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Volume 17 | Issue 110 | Thursday, June 07, 2018

The Lede


MBA: Independent Mortgage Bankers Report Net Production Losses in the First Quarter

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $118 on each loan they originated in the first quarter, the Mortgage Bankers Association reported yesterday.


Top National News

Home Lending Profits Plunge Despite Higher Revenues

Mortgage Daily, June 6, 2018
The Mortgage Bankers Association said although mortgage bankers pushed up quarterly revenues, rising expenses resulting from slowing originations dragged them into the red. Wholesale lenders suffered the most.

Mortgage Banks in The Red For Q

Mortgage News Daily, June 6, 2018--Jann Swanson
The Mortgage Bankers Association said on Wednesday that independent mortgage banks and mortgage subsidiaries of chartered banks reported net production losses in the first quarter of 2018, for only the second time since MBA began tracking the data in 2008.

Weekly Mortgage Applications Rise 4.1% as Rates Hit Lowest Levels in 6 Weeks

CNBC, June 6, 2018--Diana Olick
Borrowers took advantage of an interest rate drop by sending mortgage application volume up 4.1 percent last week, according to the Mortgage Bankers Association. Rates are expected to move steadily higher this year, despite temporary fluctuations.

Angelo Mozilo and His Doomed Mortgage Machine

CNN, June 6, 2018--Matt Egan
Angelo Mozilo of Countrywide Financial got rich selling the American Dream. Then he became the face of America's mortgage nightmare.

CFPB's Mulvaney Set to Drop PHH Case

National Mortgage News, June 6, 2018--Kate Berry (Free content)
The Consumer Financial Protection Bureau is poised to dismiss its case against PHH Corp., a nonbank mortgage lender and servicer whose appeal of a $109 million penalty led to a four-year legal battle over whether the agency's single-director structure was constitutional.

Huge Profit, Increased Lending at Ditech

Mortgage Daily, June 6, 2018
Fresh out of bankruptcy, Ditech Holding Corp. reported a huge profit and a quarter-over-quarter increase in home lending. The servicing portfolio, however, was diminished.

Mick Mulvaney Guts 3 CFPB Advisory Boards

HousingWire, June 6, 2018--Jeremiah Jensen
Acting Director of the Consumer Financial Protection Bureau Mick Mulvaney gutted three CFPB Advisory Boards today. The Consumer Advisory Board, Community Bank Advisory Council, and the Credit Union Advisory Council were all disbanded.

New Tax Laws Have Home Buyers Checking New Places

Wall Street Journal, June 7, 2018--Robyn A. Friedman (subscription)
New tax rules that cap deductions of state and local taxes are having a disproportionate effect on taxpayers who live in states with high income taxes and property taxes. While it's too early to quantify the impact of the Tax Cuts and Jobs Act, which became effective on Jan. 1, some real-estate professionals say they are beginning to see early signs of an exodus to low-tax states.

Agency MSR Offering Has California Concentration

Mortgage Daily, June 6, 2018
MSRs are being offered on 5,671 single-family loans that had an aggregate unpaid principal balance of $1.268 billion as of April 30.

Celebrity Financial Acquiring Midwest Equity Mortgage

Mortgage Orb, June 6, 2018--Patrick Barnard
Celebrity Financial Inc., a U.S. Virgin Islands-based diversified financial services holding company, is acquiring Midwest Equity Mortgage, an Illinois-based independent mortgage lender, for an undisclosed sum.

Residential Finance News

MBA Letter Urges Support for FHA T-HUD Funding

Ahead of a vote today on key fiscal 2019 housing and real estate finance appropriations, the Mortgage Bankers Association sent a letter to members of the Senate Appropriations Committee and its Transportation, Housing and Urban Development subcommittee, urging funding for key FHA and HUD infrastructure initiatives.

The Empty House Next Door: Paper Examines ‘Hypervacancy'

In a new study by the Lincoln Institute of Land Policy, Cambridge, Mass., The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, researcher Allan Mallach said hypervacancy--defined as areas in which at least one in five properties are vacant within a given area--have disrupted neighborhoods and housing markets.

Residential Briefs

Black Knight Inc., Jacksonville, Fla., announced it acquired HeavyWater, a provider of artificial intelligence and machine learning to the financial services industry. Black Knight will be integrate AIVA into its product line, while also making the technology available to clients who seek to deploy AI/ML within other parts of their organizations.

Commercial/Multifamily News

'Stable' Outlook for REITs

Real estate investment trust property-level fundamentals should remain positive at least through 2018, reported Fitch Ratings, New York.

Dealmaker: Grandbridge Arranges $62M for Multifamily

Grandbridge Real Estate Capital, Charlotte, N.C., closed $61.8 million in first mortgage loans secured by multifamily properties in Philadelphia and metro Portland, Ore.

MBA News

MBA CREF Market Intelligence Symposium July 11-12

The Mortgage Bankers Association's Commercial Real Estate Finance Market Intelligence Symposium returns to New York City July 11-12.

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 Advanced Risk Management for Mortgage Pros Workshop in Washington June 11-13

MBA Education presents its popular Advanced Risk Management for Mortgage Pros Workshop June 11-13 in Washington, D.C.

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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