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Volume 17 | Issue 114 | Thursday, June 14, 2018

The Lede


MBA Nominates Susan T. Stewart of SWBC Mortgage as 2019 MBA Vice Chair

The Mortgage Bankers Association nominated Susan T. Stewart, CEO of SWBC Mortgage, San Antonio, Texas, to serve as Vice Chairman for the 2019 membership year.


Top National News

Susan Stewart of SWBC Mortgage Nominated as MBA Vice Chair

National Mortgage Professional, June 12, 2018
The Mortgage Bankers Association announced Susan T. Stewart, Chief Executive Officer of SWBC Mortgage, has been nominated to serve as Vice Chairman for the 2019 membership year.

Credit Availability Climbs to Three-Month High in May

Mortgage News Daily, June 12, 2018--Jann Swanson
An increase availability of high balance loans helped drive the Mortgage Bankers Association's Mortgage Credit Availability Index to a three-month high in May. MBA said the Index rose 1.5 percent to 180.6.

SEC Charges Merril Lynch for Overcharging Customers for Mortgage-Backed Securities

MarketWatch, June 12, 2018--Andrea Riquier
The Securities and Exchange Commission on Tuesday announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers, causing them to overpay for residential mortgage-backed securities.

Senate Panel Advances Fed Nominations, Including Clarida as Vice Chairman

Wall Street Journal, June 12, 2018--Nick Timiraos (subscription)
The Senate Banking Committee approved the nominations of two of President Donald Trump's picks for the Federal Reserve's board of governors Tuesday, including economist Richard Clarida to become its vice chairman.

How Treasury Could Come Down on Fintech Regulation

American Banker, June 12, 2018--Rachel Witkowski (subscription)
The Treasury Department is expected to strike a middle path in upcoming recommendations on regulating the fintech sector, laying out how fintech oversight could be incorporated in existing rules without creation of an entirely new regulatory framework.

Mortgage Lenders Struggle as Demand for Mainstream Loans Falter

National Mortgage News, June 12, 2018--Bonnie Sinnock (subscription)
Just 41% of lenders experienced government loan growth from purchases in the second quarter, according to Fannie Mae's Mortgage Lender Sentiment Survey.

FHA Production Holds, Could Accelerate

Mortgage Daily, June 12, 2018
HUD reported little change in monthly endorsements by the Federal Housing Administration, though business is poised for an increase. Delinquency improved, and commercial endorsements moved higher.

Credit Standards Ease as Refi Demand Diminished

Mortgage Daily, June 12, 2018
Fannie Mae said the outlook for the next three months appears more favorable -- with the net-up share for GSE-eligible mortgages at 47 percent. But demand growth for the prior three-month period and the upcoming three months was the lowest reading for any second quarter during the past three years.

Buyers Cherry-Pick REITs in the Bargain Bin

Wall Street Journal, June 12, 2018--Esther Fung (subscription)
The mergers-and-acquisition bug has hit the real-estate investment trust industry, the long-anticipated result of the discounts that REIT stocks have been trading at compared with the private-market valuations of their properties.

Could U.S., North Korea Summit Sway Fed Rate Hike Decision?

HousingWire, June 12, 2018--Kelsey Ramirez
While economists still expect the Fed to raise rates, what Fed members will say about their monetary policy and outlook for the remainder of 2018 is yet to be seen.

U.S. Monthly Consumer Prices Increase Moderately in May

Reuters, June 12, 2018--Lucia Mutikani
U.S. monthly consumer inflation rose moderately in May as gasoline price increases slowed, suggesting the Federal Reserve could continue to gradually raise interest rates this year.

Residential Finance News

Applications Down in MBA Weekly Survey

Back to the grind; after increasing for the first time in nine weeks the previous week, mortgage applications fell again last week from one week earlier, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 8.

MBA Announces Path to Diversity Scholarship Winners

The Mortgage Bankers Association announced 86 individual employees from 35 different MBA member companies have been awarded the Path to Diversity scholarship in the first seven months of the fiscal year.

FHFA Issues Proposed Rule on GSE Capital Requirements

The Federal Housing Finance Agency yesterday issued a proposed rule on capital requirements for Fannie Mae and Freddie Mac, which would implement a new framework for risk-based capital requirements and a revised minimum leverage capital requirement for the government-sponsored enterprises.

Commercial/Multifamily News

CRE Prices Show Little Change

Commercial real estate price indexes showed little movement at the beginning of the second quarter, reported CoStar, Washington, D.C.

Commercial/Multifamily Briefs

Freddie Mac, McLean, Va., priced a new offering of structured pass-through multifamily mortgage-backed securities called K Certificates. The company expects to issue $814 million in K Certificates (K-1505 Certificates), which it expects will settle on or about June 18.

Dealmaker: M&T Realty Capital Provides $201M For Multifamily

M&T Realty Capital Corp., Baltimore, provided $201.4 million in financing for multifamily properties in California, Washington, New York and Oregon.

MBA News

MBA Readership Survey Underway

The Mortgage Bankers Association is conducting a Readership Survey for MBA NewsLink and MBA Insights.

MBA Risk Management/QA/Fraud Prevention Forum Sept. 23-25

The Mortgage Bankers Association's annual Risk Management, QA and Fraud Prevention Forum takes place Sept. 23-25 in Los Angeles.

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 Education Advanced Servicing Workshop Aug. 8-9

MBA Education presents its Advance Servicing Workshop in Irving, Texas Aug. 8-9.

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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