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Volume 17 | Issue 111 | Friday, June 08, 2018

The Lede


Home Equity Gains Top $1Trillion in 1st Quarter

CoreLogic, Irvine, Calif., said 84,000 residential homeowners regained equity in the first quarter, while homeowners with mortgages saw their equity increase by 13.3 percent year over year, representing a gain of $1.01 trillion.


Top National News

MBA Taps Industry Vet Robert Broeksmit to Succeed David Stevens as CEO

National Mortgage News, June 7, 2018--Brad Finkelstein (subscription)
Robert Broeksmit, a career mortgage industry executive, will succeed David Stevens as the president and CEO of the Mortgage Bankers Association.

MBA Names Robert D. Broeksmit as Stevens' Successor

National Mortgage Professional, June 7, 2018--Phil Hall
Broeksmit is no stranger to MBA, previously serving on its Board of Directors and as Chairman of the Residential Board of Governors. He is also a former Chairman of the American Bankers Association's Mortgage Markets Committee, and holds a Certified Mortgage Banker (CMB) designation.

The Cost of Originating a Mortgage Just Got Ridiculous--Again

HousingWire, June 7, 2018--Kelsey Ramirez
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $118 per loan originated in the first quarter, according to the MBA's Quarterly Mortgage Bankers Performance report. This is down from a gain of $237 per loan in the fourth quarter.

Mortgage Rates Fall for the Second Week in a Row

Washington Post, June 7, 2018--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.54 percent with an average 0.5 point. It was 4.56 percent a week ago and 3.89 percent a year ago.

Study: HUD Proposal Would Raise Rents for Poor by 20 Percent

The Hill, June 7, 2018--John Bowden
A plan being pushed by HUD Secretary Ben Carson would raise rents on Americans receiving federal assistance by 20 percent on average in metropolitan areas around the country, according to a new study.

Banks Don't Share Wells Fargo's ‘Systemic' Account Problems, Regulator Says

Wall Street Journal, June 7, 2018--Ryan Tracy (subscription)
An Office of the Comptroller of the Currency review has concluded there weren't "systemic issues" at other banks that were similar to the Wells Fargo & Co. phony-account scandal, though it found some instances of banks opening accounts without proof of customers' consent.

Trump's Bank Regulator Flips Obama's Script

Wall Street Journal, June 8, 2018--Ryan Tracy (subscription)
The banking industry has a new partner in Washington: a top federal regulator, Joseph Otting, and he's reversing a number of his predecessor's biggest initiatives.

Legal Filing Confirms CFPB's Dismissal of PHH Case

National Mortgage News, June 7, 2018--Kate Berry (subscription)
Acting Consumer Financial Protection Bureau Director Mick Mulvaney on Thursday dismissed the bureau's case against PHH Corp., ending a contentious legal battle that resulted in no fines against the company and no change to the independent agency's structure.

Mulvaney's Rationale for Firing CFPB Advisory Boards Doesn't Hold Water

American Banker, June 7, 2018--Rob Blackwell (subscription)
Mick Mulvaney is fond of saying he wants to make the Consumer Financial Protection Bureau into a "gold-standard" regulator, arguing that its tone and substance should be more like the Securities and Exchange Commission. Which makes it extra tough to explain the sophomoric way the CFPB handled the decision to dismiss the members of three advisory councils earlier this week.

Monthly Mortgage Rates Rise, Weekly Rates Fall

Mortgage Daily, June 7, 2018--Sam Garcia
During May, prospective borrowers on loans used to finance a home purchase were offered an average 30-year fixed rate of 5.02 percent, rising 10 basis points, said LendingTree.

Small GSE MSR Offering

Mortgage Daily, June 7, 2018
Mortgage servicing rights are being offered for sale on 3,249 single-family loans that had an aggregate unpaid principal balance of $0.775 billion as of April 30.

Residential Finance News

Millennial Home Buyers Increase Purchase Loan Power

Ellie Mae, Pleasanton, Calif., said purchase loans to Millennial home buyers increased in April, even as interest rates rose, as competition for limited housing inventory persisted.

Residential Briefs

RoundPoint Mortgage Servicing Corp., Columbia, S.C., announced its new corporate headquarters will be located in York County, S.C. The company's $34 million investment is projected to create 1,100 new jobs.

Commercial/Multifamily News

Pro-Growth Policies, Deregulation Advance Real Estate Executive Confidence

U.S. commercial real estate executives display "unwavering" optimism about the country's economic strength and expect more real estate market activity, reported law firm Akerman LLP, Miami.

Dealmaker: George Smith Partners Arranges $39M for Office, Retail

George Smith Partners, Los Angeles, secured $39.1 million for California office and retail assets.

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 Successor In Interest State Level Reports Available

MBA and the Compliance Essentials program, in collaboration with leading legal experts, have created state-by-state reports to help servicers understand documents that are required to verify a successor in interest's status in each state.

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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