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Volume 17 | Issue 95 | Wednesday, May 16, 2018

The Lede

 

Applications Down 6th Straight Week in MBA Weekly Survey

Mortgage applications fell for the sixth straight week as key interest rates fell slightly, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending May 11.

 

Top National News

 
Mulvaney Vows to 'Bring Sanity' to Qualified Mortgage Rule

American Banker, May 15, 2018--Rachel Witkowski (subscription)
Consumer Financial Protection Bureau Acting Director Mick Mulvaney indicated Tuesday during a real estate convention that the rule, which took effect in 2013, painted all institutions with the same brush and needed to be reworked.

Trump Administration Officially Nominates Michael Bright to Lead Ginnie Mae

HousingWire, May 15, 2018--Ben Lane
Ginnie Mae has been without a permanent leader since January 2017, but that could soon change, as the Trump administration announced Tuesday that it is formally nominating Michael Bright to serve as president.

Get Ready for Higher Gas Prices and Mortgage Rates

CNN Money, May 15, 2018--Christine Romans
The Federal Reserve is raising benchmark interest rates, which means more expensive auto loans and mortgages. The 30-year fixed-rate mortgage has crept to a four-year high above 4.5%. That's still historically low, but it means borrowers can afford a little less house for their money.

Nationstar (aka Mr. Cooper) to Pay $1.5 Million for Illegal Inspection Fees

HousingWire, May 15, 2018--Ben Lane
Nationstar Mortgage, the nonbank also known as Mr. Cooper, will pay out more than $1.5 million as part of a settlement with the state of Maryland over allegations that the nonbank illegally charged homeowners for inspection fees.

Over Hundred Mortgage Layoffs in North Texas

Mortgage Daily, May 15, 2018
Genpact Mortgage Services announced more than 100 employees at its Richardson, Texas facility on May 1 that they had been laid off.

Hot U.S. Housing Bonds Are Getting Riskier

Bloomberg, May 16, 2018--Claire Boston
If the housing market weakens, and unemployment starts rising, mortgage bond investors could find their securities losing value, money managers warn.

Over $1.7 Bil in Nonperforming Mortgages For Sale

Mortgage Daily, May 15, 2018
Bids are being accepted for 11,000 non-performing Fannie Mae mortgages that have an aggregate unpaid principal balance of $1.84 billion.

Home Depot's Sluggish Sales May be Warning Sign for Housing

CNN, May 15, 2018--Paul La Monica
Some cracks may finally be starting to show in the foundations of what has been a very strong housing market. Home Depot reported quarterly sales that missed forecasts Tuesday and the CEO specifically cited "a slow start to the spring selling season."

U.S. Consumer Spending Picking Up, Gasoline Prices at Threat

Reuters, May 15, 2018--Lucia Mutikani
The Commerce Department said retail sales rose 0.3 percent last month after surging 0.8 percent in March. April's increase was in line with economists' expectations. Retail sales in April advanced 4.7 percent from a year ago.

Residential Finance News

 
May Home Builder Confidence on Upswing

Builder confidence for newly built single-family homes rose by two points in May to 70, the National Association of Home Builders reported yesterday.

FHFA: GSE Refinance Volume Down in First Quarter as Mortgage Rates Rise

The Federal Housing Finance Agency said Fannie Mae and Freddie Mac completed 356,003 refinances in the first quarter, down by nearly 22 percent from the fourth quarter.

Commercial/Multifamily News

 
CMBS Delinquency Rate Measures Diverge Slightly

Following a brief increase in March, the commercial mortgage-backed securities delinquency rate resumed its downward trajectory in April, reported Trepp, New York.

Dealmaker: George Smith Partners Secures $41M Silicon Valley Bridge Loan

George Smith Partners, Los Angeles, arranged a high-leverage $41 million bridge loan for a 71,000-square-foot office asset in California's Silicon Valley.

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 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 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.

About MBA Newslink

President and CEO: David H. Stevens, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.