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Volume 17 | Issue 131 | Monday, July 09, 2018

The Lede

 

MBA Advocacy Update

Congress was in recess last week, but returns this week, with the Senate likely to begin its collective reaction to President Trump's next Supreme Court nominee.

 

Top National News

 
Nonbank Mortgage Jobs Grow Again Amid Turbulent Home Buying Season

National Mortgage News, July 6, 2018--Bonnie Sinnock (subscription)
There were 341,500 people employed by nondepository mortgage lenders and brokers in May, the Bureau of Labor Statistics reported Friday. That's up 3,800 workers from April.

CFPB Official Who Challenged Mulvaney for Top Job is Stepping Down

CNN, July 6, 2018--Dona Borak
Leandra English, a top Consumer Financial Protection Bureau official, is stepping down from the agency and ending a legal fight to become acting chief.

Mortgage Banking Book Part of Denver History, Memoir

Colorado Real Estate Journal, July 9, 2018--John Rebchook
Veteran mortgage banker E. Michael Rosser chronicles the history of the mortgage industry in Denver and beyond in his new, 372-page book, "A History of Mortgage Banking in the West, Financing America's Dream."

'We Haven't Made Any Progress:' Black Homeownership is Stuck Near 30-Year Lows

Washington Post, July 6, 2018--Jonelle Marte
In many ways, African Americans have regained the ground lost during the financial crisis. Many are finding jobs and getting raises. But the holy grail of homeownership remains elusive. Forty-three percent of blacks owned homes in 2017, according to an annual report from the Joint Center for Housing Studies of Harvard University.

Freddie Mac: ACIS Loss Coverage Reaches $10 Billion

HousingWire, July 6, 2018--Alcynna Lloyd
Freddie Mac announced on Friday that it has obtained a new insurance policy under its Agency Credit Insurance Structure, which will provide a combined maximum limit of up to $294 million of losses on single-family loans made under the Home Affordable Refinance Program.

Manafort Mortgage Bought Bank CEO Spot as Trump Advisor: Prosecutors

American Banker, July 6, 2018--Kevin Wack (subscription)
Federal prosecutors on Fridsay said Stephen Calk, the chief executive of The Federal Savings Bank, was named to Trump's 13-member team as payback for providing a $9.5 million mortgage to former Trump campaign manager Paul Manafort.

House Money: Wall Street Is Raising More Cash Than Ever for its Rental-Home Gambit

Wall Street Journal, July 9, 2018--Ryan Dezember, Laura Kusisto (subscription)
Investors wager that high prices, higher mortgage rates and skimpy inventory are making homeownership harder for individuals and families.

Overall Share of Equity Withdrawals Drops to 4-Year Low

HousingWire, July 9, 2018--Jessica Guerin
American homeowners have record amounts of equity in their homes, but the percentage of tappable equity withdrawn fell in the first quarter of 2018, according to data released Monday by Black Knight.

Back-Office Innovations Help Banks Dump Costly Real Estate

American Banker, July 6, 2018--Andy Peters (subscription)
JLL said in a recent report that this mass relocation to less-expensive space could save banks--all of which are trying to reduce overhead any way they can--an estimated $800 million a year in real estate costs.

Mortgage Biz in July 4 Week Lowest Since Holidays

Mortgage Daily, July 6, 2018
An indication of upcoming loan originations, the U.S. Mortgage Market Index from Mortgage Daily for the seven days ended July 6, was 98--the lowest level since it was 92 in the week ended Jan. 5.

Consumer Bankruptcy Filings Decline

Mortgage Daily, July 6, 2018
The American Bankruptcy Institute reported a month-over-month and year-over-year reduction in the number of new consumer bankruptcy cases.

Odd Parcels: Schools, Speed, Appraisals

UExpress, July 6, 2018--Lew Sichelman
The main problem is that no matter what the buyer is willing to pay, it's the appraisal on which the lender bases its decision about how much to lend.

Residential Finance News

 
MBA Chart of the Week: Refinance Index and 30-Year Fixed Rates

MBA's Weekly Applications Survey refinance index averaged 1,013 in June, the lowest monthly average since December 2000. The weekly index value dropped below 1,000 in three of the past six weeks, a level that it has not gone below since December 2000 as well.

MBANow: William Kooper on Working with State & Local Associations

The Mortgage Bankers Association released a new MBANow video featuring William Kooper, MBAVice President of State Government Affairs and Industry Relations, who discusses the importance of working relationships and advocacy with state and local associations.

Million-Dollar Homes Springing Up All Over West Coast

Million-dollar homes "are far rarer than it seems, considering the amount of attention they get," says Tendayi Kapfidze, chief economist with LendingTree, Charlotte, N.C. That said, the number of million-dollar homes--and million-dollar neighborhoods--are on the rise.

The Week Ahead

The Mortgage Bankers Association is scheduled to release its monthly Mortgage Credit Availability Index this Tuesday, July 10; its Weekly Applications Survey this Wednesday, July 11; and its monthly Builder Applications Survey this Thursday, July 12. Looking ahead, MBA will release its quarterly National Delinquency Survey next Monday, July 16.

Commercial/Multifamily News

 
CRE Transparency Improves Globally; U.S. ‘Most Transparent'

JLL, Chicago, said governments worldwide have been gradually forging greater transparency in real estate markets, addressing growing demands from investors and the public to deliver significant change.

Dealmaker: Walker & Dunlop Arranges $500M for Multifamily, Health Care

Walker & Dunlop, Bethesda, Md., arranged nearly $500 million for multifamily projects in California and Nevada and a healthcare portfolio across three states.

MBA News

 
Kelly Clarkson Highlights ConcertMBA at MBA Annual Convention & Expo

ConcertMBA at the Mortgage Bankers Association 2018 Annual Convention & Expo this year features award-winning singer and songwriter Kelly Clarkson.

MBA Education Advanced Risk Management Concepts Workshop Sept. 23

MBA Education presents a special Advanced Risk Management Concepts Workshop on Sept. 23 at the JW Marriott L.A. Live in Los Angeles in conjunction with the MBA Risk Management & Quality Assurance Forum.

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.

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.

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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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.