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Volume 17 | Issue 206 | Friday, October 19, 2018

The Lede


MBA, Trade Groups Ask Agencies to Revise Volcker Rule

The Mortgage Bankers Association and other industry trade groups urged federal banking agencies to streamline the "Volcker Rule" to reduce costs for businesses.


Top National News

Mortgage Rates Pull Back After Last Week's Sharp Increase

Washington Post, Oct. 18, 2018--Kathy Orton
After the biggest one-week spike in two years, fixed mortgage rates retreated this week. (MBA mention)

MBA: Home-Purchase Market Looks Bright

Scotsman Guide, Oct. 18, 2018--Victor Whitman
Challenging times for mortgage companies are expected to continue next year, but the news is not all bad. The outlook for home-purchase loans, now the industry's mainline source of business, looks solid in 2019 and beyond, Mortgage Bankers Association analysts said this week at the annual convention in Washington, D.C.

'We Do Not Determine our Destiny;' a Sit-Down with Outgoing Freddie CEO

American Banker, Oct. 18, 2018--Hannah Lang (subscription)
Donald Layton has just under a year before he retires as CEO of Freddie Mac after more than 40 years in the financial services industry, but the coming months are shaping up to be some of the most formative at the company since Layton joined in 2012.

Fannie, Freddie Looking to Increase Mortgage Loan Limits

Daily Breeze (Calif.), Oct. 18, 2018--Jeff Lazerson
The Federal Housing Finance Agency, which is both the conservator and the regulator for Fannie Mae and Freddie Mac, will likely increase the maximum loan limits for Fannie and Freddie according to Andy Leventis, FHFA's deputy chief economist. (MBA mention)

CFPB Asks for Investigation Into Official's Racial Remarks

Wall Street Journal, Oct. 18, 2018--Yuka Hayashi (subscription)
The Consumer Financial Protection Bureau has asked an independent government watchdog to investigate past racial remarks made by Eric Blankenstein, its top enforcement official. CFPB acting Director Mick Mulvaney has sent an investigation request to the inspector general's office for the Federal Reserve and CFPB.

Fannie Cuts 2018, 2019 Origination Forecast

Mortgage Daily, Oct. 18, 2018
The latest housing forecast from Fannie Mae has this year's mortgage originations coming in $35 billion less than previously expected, while next year's outlook was cut by $61 billion.

The Key to Easing Mortgage Defaults

DS News, Oct. 18, 2018--Radhika Ojha
Short-term liquidity is a key factor in driving mortgage default, according to a research by the JPMorgan Chase Institute. The research, titled, Falling Behind: Bank Data on the Role of Income and Savings in Mortgage Default, measured the impact of a mortgage payment and principal reduction on default and consumption.

Mortgage Rate Forecasts Have Little Change Ahead

Mortgage Daily, Oct. 18, 2018--Sam Garcia
Ellie Mae Inc.'s Origination Insight Report indicated average 30-year note rates on single-family loans closed last month were 4.91 percent.

Former LandCastle Title CEO Nat Hardwick Found Guilty of Embezzling $26 Million

HousingWire, Oct. 18, 2018--Ben Lane
Nathan (Nat) Hardwick, the former chief executive officer of LandCastle Title and former managing partner of Morris Hardwick Schneider, was found guilty late last week of embezzling more than $25 million from his former companies, bringing an end to a massive scandal that destroyed a prominent real estate firm and left hundreds of people without jobs.

Residential Finance News

Home Equity Borrowing ‘Poised to Soar;' Remodeling Forecast Softens

TransUnion, Chicago, said growth in home equity could lead to a surge in home equity lending over the next year. However, the Joint Center for Housing Studies at Harvard University said home improvement and repair spending is expected to soften in 2019.

Closed Purchase Loans Increase Despite Low Inventories

Ellie Mae, Pleasanton, Calif., said closed purchase loans increased in September to 71 percent of total loans.

Residential Briefs

Ginnie Mae, Washington, D.C., announced its mortgage-backed securities portfolio reached $2.008 trillion in unpaid principal balance. That's up from $1 trillion just eight years ago.

Commercial/Multifamily News

Single-Family Rent Prices Increase 3.1% Year-over-Year

Rent prices in single-family rental properties increased 3.1 percent year-over-year in August, reported CoreLogic, Irvine, Calif.

Dealmaker: Quantum Capital Partners Arranges $80M

Quantum Capital Partners, Beverly Hills, Calif., arranged $80 million for student housing and retail assets in Seattle and Los Angeles.

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 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.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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