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Volume 17 | Issue 108 | Tuesday, June 05, 2018

The Lede


MBA Letter Urges Tighter, More Transparent Supervision of GSE Activities

The Mortgage Bankers Association, in a letter yesterday to the Federal Housing Finance Agency, offered a number of policy recommendations, including that FHFA should increase transparency in its approval process for new products and activities undertaken by Fannie Mae and Freddie Mac.


Top National News

Homebuyers Can Reap Bargains Thanks to Growing Lender Competition

Washington Post, June 4, 2018--Kenneth R. Harney
Michael Fratantoni, chief economist for the Mortgage Bankers Association, the industry's largest trade group, says the "typical" lender in the U.S. may "not be profitable" when the books are closed on the first quarter.

HousingWire to Be Presenting Sponsor at Ellie Mae Classic Golf Tournament

HousingWire, June 4, 2018--Ben Lane
Charitable proceeds from the event will benefit the Mortgage Bankers Association's Open Doors Foundation, which provides financial relief to families during a time of crisis.

How a CFPB Overhaul of the QM Rule will Remake Mortgages

National Mortgage News, June 4, 2018--Brad Finkelstein (subscription)
With the Consumer Financial Protection Bureau in the midst of reviewing the qualified mortgage rule, mortgage lenders and the secondary market are closely watching to see if the more industry-friendly bureau will loosen some of the consumer protections established by the Dodd-Frank Act provision.

Tech-Based Mortgage Lenders: Fast and Flourishing

Bankrate, June 4, 2018--Barry Bridges
What factors contributed to online lenders quadrupling their market share in six years? Other findings in The Role of Technology in Mortgage Lending suggest that convenience and efficiency played significant roles.

First-Time U.S. Homebuyers Account for Almost Half of Mortgages

Bloomberg, June 4, 2018--Prasant Gopal (subscription)
First-time buyers accounted for 46 percent of new mortgages (excluding refinancings) that Freddie Mac backed in the first quarter, their biggest quarterly share in data going back to 2012.

SunTrust Back in Compliance with National Mortgage Settlement Servicing Rules

HousingWire, June 5, 2018--Ben Lane
SunTrust is in compliance with all of the servicing requirements of the National Mortgage Settlement, the settlement's monitor said in a report published early Tuesday.

Banks Pay Out Some of the Biggest Settlements in Wage Disputes

Wall Street Journal, June 5, 2018--Lauren Weber (subscription)
Financial-service companies occupy half the spots on a list of the 12 employers that paid the most in legal disputes over pay for workers since 2000, said Good Jobs First, an organization that tracks legal violations at large companies.

Rising Risks: Hurricane Season and the Housing Market

CNBC, June 4, 2018--Diana Olick
Hurricane season has begun and it looks like it will weigh on the housing market.

Black Knight Seeks AI Might with HeavyWater Deal

National Mortgage News, June 4, 2018--Bonnie Sinnock (subscription)
Black Knight has acquired HeavyWater, a developer of artificial intelligence and machine learning technology for the mortgage industry, and plans to incorporate the startup's borrower data verification and other automation capabilities into its existing product suite.

Record Hirings, Lending Expected at Guaranteed Rate

Mortgage Daily, June 4, 2018
Guaranteed Rate Inc., which has seen its headcount grow by more than a thousand people over the past three years, expects to hire a record number of new employees this year to handle expected record originations.

IndyMac's Former Reverse Unit Sold

Mortgage Daily, June 4, 2018
On Monday, CIT Group Inc. said it completed the sale of its Financial Freedom reverse mortgage unit.

Residential Finance News

MBA Releases UDAAP Enforcement Actions Matrix

The Mortgage Bankers Association has updated its Unfair, Deceptive or Abusive Acts or Practices Matrix as a member benefit.

Black Knight: Home Price Increases Stretch Affordability

Black Knight, Jacksonville, Fla., said rising home prices and interest rates have increased the monthly payment on a median-priced home purchased with a 20 percent down payment by $150 per month since the beginning of the year.

Ability-to-Repay ‘Era' Creates ‘Steering Wheel Lock' on Fraud Risk

First American Financial Corp., Santa Ana, Calif., released its monthly Loan Application Defect Index, noting the ancillary benefit of the ability-to-repay standards has been fewer loan application defects and a "steering wheel lock" on mortgage fraud risk.

Commercial/Multifamily News

CMBS Credit Quality Shows Some 'Echoes' of 2007

Commercial mortgage-backed securities credit quality deteriorated in the first quarter, as more than three-quarters of loans in multiple-borrower bonds were backed by interest-only mortgages, said Moody's Investors Service, New York.

Dealmaker: Hunt Mortgage Group Provides $27M For Multifamily

Hunt Mortgage Group, New York, provided $26.6 million for multifamily assets in Bakersfield, Calif. and Toledo, Ohio.

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 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.

MBA Member Advantage Program Adds New Partners

Your MBA membership entitles you to discounts on services such as office supplies, car rental, shipping, employee benefit services and more though our affinity program: MBA Member Advantage.

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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