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Volume 17 | Issue 216 | Friday, November 02, 2018

The Lede

 

MBA Economic and Mortgage Finance Commentary: Purchase Originations Expected to Increase Gradually Through 2021

Our forecast, released at the MBA 2018 Annual Convention and Expo in Washington, D.C., estimates $1.24 trillion in purchase mortgage originations in 2019--a 4.2 percent increase from 2018. Refinance originations will continue to trend lower next year, decreasing by 12.4 percent to $395 billion.

 

Top National News

 
Mortgage Rates Retreat But Remain Near 7-Year Highs

Washington Post, Nov. 1, 2018--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.83 percent with an average 0.5 point. It was 4.86 percent a week ago and 3.94 percent a year ago. (MBA mention)

Multifamily Lending in U.S. Hit New High of $285 Billion in 2017

World Property Journal, Nov. 1, 2018--Monsef Rachid
According to the Mortgage Bankers Association's annual report on the U.S. multifamily lending market, strong market conditions helped fuel a 6 percent increase in multifamily lending in 2017, as lenders provided a record high $285 billion in new mortgages for apartment buildings with five or more units.

The Most Powerful Person in Mortgage Lending is About to be Replaced

HousingWire, Nov. 1, 2018--Jacob Gaffney
In two month's time, President Donald Trump will be able to replace Federal Housing Finance Agency Director Mel Watt, and there will also be new leadership at Fannie and Freddie. The represents a decisive opportunity for housing reform, something Trump has long supported.

Amrock Seeks New Trial in HouseCanary Suit After Judge Denies Motion

National Mortgage News, Nov. 1, 2018--Bonnie Sinnock (subscription)
Amrock is calling for a new trial in its dispute with HouseCanary following a judge's denial of its motion to reverse an earlier decision in HouseCanary's favor. The Quicken Loans affiliate had sought a motion for judgment notwithstanding the verdict in the case, in which a Texas state court in Bexar County awarded HouseCanary more than $700 million.

Zillow is Now Officially in the Mortgage Business

HousingWire, Nov. 1, 2018--Kelsey Ramirez
Zillow announced Thursday it completed its acquisition of Mortgage Lenders of America, marking its official first step into the mortgage industry.

New Credit Score System Might Make It Easier to Get A Mortgage

Forbes, Nov. 1, 2018--Aly J. Yale
The change comes by way of the UltraFICO--a new type of credit scoring system that aims to help consumers establish credit based on banking and savings activity, rather than credit cards, loans and other debts.

Signs of Relief Emerge for Battered U.S. Homebuilding Stocks

Reuters, Nov. 1, 2018--April Joyner
U.S. homebuilders' earnings have been hit by rising mortgage rates in the latest quarter, but their shares are showing signs of recovering. (MBA mention)

Affordable Jumbos: 40-Year Fixed Rate, Easy, Qualifying, Interest-Only for 10 Years

Orange County Register, Nov. 1, 2018--Jeff Lazerson
If affordability and qualifying are hurdles to a jumbo loan, there is some good news following a new report from CoreLogic that saw an 18 percent swan dive locally in year-over-year home sales. A new jumbo loan option eases borrowers into a permanent, fixed-rate mortgage by adding 10 years up front of lower interest-only payments, essentially making this a 40-year loan.

Can CRA be Moderninzed and Still Serve Its Original Purpose?

American Banker, Nov. 1, 2018--Rachel Witkowski (subscription)
Among the key objectives with the CRA reform effort is redefining geographic areas in which banks are evaluated. Those areas are traditionally based on physical branch networks, but the rapid shift to digital banking has prompted a rethink.

Residential Finance News

 
FHFA: Majority of GSE Credit Risk Shifts to Private Market

The Federal Housing Finance Agency said Fannie Mae and Freddie Mac have transferred nearly $2.5 trillion of credit risk to the private market since 2013.

South Dominates REO Markets

By one measure, Huntsville, Ala., is the real estate-owned capital of the country.

Commercial/Multifamily News

 
MBANow: CREF Corner Office Conversation with DBRS's Erin Stafford

The Mortgage Bankers Association released a new interview with DBRS Managing Director Erin Stafford, who discussed commercial mortgage-backed securities, the role of rating agencies and the credit outlook for commercial real estate.

CRE Prices Grow 0.7% in September

U.S. commercial real estate property price growth remained on its relatively consistent pace in September, reported Real Capital Analytics, New York.

Dealmaker: TruAmerica Multifamily Buys Utah Apartments for $48M

A joint venture between TruAmerica Multifamily, Los Angeles, and Investcorp, Bahrain, acquired 253-unit Country Lake Apartments in Salt Lake City, Utah, for $47.5 million.

MBA News

 
MBA Summit on Diversity & Inclusion in D.C. Nov. 27-28

The Mortgage Bankers Association's annual Summit on Diversity and Inclusion takes place Nov. 27-28 at the Capital Hilton in Washington, D.C.

MBA Education Advanced Risk Management for Pros June 3-5 in D.C.

MBA Education presents its popular Advanced Risk Management for Mortgage Pros Workshop, in conjunction with the Robert H. Smith School of Business at the University of Maryland, in Washington, D.C. June 3-5.

MBA Education School of Mortgage Banking Course III Dec. 4-7 in Dallas

MBA Education presents its School of Mortgage Banking Course III Dec. 4-7 at Mr. Cooper in Dallas.

About MBA Newslink

President and CEO: Robert Broeksmit, 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.