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Volume 17 | Issue 197 | Wednesday, October 10, 2018

The Lede

 

30-Year Fixed Tops 5% in MBA Weekly Survey

Mortgage applications fell last week as key interest rates topped 5 percent for the first time since 2011, the Mortgage Bankers Association's reported this morning in its Weekly Mortgage Applications Survey for the week ending October 5.

 

Top National News

 
Mortgage Industry Layoffs are Picking Up

Scotsman Guide, Oct. 9, 2018--Victor Whitman
JPMorgan Chase & Co. and Movement Mortgage this month were the latest companies to announce layoffs of hundreds of mortgage workers due to a downturn in business. Many more people in the industry can expect to lose their jobs in the coming months, Fannie Mae says.

Mortgage Rates Jump Past 5%, Signaling More Home Price Cuts Ahead

CNBC, Oct. 9, 2018--Diana Olick
Millennials are in their prime homebuying years, and they're used to cheap credit. So they might be in for a rude awakening as mortgage rates jump.

HSBC Finalizes Large Subprime RMBS Settlement

Mortgage Daily, Oct. 9, 2018
On Tuesday, the Justice Department announced it agreed to a settlement with HSBC that includes a $765 million civil penalty involving subprime residential mortgage-backed securities.

Serious Mortgage Delinquency at 11-Year Low

Mortgage Daily, Oct. 9, 2018
CoreLogic said mortgage delinquency and foreclosure rates fell again in July to lows last seen before the financial crisis.

Lennar Is in Advanced Talks to Sell Its Real-Estate Lending Unit, Rialto Capital

Wall Street Journal, Oct. 9, 2018--Craig Karmin, Laura Kusisto, Dana Mattioli (subscription)
Lennar Corp. is in advanced talks to sell its real-estate lending unit, looking to offload the business at a time when the nation's largest home builder and its peers are struggling alongside a stagnant housing market. The Miami-based company is in discussions with the private-equity firm Stone Point Capital LLC for the sale of Rialto Capital.

Home Sales and Cancellations are Rising at D.R. Horton

National Mortgage News, Oct. 9, 2018--Bonnie Sinnock (subscription)
D.R. Horton is selling more homes, but its cancellation rates also are higher in the company's preliminary quarterly results, a sign that rising mortgage rates may be affecting the market.

Sears Hires Advisers to Prepare Bankruptcy Filing

Wall Street Journal, Oct. 9, 2018--Suzanne Kapner, Lillian Rizzo, Soma Biswas (subscription)
Sears Holdings Corp. has hired M-III Partners LLC to prepare a bankruptcy filing that could come as soon as this week, as the cash-strapped company that once dominated American retailing faces a debt payment deadline.

23K New Construction Jobs in September

National Mortgage Professional, Oct. 9, 2018--Phil Hall
The construction industry added 23,000 net new positions in September, according to the Associated Builders and Contractors' latest analysis of Bureau of Labor Statistics data.

Rent-to-Own Innovator Divvy Raises $30 Million to Fund Growth

HousingWire, Oct. 9, 2018--Ben Lane
The company announced Tuesday morning that it completed a $30 million Series A equity and debt round, which was led by Andreessen Horowitz (a16z) with participation from Caffeinated Capital, Scifi Ventures and DFJ.

Residential Finance News

 
MBA ‘Call to Action' Urges Senate Approval of Non-Traditional Mortgage Access

The Mortgage Bankers Association's grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action yesterday urging support for a Senate bill that would increase mortgage access for non-traditional borrowers.

MBA Debuts Broeksmit Blog

Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, debuted his initial blog entry this week.

Analysis Finds Nearly 60,000 Homes in Michael's Storm Surge Path

With Hurricane Michael projected to make landfall along the Gulf Coast this afternoon, CoreLogic, Irvine, Calif., estimates more than 57,000 homes potentially affected by storm surge damage exposure.

Commercial/Multifamily News

 
Hotel Sector Faces Volatility

Healthy economic momentum and consumer confidence have boosted travel and hotel performance, but the sector could see more volatility in 2019, analysts say.

Commercial/Multifamily Briefs

Mountain America Credit Union, West Jordan, Utah, introduced eClosings on commercial loans.

Dealmaker: NorthMarq Capital Secures $58M

NorthMarq Capital, Minneapolis, secured $58 million for retail, multifamily and mixed-use assets.

MBA News

 
MBA Recognizes Premier Members

These MBA members provide a variety of valuable products and services, including legal, insurance, technology, consulting, communications and more that help to grow your bottom line.

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

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

MBA Compliance Essentials UDAAP & FTC MAP Rule Resource Guide Available

The MBA Compliance Essentials program offers a new Resource Guide: Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) & FTC Mortgage Acts and Practices Advertising (MAP) Rule.

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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