Not displaying correctly? View in a browser
Volume 17 | Issue 204 | Wednesday, October 17, 2018

The Lede


MBA Forecast: 2019 Purchase Originations to Increase to $1.2 Trillion as Refis Decline

WASHINGTON, D.C.--The Mortgage Bankers Association forecasts $1.2 trillion in purchase mortgage originations in 2019, a 4.2 percent increase from 2018, with refinance originations continuing to trend lower next year, decreasing by 12.4 percent to $395 billion.


Top National News

Women are not Represented Well in Media, Geena Davis Tells MBA Audience

HousingWire, Oct. 16, 2018--Caroline Basile
Academy Award-winning actor Geena Davis discussed female representation in media and answered audience questions during her hour-long keynote speech at the Mortgage Bankers Association's mPower luncheon at its annual conference.

Millennials Drive Mortgage Origination Rises in 2020 and Beyond: MBA

National Mortgage News, Oct. 16, 2018--Brad Finkelstein (subscription)
While mortgage volume is expected to shrink next year, it should increase during the following two years and beyond as millennials start buying homes, the Mortgage Bankers Association forecasts.

Joel Kan: 3% to 4% Growth Predicted for the Purchase Market

HousingWire, Oct. 16, 2018--Jeremiah Jensen
The purchase market is due for a rebound, according to Joel Kan, Mortgage Bankers Association associate VP of industry surveys and forecasts.

Wells Fargo, Bank of America Reveal True Impact of Digital Mortgages

HousingWire, Oct. 16, 2018--Ben Lane
Both Wells Fargo and Bank of America rolled out digital mortgage applications this year, and the megabanks revealed Tuesday at the MBA Annual Convention just how much the programs are already being utilized by mortgage applicants. Hint: A lot.

Fintech Innovation is Becoming a Must-Have for Mortgage Lenders

National Mortgage News, Oct. 16, 2018--Andy Higginbotham (subscription)
Innovation, disruption, change--these words are not generally associated with the mortgage industry. But in a digital age where consumers' expectations are shifting, that needs to change. The industry must provide a faster, less paper-intensive process and give consumers more control.

Nomura to Pay $480 Million to U.S. over 'Fraudulent' Mortgage-Backed Securities

Reuters, Oct. 16, 2018--Brendan Pierson
Nomura Holdings Inc. agreed to pay $480 million to resolve civil claims by the U.S. government that it misled investors in marketing residential mortgage-backed securities, U.S. authorities said on Tuesday.

CFPB's Inspector General Asked to Probe Questions Over Political Aide's Past Writings

American Banker, Oct. 16, 2018--Joe Adler (subscription)
The Consumer Financial Protection Bureau's inspector general has been asked to look into questions over a political appointee at the agency whose racially charged writings from over a decade ago have led to calls for his resignation.

Mortgage Fraud is Rising, According to New Report

Washington Post, Oct. 17, 2018--Michele Lerner
Mortgage fraud was so rampant during the height of the housing bubble in the mid-2000s that real estate industry insiders started to refer to some mortgages as "liar's loans." While stricter regulations after the bubble burst and fines on mortgage lenders who knowingly approved fraudulent loans curbed the practice, CoreLogic, a real estate data firm, recently reported an uptick in mortgage fraud.

Regulators Issue Updated FAQ on Appraisals

National Mortgage News, Oct. 16, 2018--Hannah Lang (subscription)
The Federal Reserve Board, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. answered 23 questions, including what types of transactions require an appraisal, how to document the validity of an existing appraisal and what information should be contained in an evaluation.

First Republic Bank's Mortgage Originations Tumble

Mortgage Daily, Oct. 16, 2018
First Republic Bank reported a 15 percent quarter-over-quarter reduction in its home-lending volume. As the servicing portfolio was reduced, residential assets expanded.

3-Yr Low Ginnie Issuance as Book Surpasses $2 Tril

Mortgage Daily, Oct. 16, 2018
Annual securitizations were the lowest they've been in three years at Ginnie Mae. Jumbo issuance plunged by a third, but reverse mortgage activity was higher. The government-owned corporation's book of business broke $2 trillion.

Trump Complains About Rising Interest Rates, Calling the Fed ‘My Biggest Threat'

Wall Street Journal, Oct. 16, 2018--Kate Davidson (subscription)
President Trump reiterated his complaints that the Federal Reserve is raising short-term interest rates too fast, calling the U.S. central bank "my biggest threat," expressing displeasure with Fed Chairman Jerome Powell.

Residential Finance News

Applications Down Again in MBA Weekly Survey

Mortgage applications decreased sharply from one week earlier as key interest rates moved higher above 5 percent, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending October 12.

October Home Builder Confidence Up

Builder confidence in the market for newly built single-family homes rose slightly in October, the National Association of Home Builders reported yesterday.

Commercial/Multifamily News

Higher Mortgage Rates Drive Apartment Investment Market Index Decline

Significant mortgage rate increases once again drove declines in the Freddie Mac Multifamily Apartment Investment Market Index in the second quarter and from a year ago.

Commercial/Multifamily Briefs

Cushman & Wakefield's Chicago office acquired multifamily institutional investment sales brokerage firm KIG CRE.

Dealmaker: Berkadia Secures $57M for Multifamily

Berkadia, New York, secured $57.1 million in financing for multifamily assets in Virginia and Arizona.

MBA News

Today at #MBAAnnual18

WASHINGTON, D.C.--The Mortgage Bankers Association's Annual Convention & Expo concludes this morning.

MORPAC Honors Edgar Bright, CMB, AMP, with Schumacher-Bolduc Award

WASHINGTON, D.C.--The Mortgage Bankers Association Political Action Committee (MORPAC) awarded Edgar Bright, CMB, AMP, President of Standard Mortgage Corp., New Orleans, with the 2018 Schumacher-Bolduc Award here at the association's Annual Convention and Expo.

MISMO Seeks Input on Standardized Dataset for Private Label Mortgage Assets

MISMO®, the mortgage industry's standards organization, seeks participants to define a standardized mortgage asset dataset to support rating agency asset valuation efforts necessary for securitizing residential mortgages.

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

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