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Volume 17 | Issue 157 | Tuesday, August 14, 2018

The Lede

 

CoreLogic: Mortgage Delinquency, Foreclosure Rates Lowest in 12 Years

Ahead of Thursday's release of the Mortgage Bankers Association's National Delinquency Survey, CoreLogic, Irvine, Calif., said overall foreclosure and delinquency rates fell to 12-year lows. But it also noted 2018 wildfires in California and other western states are "outpacing" the devastating fires of 2017, putting potentially thousands of mortgages at risk.

 

Top National News

 
Fewer Using Nonconventional Loans to Fund a New Home Purchase

National Mortgage News, Aug. 13, 2018--Elina Tarkazikis (subscription)
The percentage of nonconventional financing for new-home purchases fell to 30.8% in 2017, from 31.5% in 2016. For reference, 2016 was the first time this share represented less than a third of the market since 2008.

The Financial Crisis Cost Every American $70,000, Fed Study Says

Bloomberg, Aug. 13, 2018--Jeanna Smialek
Gross domestic product remains well below what its 2007 trend would have implied and it's unlikely the economy will ever make up that lost ground, according to research from the Federal Reserve Bank of San Francisco published Monday. The hit will cost the average American $70,000 in lifetime income, they estimate.

Broker's Dispute with Quicken Loans Highlights Battle over Borrowers

National Mortgage News, Aug. 13, 2018--Bonnie Sinnock (subscription)
One example of this turmoil is C2 Financial Corp., which recently made plans to stop submitting loan applications to the wholesale division of Quicken Loans.

CEO Calk Conspired with Managort to Defraud His Own Bank: Prosecutors

American Banker, Aug. 13, 2018--Kevin Wack (subscription)
Prosecutors have previously argued that Calk's bank approved $16 million in mortgage loans to Manafort because of Calk's own political ambition. But the comments during Friday's court proceedings were the government's most forceful public statements to date about Calk's role in the alleged fraud.

Wells Fargo was Hit with More Scandal. But Does Anyone Care?

American Banker, Aug. 13, 2018--Victoria Finkle (subscription)
As the negative headlines pile up, a question arises: Has Wells fatigue set in?

Loan Originator Sentenced to Prison

Mortgage Daily, Aug. 13, 2018
Daniel Cardenas worked as a loan officer at a Tampa, Fla., branch of Transcontinental Lending Group.

Marketing a Home to Millennials: Which Room is Most Important?

The Mortgage Reports, Aug. 13, 2018--Aly J. Yale
Spoiler alert: it's the kitchen.

Record Guild Mortgage Originations

Mortgage Daily, Aug. 13, 2018
Home lending increased at Guild Mortgage Co. to the highest level ever. Meanwhile, the size of the national staff and the residential loan servicing portfolio both increased.

Class-A Rent is Still Growing in a Handful of U.S. Markets

HousingWire, Aug. 13, 2018--Jeremiah Jensen
Despite nationally slowing rent growth in Class-A multifamily product, some markets are defying the odds and posting significant Class-A rent growth.

Residential Finance News

 
HUD Issues Notice to Amend Controversial Fair Housing Policy

HUD yesterday published a notice announcing its intent to amend its Affirmatively Furthering Fair Housing regulations, saying it wants to provide "more helpful guidance" to states and local communities in promoting fair housing choice with federal funds.

2Q Luxury Home-Price Growth Slows to 5 Percent, But Sell at Record Pace

Luxury home price growth slowed to 5.2 percent year over year to an average of $1.9 million in the second quarter, said Redfin, Seattle. This compared to 7.3 percent in the first quarter and 5.4 percent from a year ago.

Residential Briefs

Promontory MortgagePath, New York, a provider of mortgage technology and loan fulfillment services, announced its Promontory Fulfillment Services unit integrated its loan review services with Street Solutions Inc. Loan Management System, a Jersey City, N.J.-based provider of product, pricing and loan management systems for hedge funds and investors buying correspondent loans.

Commercial/Multifamily News

 
No 'Looming Threats' to Multifamily Performance

The multifamily market's current strong performance should continue throughout 2018 and well into 2019, said Freddie Mac Multifamily, McLean, Va.

Dealmaker: JLL Secures $133M for Office, Multifamily

JLL, Chicago, arranged $63 million secured by Executive Towers West, a three-building office campus in suburban Chicago.

MBA News

 
MBA Annual Convention & Expo in Washington Oct. 14-17

Join thousands of your industry colleagues in our nation's capital this October for the Mortgage Bankers Association' Annual Convention & Expo 2018.

MBA Education Management Essentials for the Mortgage Professional in D.C. Sept. 11-14

MBA Education presents Management Essentials for the Mortgage Professional, a four-day workshop taking place Sept. 11-14 at NorthMarq Capital in Washington, D.C.

MBA Education Successful Practices in Third-Party Risk Management Sept. 25

MBA Education presents Successful Practices in Third-Party Risk Management on Sept. 25 at the JW Marriott LA Live, in conjunction with the MBA Risk Management and Quality Assurance Forum.

About MBA Newslink

President and CEO: Robert Broeksmit, 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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