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Volume 17 | Issue 133 | Wednesday, July 11, 2018

The Lede


MBA, Trade Groups Urge Congress to Pass Long-Term Flood Insurance Extension

With yet another deadline looming for the National Flood Insurance Program, the Mortgage Bankers Association and nearly two dozen other industry trade groups urged Congress to take action and pass a long-term program extension.


Top National News

Mortgage Credit Availability Up, Delinquency Down

National Mortgage Professional, July 10, 2018--Phil Hall
The Mortgage Bankers Association's Mortgage Credit Availability Index inched up 0.2 percent to 181.0 in June. Three of the four indexes saw increases for the month.

Mortgage Bankers Cut 3-Yr Purchase Forecast

Mortgage Daily, July 10, 2018
The Mortgage Bankers Association lowered its hree-year housing forecast for purchase-money loan originations by more than $80 billion.

FHA Commissioner: Mortgage Insurance Premium Cut Not Likely in 2018

HousingWire, July 10, 2018--Ben Lane
FHA Commissioner Brian Montgomery said Tuesday that while it's probably "too early to commit to anything," it's unlikely that the FHA will reduce its mortgage insurance premiums this year, citing the most recent FHA actuarial report.

The Hottest Housing Market in the U.S. is Up 13% And Now May be Headed For a Crash

CNBC, July 10, 2018--Scott Cohn
Home prices in Washington state rose nearly 4 percent in the first quarter--the most in the nation--and more than 13 percent from one year ago. But experts say the housing market is vulnerable to rising interest rates, job losses due to tariffs and local policies against development.

Optimal Blue Buys Resitrader to Build Out Digital Mortgage Platform

National Mortgage News, July 10, 2018--Bonnie Sinnock (subscription)
Optimal Blue is expanding its reach in the secondary mortgage market by acquiring Resitrader, a whole-loan trading vehicle that has integrations with Fannie Mae and Freddie Mac.

FHA Commissioner: We're Easing False Claims Act Use to Bring Big Banks Back to FHA Lending

HousingWire, July 10, 2018--Ben Lane
FHA Commissioner Brian Montgomery said Tuesday that he believes the Obama administration went too far in some cases and said that the Trump administration is dialing back the use of the False Claims Act to bring more lenders back into FHA lending.

Rising Interest Rates Will Impact Transaction Volumes, July 10, 2018--Kelsi Maree Borland
Interest rates are anticipated to rise several more times this year, which has left the many wondering how the increases will affect investment activity.

How a Tiny Bank From the Ozarks Got Big and Outpaced Wall Street's Real Estate Machine

Bloomberg, July 10,2018--Peter Robison
An Arkansas bank has become one of America's top construction lenders. Does it know something the giants don't?

Max Non-QM Loan Amount Raised to $5 Million

Mortgage Daily, July 10, 2018
Versus Mortgage Capital, a nonprime correspondent investor, raised the maximum loan amount to $5 million for some of its programs that allow the origination of loans that don't meet Qualified Mortgage requirements.

Residential Finance News

MBA Letter Urges Improvements to Bureau Financial Education Programs

The Mortgage Bankers Association said the Consumer Financial Protection Bureau should improve its delivery channels for dissemination of its financial education programs and eliminate its flawed "rate-checker" tool for consumers.

Purchase Apps Up as Refis Hit 18-Year Low in MBA Weekly Survey

Mortgage applications--or rather, purchase applications--increased last week as refinancings fell to their lowest level since 2000, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending July 6.

mPower Moments: MBA VP Gene Neill on Managing Conflict

The Mortgage Bankers Association released a new mPower Moments video featuring MBA Vice President of Human Resources Gene Neill, who discusses managing conflict with MBA COO and mPower Founder Marcia M. Davies.

Future Homeownership Demand Prospects Remain Strong

First American Financial Corp., Santa Ana, Calif., said with "millions and millions" of Millennials ready to become homeowners, the only real question is: will the housing market have enough homes for them?

Commercial/Multifamily News

MBA 1Q Commercial/Multifamily DataBook Reports Vacancy Rates, Asking Rents Up Slightly

Commercial property vacancy rates ticked up slightly from last year's first quarter, but so did asking rents, the Mortgage Bankers Association First-Quarter 2018 Commercial/Multifamily DataBook reported.

Commercial/Multifamily Briefs

The Dodge Momentum Index, a leading indicator of construction spending, grew 0.8 percent in June to 165.5 (Year 2000=100) from May's revised 164.2 reading.

Dealmaker: Red Capital Group Provides $52.5M for Affordable Housing in Houston

Red Mortgage Capital LLC, Columbus, Ohio, closed a $52.5 million financing deal with Dalcor Holdings LLC for Vista on Gessner, an 805-unit multifamily development in Houston.

MBA News

MBA Recognizes Premier Members

MBA is proud to recognize its Premier and Select Associate Members and to thank them for their continued support of MBA and the real estate finance industry.

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 School of Mortgage Servicing July 16-26

MBA Education offers its popular School of Mortgage Servicing instructor-guided online course July 16-26.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

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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