, reported Boxwood Means, Stamford, Conn.

Dealmaker: Phillips Realty Capital Secures $85M for Data Center, Retail

Phillips Realty Capital, Bethesda, Md., closed two transactions totaling $62.2 million for Legacy Investing LLC's acquisition of an Atlanta-area Tier IV data center.

MBA News

MBA Summit on Diversity & Inclusion in D.C. Nov. 27-28

The Mortgage Bankers Association's annual Summit on Diversity and Inclusion takes place Nov. 27-28 at the Capital Hilton in Washington, D.C.

MBA Disaster Recovery Guide Now Available in Spanish

The Mortgage Bankers Association and the National Association of Hispanic Real Estate Professionals have developed a Spanish-language version of Disaster Recovery: A Resource for Homeowners, a consumer-facing informational guide.

Upcoming MBA Education School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II this summer in Arlington, Va., and Dallas.

MBA Education Introduction to Mortgage Banking Sept. 11-25

MBA Education presents its popular Introduction to Mortgage Banking instructor-guided online course Sept. 11-25.

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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