Not displaying correctly? View in a browser
Volume 17 | Issue 219 | Wednesday, November 07, 2018

The Lede

 

Applications Take Hit in MBA Weekly Survey

Mortgage applications fell across the board as key interest rates edged up to levels not seen since 2010, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending November 2.

 

Top National News

 
Mortgage Credit Eases in October

Scotsman Guide, Nov. 6, 2018--Victor Whitman
Mortgage credit loosened in October as conventional loans with low downpayments became more readily available for first-time buyers, the Mortgage Bankers Association reported.

What Democrats' House Takeover Means for Banks

American Banker, Nov. 6, 2018--Neil Haggerty (subscription)
The Democrats' takeover of the House Tuesday will bring a sea change in the chamber's rhetoric toward financial services issues. What has been a focus on easing rules, tax cuts and expanding access to credit will likely be replaced by more attention on the industry's mistakes and efforts to protect consumers.

Texas Remote Notary Law a Tipping Point for Online Mortgage Closings

National Mortgage News, Nov. 6, 2018--Rick Triola (subscription)
The author, CEO of Notarycam, says Virginia made e-closing possible seven years ago with its authorization of remote, online notarization, and now Texas has blown the doors wide open. "It's time to get your tech in place--or get left behind."

Servicers Can't Slack on Compliance as States Step Up Oversight: S&P

National Mortgage News, Nov. 6, 2018--Brad Finkelstein (subscription)
While the foreclosure crisis is over and federal regulators are being less assertive on enforcement actions, mortgage servicers can't let their guard down about compliance, according to Standard & Poor's.

Ocwen Renews Resolve to Cut Costs Using Scale as Its Loss Deepens

National Mortgage News, Nov. 6, 2018--Bonnie Sinnock (subscription)
Ocwen Financial Corp. recorded a deeper quarterly loss of $41 million after acquiring PHH Corp., but still expects the deal's economies of scale to eventually lower costs and restore profitability.

Wells Fargo Reveals Software Error Led to Hundreds of Faulty Foreclosures

HousingWire, Nov. 6, 2018--Ben Lane
Earlier this year, Wells Fargo revealed that a software error in its mortgage underwriting system led to hundreds of unnecessary foreclosures, but now it appears the problem is even bigger than the troubled bank first thought.

Black Knight Boosts Origination System by Acquiring Ernst Publishing

HousingWire, Nov. 6, 2018--Ben Lane
Black Knight's loan origination system is about to get an upgrade, as the company announced Tuesday that it acquired Ernst Publishing, a provider of technology and closing cost data for the real estate and mortgage finance industries.

Residential Finance News

 
10 Years Later, Housing Recovery Still Uneven

Yes, 10 years after the housing crisis, we are still talking about the recovery. And how uneven it has been.

Mortgage Execs Cite Interest Rates, Housing Supply as 2019 Market Obstacles

Fifty-four percent of mortgage industry professionals identified rising interest rates as the greatest obstacle facing the housing market in 2019, according to a survey by Genworth Mortgage Insurance, Richmond, Va.

Commercial/Multifamily News

 
FHFA Holds GSE Multifamily Lending Caps Steady

Fannie Mae and Freddie Mac multifamily lending caps will hold steady at $35 billion in 2019, the Federal Housing Finance Agency announced yesterday.

Dealmaker: KeyBank Real Estate Capital Arranges $431M

KeyBank Real Estate Capital, Cleveland, arranged $431.4 million for senior housing, retail and multifamily assets.

MBA News

 
CREF19 in San Diego Feb. 10-13

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2019 returns to San Diego Feb. 10-13.

MBA Education Fundamentals and Best Practices in Mortgage Accounting Workshop Nov. 12

MBA Education presents a workshop, Fundamentals and Best Practices in Mortgage Accounting Workshop, on Monday, Nov. 12 at the Hyatt Regency Orlando.

Upcoming MBA Education School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II Nov. 27-30 at USAA in Tampa, Fla.

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

MBA NewsLink, a daily electronic publication, is a member benefit free to employees of MBA member companies, and available by paid subscription to non-members. For membership information, click here.

If this email has been forwarded to you, please visit our web site to subscribe.

The links at the end of each abstract are to the publisher, publication, or article. Some links may require registration or subscription.

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.