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Volume 17 | Issue 90 | Wednesday, May 09, 2018

The Lede


MBA Urges CFPB to Improve Administrative Adjudication Processes

The Mortgage Bankers Association, in a May 7 letter to the Consumer Financial Protection Bureau, urged the Bureau to emphasize fairness over speed in its administrative adjudication process to ensure against unintended consequences and protect due process.


Top National News

Credit Availability Remains Stable

Scotsman Guide, May 8, 2018--Victor Whitman
Overall mortgage credit availability held steady in April even as government loan programs tightened slightly, the Mortgage Bankers Association reported.

House Readies Votes on Bank-Deregulation Bill

Wall Street Journal, May 8, 2018--Andrew Ackerman, Siobhan Hughes (subscription)
The House will soon vote on a Senate-approved bill to ease rules for small and midsize banks, House Speaker Paul Ryan, R-Wis., said Tuesday, a move that would allow the bill to clear Congress and become law.

Civil Rights Groups Challenge HUD's Fair Housing Enforcement

New York Times, May 8, 2018--Glenn Thrush
Civil rights advocates sued the Trump administration on Tuesday over enforcement of the 50-year-old Fair Housing Act, part of an effort to prevent discrimination in the allocation of funds for Gulf Coast hurricane housing and infrastructure reconstruction.

How Easy is it to Get a Mortgage?

Washington Post, May 9, 2018--Michele Lerner
The rate of would-be borrowers getting turned down for a mortgage is almost half of what it was a decade ago, according to an analysis by real estate marketplace Zillow, but that doesn't mean you're guaranteed a loan approval.

Companies With the Most Complaints in CFPB Database Were Mulvaney Donors

Public Citizen, May 8, 2018--Michael Tanglis
Eight of the 10 financial institutions that are the subjects of the most complaints in the Consumer Financial Protection Bureau public database contributed to acting Director Mick Mulvaney while he was in Congress, according to an analysis published by Public Citizen.

Equifax Reveals How Much Information was Really Exposed in Data Breach

HousingWire, May 8, 2018--Caroline Basile
In a new filing with the Securities and Exchange Commission, the credit reporting agency broke down in detail the types of--and how much exactly--sensitive personal information was exposed to hackers in the breach.

Forget Owning, Renting is Becoming the End Game for Many Millennials and Baby Boomers

Washington Post, May 8, 2018--Robert Pinnegar
Instead of viewing renting as a short-term phase, an increasing number of residents are choosing rental housing specifically because it offers a more flexible lifestyle than homeownership.

8 Mortgage Facts Revealed in the Latest HMDA Data

National Mortgage News, May 8, 2018--Elina Tarkazikis, Brad Finkelstein (subscription)
There were one million fewer mortgages originated in 2017 compared to 2016, according to new Home Mortgage Disclosure Act data released by the Federal Financial Institution Examination Council and Consumer Financial Protection Bureau.

Mortgage Demand Down at Big Banks, Up at Small

Mortgage Daily, May 9, 2018
Although demand for several single-family products has softened at larger financial institutions, smaller ones are seeing growing demand--especially on non-agency loans. It was similar for commercial real estate, the Federal Reserve said.

Massive Secondary Mortgage Sale

Mortgage Daily, May 8, 2018
Capital One Financial Corp. is selling the loans to Credit Suisse AG-subsidiary DLJ Mortgage Capital Inc. The loan sale follows Capital One's previously announced exit from the origination of residential and home-equity loans.

U.S. Job Openings Hit Record High, More Workers Quitting

Reuters, May 8, 2018--Lucia Mutikani
U.S. job openings surged to a record high in March, suggesting that a recent slowdown in hiring was probably the result of employers having difficulties finding qualified workers.

Residential Finance News

Applications Down Slightly in MBA Weekly Survey

Mortgage applications fell for the fifth straight week, but slightly, as key interest rates also fell slightly, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending May 4.

CoreLogic: Declining Foreclosure Rates Signal Strong Economy

Despite the devastating 2017 hurricanes, CoreLogic, Irvine, Calif., said the national mortgage delinquency rate fell year over year and fell again month over month.

Commercial/Multifamily News

Small-Cap CRE Demand Slows as Rents Soar

Demand for small-cap commercial real estate slowed "considerably" during the first quarter, but tepid new supply kept vacant space in check and rents soaring, reported Boxwood Means, Stamford, Conn.

Dealmaker: Montana Southgate Mall Sells for $58M

Washington Prime Group, Columbus, Ohio, purchased Southgate Mall in Missoula, Mont., from Southgate Mall Associates for $58 million.

MBA News

MISMO Spring Summit in Denver June 4-8

The MISMO Summits offer you an opportunity to learn more about MISMO and to engage in face-to-face standard setting activities.

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.

MBA Education Checklist for Effective Compliance Management Systems Webinar May 15

MBA Education presents a new webinar, A Checklist for Effective Compliance Management Systems, on Tuesday, May 15 from 2:00-3:30 p.m. ET.

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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