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Volume 17 | Issue 144 | Thursday, July 26, 2018

The Lede


House Passes Flood Insurance Bill; Senate Up Next

With a July 31 expiration date for the National Flood Insurance Program looming, the House yesterday passed a bill that would give the program a bit more breathing room.


Top National News

Weekly Mortgage Applications Fall Again as Affordability Problems Persist

CNBC, July 25, 2018--Diana Olick
Mortgage demand from homebuyers has been falling for weeks and continued its slide yet again. That caused a 0.2 percent drop in mortgage application volume last week from the previous week, the Mortgage Bankers Association said.

MISMO Sets B2C Standards for Mortgage Borrowers Using a Smartphone

National Mortgage News, July 25, 2018--Elina Tarkazikis (subscription)
As the mortgage industry continues evolving digitally, MISMO is developing standards for business to consumer transactions on mobile devices, according to the Mortgage Bankers Association.

New Rule to Stop Refi Churning Creates Loan Limbo

National Mortgage News, July 25, 2018--Elina Tarkazikis (subscription)
A "technical snag" stands to "orphan" a subset of VA loans by excluding them from Ginnie Mae securities, according to Dan Fichtler, director of housing finance policy at the Mortgage Bankers Association.

Fannie-Freddie a Top Focus if Democrats Win House, Waters Says

Bloomberg, July 25, 2018--Elizabeth Dexheimer
Rep. Maxine Waters, D-Calif., said fixing Fannie Mae and Freddie Mac would top her list of priorities if Democrats take control of the House in this year's mid-term elections and she becomes leader of the Financial Services Committee next year.

Advocacy Group Sues CFPB, OMB for Kraninger's Records

American Banker, July 25, 2018--Kate Berry (subscription)
Allied Progress, a nonprofit advocacy group, said in a lawsuit that it is seeking to compel the agencies to respond to a June Freedom of Information Act request seeking documents on Kathleen Kraninger's record in government.

In a Twist, Mulvaney Now Defending CFPB Enforcement Powers

National Mortgage News, July 25, 2018--Kate Berry (subscription)
During the first seven months of Mulvaney's tenure, the CFPB had issued just one enforcement action, handing out the largest bank fine ever against Wells Fargo for failures in its auto lending and mortgage businesses. But since mid-June, the bureau has averaged about one public enforcement action a week.

The U.S. Housing Market Looks Headed for Its Worst Slowdown in Years

Bloomberg, July 26, 2018--Prashant Gopal, Sho Chandra
The U.S. housing market--particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas--appears to be headed for the broadest slowdown in years. Buyers are getting squeezed by rising mortgage rates and by prices climbing about twice as fast as incomes, and there's only so far they can stretch.

CoreLogic Acquisition Spree Pushes Earnings Higher in Q2

HousingWire, July 25, 2018--Kelsey Ramirez
CoreLogic's property intelligence and risk management revenues increased 4% to $183 million driven primarily by organic growth in property insights, including real estate-related and international operations, as well as contributions from insurance and spatial solutions acquisitions completed in 2017.

HomeStreet Mortgage Losses Widen as Staff Cut

Mortgage Daily, July 25, 2018
HomeStreet Inc. reduced the size of its residential servicing portfolio, and cut the size of its mortgage staff, but mortgage losses still widened.

MSRs Offered on $3.6 Billion in Ginnie Mae Loans

Mortgage Daily, July 25, 2018
Mortgage servicing rights are being offered on 14,102 Ginnie Mae loans that had an aggregate unpaid principal balance of $3.607 billion as of June 29.

Residential Finance News

June New Home Sales Falter

June new home sales suffered a setback in June, unable to meet May's promising momentum, HUD and the Census Bureau reported yesterday.

MBANow: Wes Horbatuck of Compass Analytics on Networking, mPact

The Mortgage Bankers Association released a new MBANow video featuring Wes Horbatuck, Business Services Manager with Compass Analytics LLC, Encinitas Calif., who discusses mPact, MBA's network for young professionals in the real estate finance industry, and the value of engaging through MBA.

Home Price Appreciation Shows Continued Deceleration

Reports from ATTOM Data Solutions, Irvine, Calif., and Redfin, Seattle, note continued slowdowns in home price appreciation over the past quarter.

Commercial/Multifamily News

A 'Resilient' Multifamily Market

The first half of 2018 ended well for the multifamily sector as rents rose $12 in June to a record-high $1,405 per month, reported Yardi Matrix, Santa Barbara, Calif.

Dealmaker: Bascom Group JV Buys Multifamily, Land for $42M

The Bascom Group, Irvine, Calif, acquired a Hoboken, N.J. apartment property and a Los Angeles parcel with two joint venture partners for a combined $41.85 million.

MBA News

mPowering You Summit for Women in Real Estate Finance in D.C. Oct. 13

mPowering You, the Mortgage Bankers Association's Summit for Women in Real Estate Finance, takes place Saturday, Oct. 13 at the Walter E. Washington Convention Center in Washington, D.C., ahead of the MBA Annual Convention & Expo.

MBA Diversity & Inclusion Awards Entry Deadline July 27

The Mortgage Bankers Association is accepting nominations for its annual residential Diversity and Inclusion Awards, to be presented at the MBA Annual Convention & Expo in October. Nomination deadline is Friday, July 27.

MBA Education School of Loan Origination II Sept. 11-27

MBA Education presents its School of Loan Origination II instructor-guided online course from Sept. 11-27.

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.

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