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Volume 17 | Issue 91 | Thursday, May 10, 2018

The Lede


April New Home Purchase Mortgage Applications Down 5%

Mortgage applications for new home purchases fell by 5 percent in April from Month but rose by 7.5 percent from a year ago, the Mortgage Bankers Association reported this morning.


Top National News

A Brief Respite for Interest Rates Fails to Spur Mortgage Applications

CNBC, May 9, 2018--Diana Olick
Interest rates for home loans fell last week for just the third time this year, but homeowners and homebuyers weren't impressed. Total mortgage application volume fell 0.4 percent for the week, according to the Mortgage Bankers Association.

Amazon Rolls Out Model 'Smart' Homes for U.S. Shopperts to Try Out Alexa

Reuters, May 9, 2018--Jeffrey Dastin Inc on Wednesday said it has set up model "smart" homes across the United States for shoppers to experience what it's like for voice aide Alexa to dim the lights, turn on the TV or order more laundry detergent.

GSE Reform Is Dead--Long Live GSE Reform!

Urban Institute, May 9, 2018--Jim Parrott, Mark M. Zandi
As it becomes apparent that the 115th Congress will not pass legislation to reform Fannie Mae and Freddie Mac, the authors describe the path the current administration will likely take to reform the government-sponsored enterprises administratively.

Mulvaney Guts CFPB's Student Lending Office

American Banker, May 9, 2018--Kate Berry (subscription)
Mick Mulvaney on Wednesday announced a restructuring of the Consumer Financial Protection Bureau that will strip the agency's student lending office of all functions except consumer education.

RBS Reaches $4.9 Billion Deal to Settle U.S. Mortgage Bond Investigation

Reuters, May 9, 2018--Nate Raymond, Eric Walsh, Sinead Cruise
Royal Bank of Scotland has agreed to pay a smaller-than-expected $4.9 billion to resolve a U.S. investigation into its sale of mortgage-backed securities, paving the way for a long-awaited return of cash to UK taxpayers who bankrolled its post-crisis survival.

Wells Fargo Owes California Mortgage Bankers $97M for Rest Breaks

American Banker, May 9, 2018 (subscription)
Wells Fargo must pay $97 million to home mortgage consultants and private mortgage bankers in California who didn't get the breaks they were entitled to under the state's stringent labor laws.

Mortgage Executives Recruited, Promoted

Mortgage Daily, May 9, 2018--Sam Garcia
Some recent executive appointments at mortgage firms were internal promotions, and others were recruits from competitors.

PHH Corp.'s Results Clear Hurdles to Acquisition by Ocwen Financial

National Mortgage News, May 9, 2018--Bonnie Sinnock (subscription)
PHH Corp. took a net loss in the first quarter but was able to surpass minimums for net worth and available cash necessary for Ocwen Financial to acquire the company.

CRM and Lead Generation for Mortgages Adapt to Revival of Suburbs

National Mortgage News, May 9, 2018--Elina Tarkazikis (subscription)
As the American population migrates to the suburbs and midsize cities, mortgage lenders and real estate professionals must re-examine their customer relationship management and lead generation strategies to better serve potential borrowers.

Residential Finance News

MBA Launches ‘mPower Moments' Video Series

The Mortgage Bankers Association's mPower (MBA Promoting Opportunities for Women to Extend their Reach) launched a new monthly MBA video series in which MBA Chief Operating Officer and mPower Founder Marcia M. Davies discusses issues important to the mPower community with guests.

In Boom/Bust Markets, Younger People Stay at Home

The share of college graduates in their twenties who live with their parents increased from 19 percent in 2005 to 28 percent in 2016, reported Zillow Inc., Seattle.

Commercial/Multifamily News

'Stable' 1Q Conceals Shifting Market

The first quarter saw stable CRE operating fundamentals, cap rates and transaction volume, but shifts in market participants that drove activity, reported PwC, New York.

Dealmaker: NorthMarq Capital Secures $171M for Office, Mixed-Use

NorthMarq Capital, Minneapolis, secured $171.3 million for office and mixed-use properties in California and Arizona.

MBA News

MBA Commercial/Multifamily Servicing/Technology Conference in Miami May 20-23

The Mortgage Bankers Association's annual Commercial/Multifamily Servicing and Technology Conference takes place May 20-23 at the Intercontinental Miami.

MBA Mortgage Action Alliance Action Week May 14-18

MAA Action Week is an annual week-long event dedicated to helping real estate finance professionals learn how to become more engaged in political advocacy that supports our industry.

Upcoming MBA Education School of Mortgage Banking Courses

MBA Education presents its School of Mortgage Banking Courses I & II in Arlington, Va., July 24-27.

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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