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Volume 17 | Issue 242 | Thursday, December 13, 2018

The Lede


November New Home Purchase Mortgage Applications Down 11%

Mortgage Bankers Association Builder Applications Survey data for November show mortgage applications for new home purchases decreased by 14 percent from October and by 11 percent from a year ago.


Top National News

Trump Picks Calabria to Head Federal Housing Finance Agency

Mortgage Orb, Dec. 12, 2018--Patrick Barnard
President Donald Trump on Tuesday announced his intent to nominate Mark Calabria - who currently serves as chief economist for Vice President Mike Pence - to replace Mel Watt as director of the Federal Housing Finance Agency. (MBA mention)

Mortgage Applications Rise 1.6% as Interest Rates Drop to Lowest Level Since September

CNBC, Dec. 12, 2018--Diana Olick
December may be a slow month traditionally for the housing market, but mortgage lenders are suddenly getting busier. A sharp drop in interest rates drove mortgage application volume up 1.6 percent last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

OCC Sees Sharp Drop in Mortgages Serviced by Large Banks

American Banker, Dec. 12, 2018--Rachel Witkowski (subscription)
Mortgages held by national banks has diminished by nearly half since the financial crisis, to $3.26 trillion in the third quarter, according to a report by the Office of the Comptroller of the Currency.

A Deep Dive On The Economy

Real Crowd Podcast, Dec. 12, 2018--Tyler Stewart
Mortgage Bankers Association Vice President of Research and Economics Jamie Woodwell joined the RealCrowd podcast to discuss the current state of the economy and what to look for as we head into 2019.

Lenders' Pessimism Hits New Low

The Mortgage Leader, Dec. 12, 2018
Lenders pessimistic about their ability to generate profits has fallen to an all-time low.According to Fannie Mae's Q4 2018 Mortgage Lender Sentiment Survey, the outlook for profit among lenders established a low across all loan types-GSE-eligible, non-GSE-eligible and government.

Piling On: Democratic Lawmakers Join Chorus of CECL Critics

American Banker, Dec. 12, 2018--John Reosti (subscription)
A controversial accounting standard is facing strong resistance in the House Financial Services Committee that will likely intensify when Democrats gain control of the panel.

Could the 30-Year Mortgage Disappear?

Marketplace, Dec. 12, 2018--Amy Scott
The 30-year mortgage is by far the most popular home loan in the country, making up almost 90 percent of new applications. That's partly because Fannie Mae and Freddie Mac provide a steady stream of funding for those loans. But not everyone is a fan.

Single Women Outpace Single Men as Homeowners

National Mortgage Professional, Dec. 12, 2018--Phil Hall
Single women own 22 percent of U.S. homes, compared to the 13 percent share owned by single men, according to new data from LendingTree.

Fintech Company Plaid Raises $250 Million, Valued at $2.65 Billion

HousingWire, Dec. 12, 2018--Ben Lane
There's a new unicorn in the fintech space, as Plaid announced this week that it raised $250 million in its Series C funding round at a reported valuation of $2.65 billion.

Residential Finance News

First-Time Homebuyers, ‘Renter Millennials' Pick Up the Pace

Genworth Mortgage Insurance, Richmond, Va., said first-time home buyers purchased more homes in the first nine months of 2018 than in any similar span since 2005.

Risk, Compliance Challenges Remain High in Wolters Kluwer Survey

Wolters Kluwer, Minneapolis, released its annual Regulatory and Risk Management Indicator survey for the U.S., noting two-thirds of bank and credit union respondents continue to cite risk and compliance challenges as high, although there is "notable easing" compared to 2017 risk and regulatory anxiety levels.

Residential Briefs

STRATMOR Group, Greenwood Village, Colo., released its latest edition of Insights, which covers a number of industry topics, including Community Reinvestment Act compliance and optimal borrower experience.

Commercial/Multifamily News

MBA: Commercial/Multifamily Mortgage Debt Reaches New High

Commercial/multifamily mortgage debt outstanding rose 1.4 percent to new record-high $45.4 billion in the third quarter, the Mortgage Bankers Association reported today.

Dealmaker: Newmark Secures $82M for Mixed-Use, Retail, Industrial

Newmark, San Francisco, arranged $82.4 million for mixed-use, retail and industrial assets in California and Arizona.

MBA News

MBA Technology Solutions Conference & Expo Mar. 24-27 in Dallas

The Mortgage Bankers Association's Technology Solutions Conference & Expo 2019 takes place Mar. 24-27 at the Hyatt Regency Dallas.

MBA Education School of Mortgage Banking I in D.C. Feb. 12-15

MBA Education presents its popular School of Mortgage Banking Course I Feb. 12-15 at MBA headquarters 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.

Find Out Where You Stand through the PGR: MBA and STRATMOR Peer Group Roundtables Program

Since 1998, the Mortgage Bankers Association and STRATMOR Group have jointly conducted the Peer Group Survey and Roundtable Program. Launch date for the next program (data through Dec. 31, 2018) is Jan. 15, 2019.

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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