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Volume 17 | Issue 194 | Friday, October 05, 2018

The Lede


MBA: September Mortgage Credit Availability Down Again

Mortgage credit availability fell for the second straight month in September, the Mortgage Bankers Association reported yesterday.


Top National News

Mortgage Rates Retreat But are Expected to Resume Rising

Washington Post, Oct. 4, 2018--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.71 percent with an average 0.4 point. It was 4.72 percent a week ago and 3.85 percent a year ago. (MBA mention)

MBA: Mortgage Credit Tightens in September

Scotsman Guide, Oct. 4, 2018--Victor Whitman
Mortgage credit tightened in September as availability for government loans declined to the lowest level since July 2015, the Mortgage Bankers Association reported.

MBA and ACUMA in New Education Discount Deal

National Mortgage Professional, Oct. 4, 2018--Phil Hall
The Mortgage Bankers Association teamed with the American Credit Union Mortgage Association on a new education and training arrangement.

10 Years Later: How The Housing Market Has Changed Since The Crash

Washington Post, Oct. 4, 2018--Michele Lerner
The crisis is still in the forefront of the minds of everyone in the lending industry and influences their decisions, says Michael Fratantoni, chief economist of the Mortgage Bankers Association in Washington. "Many of the products that started the crisis aren't around and the practices that started it are severely constrained," he said.

NYSE Owner International Exchange Acquires Full Control of MERS

National Mortgage News, Oct. 4, 2018--Bonnie Sinnock (subscription)
Intercontinental Exchange, the owner of the New York Stock Exchange, has purchased the remaining equity in Merscorp Holdings it did not already own.

This Year's Movement Mortgage Layoffs Surpass 300

Mortgage Daily, Oct. 4, 2018
A fresh round of job cuts at Movement Mortgage LLC has pushed total layoffs so far for this year past 300. The latest staff reductions are the result of lower-than-expected home lending volume.

Wells Fargo Is Planning Its First Post-Crisis Mortgage Bond

Bloomberg, Oct. 4, 2018--Adam Tempkin
Wells Fargo & Co. is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing. The $441 million non-agency bond will include top portions, which will be rated AAA, sources said.

Acquisition of PHH Corp. a Done Deal

Mortgage Daily, Oct. 4, 2018
Ocwen Financial Corp.'s acquisition of PHH Corp., which has operated as an independent organization for more than a dozen years, has been completed.

Residential Finance News

Foreclosed Homes Appreciating Faster than Typical U.S. Home

Homes that were foreclosed on during the housing crisis are now rising in value by more than 10 percent annually, more than 3.5 percentage points faster than the typical U.S. home, said Zillow, Seattle.

Conventional Loans to Millennials at Three-Year High

Ellie Mae, Pleasanton, Calif., said conventional loans taken out by Millennials in August reached their highest level in three years.

Commercial/Multifamily News

Single-Tenant Net Lease Retail Cap Rates Rise With Interest Rates

Cap rates for the single-tenant net lease retail sector increased by five basis points in the third quarter to 6.25 percent, reported Boulder Group, Northbrook, Ill.

Commercial/Multifamily Briefs

Freddie Mac, McLean, Va., closed its first Low-Income Housing Tax Credit Fund with Enterprise Community Investment Inc., Columbia, Md.

Dealmaker: Xenia Hotels Buys Fairmont Pittsburgh Hotel for $30M

Xenia Hotels & Resorts, Orlando, Fla., acquired 185-room Fairmont Pittsburgh hotel for $30 million, or $162,000 per key.

MBA News

mPowering You Summit for Women in Real Estate Finance in D.C. Oct. 13

mPowering You, the Mortgage Bankers Association's Summit for Women in Real Estate Finance, takes place Saturday, Oct. 13 at the Walter E. Washington Convention Center in Washington, D.C., ahead of the MBA Annual Convention & Expo.

MBA Education Introduction to Mortgage Banking Nov. 6-20

MBA Education presents its popular Introduction to Mortgage Banking instructor-guided online course Nov. 6-20.

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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