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Volume 17 | Issue 198 | Thursday, October 11, 2018

The Lede


MBA: September New Home Purchase Mortgage Applications Down 9%

Mortgage applications for new home purchases fell by 9 percent in September from August but improved by 8.2 percent from a year ago, the Mortgage Bankers Association reported this morning.


Top National News

Weekly Mortgage Applications Fall 1.7% as Interest Rates Move Above 5%

CNBC, Oct. 10, 2018--Diana Olick
Other than watching reports of rising interest rates, mortgage lenders and brokers probably weren't very busy last week. Mortgage application volume fell 1.7 percent for the week, according to the Mortgage Bankers Association's seasonally adjusted report.

This Is Why Homes Are Now Even Less Affordable for Most Americans

Barron's, Oct. 10, 2018--Avi Salzman
The 5% level isn't just a psychological barrier. A one-percentage-point rise in rates can cost a buyer hundreds of dollars a month, a shock for those who have gotten used to rates of 4% or less for years. And it may already be having an impact. (MBA mention)

Lenders Fear Worst from Rent Control Measure on California Ballot

National Mortgage News, Oct. 10, 2018--Hannah Lang (subscription)
Mortgage lenders are anxiously following a ballot initiative fight over rent control in California that they say could be detrimental for the industry as a whole.

Millennials Want a House Soon, But Some Buying into Purchase Myths

National Mortgage News, Oct. 10, 2018--Elina Tarkaziks (subscription)
About 38% of first-time homebuyers plan to purchase in the next two years, while 36% hope to buy a house within the next three to five, according to Bank of America's Homebuyer Insights Report. Still, a knowledge gap exists among renters.

Rent Just Fell for the First Time in 8 Months

HousingWire, Oct. 10, 2018--Jeremiah Jensen
According to Yardi's monthly rent report, the national average rent dropped by $1 in September. This is the first time in eight months that rent has not risen. Year-over-year rent growth remains unchanged at 3%.

Wells Fargo is Back in the Mortgage Securitization Business

HousingWire, Oct. 10, 2018--Ben Lane
Once an absolute giant in the mortgage securitization space, Wells Fargo has been noticeably absent from the list of issuers since the housing crisis, but that's all about to change. The lender is preparing to issue its first mortgage-backed securitization since the meltdown, backed by the highest of high-quality loans.

Flagstar Hires Former PrimeLending President

Mortgage Daily, Oct. 10, 2018
Scott Bristol, former president of PrimeLending, has been hired by Flagstar Bank to work in its retail production division. His career spans several major home lenders.

Three Reasons Why Zillow's Move into Mortgages Matters

National Mortgage News, Oct. 10, 2018--Craig Martin (subscription)
In short, almost everyone starts shopping online, and a vast majority are going to Zillow. So in many respects, they are at the top of the sales funnel for home lending transactions.

States' Response to OCC Fintech Charter 'Disappointing,' Top Treasury Official Says

American Banker, Oct. 10, 2018--Neil Haggerty (subscription)
"I'm really disappointed in kind of the reactions of the states to our report," said Craig Phillips, counselor to Treasury Secretary Steven Mnuchin, at a conference in Washington Wednesday. "In no way are we trying to undermine the role of state regulation and definitely there is a collaboration between states and the federal."

Top Officials Praise the Fed and its Independence, After New Attacks from President Trump

CNBC, Oct. 11, 2018--Silvia Amaro
Prominent officials have praised the U.S. Federal Reserve, its chairman and its independence, amid new attacks from President Donald Trump.

Residential Finance News

MBA Asks Bureau to Improve Trial Disclosure Program

The Mortgage Bankers Association urged the Consumer Financial Protection Bureau to improve its trial disclosure program, particularly to encourage more companies and trade associations (such as MBA) to undertake trial disclosures in partnership with the Bureau.

Quicken: Home Value Perceptions Stable

For the second consecutive month, homeowners seem to understand their home's value, said Quicken Loans, Detroit.

ATTOM: Foreclosure Activity at Lowest Level Since 2005

ATTOM Data Solutions, Irvine, Calif., reported 177,146 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) in the third quarter, down by 6 percent from the previous quarter and down by 8 percent from a year ago to the lowest level since 2005.

Commercial/Multifamily News

Online Retailers Invest in Bricks

A record number of e-commerce retailers opened physical stores last year and 850 more are set to open in the next five years, reported JLL, Chicago.

Dealmaker: Meridian Capital Arranges $128M

Meridian Capital Group, New York, arranged $88 million in senior and mezzanine financing secured by 28 assets in Brooklyn and Manhattan.

MBA News

MBA Recognizes Select Members

MBA recognizes its Select Associate Members and thanks them for their continued support of MBA and the real estate finance industry.

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.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

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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