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Volume 17 | Issue 189 | Friday, September 28, 2018

The Lede


Risk Management and Fraud: Executive Perspectives

LOS ANGELES--Three risk management executives: Debra Dunn, Chief Operating Officer with SWBC Mortgage, San Antonio, Texas; Gwen Muse-Evans, President and CEO of GME Enterprises, Bethesda, Md.; and Terry L. Schmidt, CMB, Executive Vice President and CFO of Guild Mortgage Co., San Diego; offered their perspectives on risk management and fraud issueshere at the recent Mortgage Bankers Association's Risk Management, Quality Assurance and Fraud Prevention Forum.


Top National News

Commercial/Mortgage Debt Outstanding Up in Q2

National Mortgage Professional, Sept. 27, 2018--Phil Hall
Commercial and multifamily mortgage debt outstanding swelled by $52.3 billion in the second quarter, according to new data from the Mortgage Bankers Association. The second quarter was 1.6 above the first quarter's debt outstanding.

Mortgage Rates Soar to 7-Year Highs

Washington Post, Sept. 27, 2018--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.72 percent with an average 0.5 point. It was 4.65 percent a week ago and 3.83 percent a year ago.

As #MeToo Engulfs Capitol Hill, FHFA's Watt Feels the Heat

National Mortgage News, Sept. 27, 2018--Hannah Lang (subscription)
On a day when the nation was engrossed by the testimony of Christine Blasey Ford and Supreme Court nominee Brett Kavanaugh, a similar dynamic was at play across the Capitol at a House hearing for Federal Housing Finance Director Mel Watt.

Will Amazon Take Over Mortgage Lending?

OC Register (Calif.), Sept. 27, 2018--Jeff Lazerson
Anthony Hsieh, founder and CEO of Orange County-based Loan Depot, believes it's not if, but when the likes of Amazon or Google get into the mortgage business. What happens then?

Lenders Could See Purchase Growth as Home Inventory Hits 2018 High

National Mortgage News, Sept. 27, 2018--Elina Tarkazikis (subscription)
Lenders may start to see more homebuyers enter the market as the number of homes for sale is higher than at any point this year, according to Trulia.

Fannie Mae, Freddie Mac Tighten Capital Rules for PMI Companies

National Mortgage News, Sept. 27, 2018--Brad Finkelstein (subscription)
Fannie Mae and Freddie Mac issued new capital requirements for private mortgage insurers that will create big swings in carriers' asset reserves.

Originations Soar, Staff Expands at Fairway

Mortgage Daily, Sept. 27, 2018
Quarterly loan originations soared at Fairway Independent Mortgage Corp., while payroll grew. Although the servicing portfolio retreated, it was up from a year previous.

NAR: Pending Home Sales Fall for Eighth Consecutive Month

HousingWire, Sept. 27, 2018--Alcynna Lloyd
Pending home sales have now fallen on an annual basis for eight consecutive months in August, according to the latest report from the National Association of Realtors.

Manhattan Builders' 5-Year Plan: 33,000 New Rentals and Condos

Bloomberg, Sept. 27, 2018--Oshrat Carmiel
There's a surplus of homes in Manhattan, and here come tens of thousands more.

Residential Finance News

MBA Praises Passage of Veterans' Protection Bill

The House yesterday passed a bill that closes a loophole for thousands of loans made to veterans that fell through a crack in securitization.

CoreLogic: Florence Losses at $20-30 Billion; 85% of Residential Loss Uninsured

CoreLogic, Irvine, Calif., said its revised estimates of damage resulting Hurricane Florence puts residential and commercial flood and wind losses at $20-30 billion, with 85 percent of residential losses uninsured.

Urban Institute Paper Examines Barriers to Accessing Homeownership

In a new paper, the Urban Institute, Washington, D.C., examines three significant barriers to homeownership: saving for a down payment, accessing mortgage credit and housing affordability.

Residential Briefs

The Federal Housing Finance Agency released its quarterly Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac completed 70,945 foreclosure prevention actions in the second quarter, bringing the total number of foreclosure prevention actions to 4.180 million since September 2008.

Commercial/Multifamily News

Apartment Market Sees Accelerating Rent Growth, Tightening Occupancy

U.S. apartment rent growth accelerated to a 2.9 percent annual pace in the third quarter, reported RealPage, Richardson, Texas.

Dealmaker: Sonnenblick-Eichner Secures $29M New Orleans Hotel Refinance

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $29.2 million in interim first mortgage financing to refinance Old No. 77 Hotel & Chandlery in New Orleans' Warehouse Arts District.

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 Mortgage Accounting I: Drilling into Mortgage Accounting Oct. 3

MBA Education presents Part 1 of its series on Mortgage Accounting, Drilling into Mortgage Accounting on Wednesday, Oct. 3 from 2:00-3:30 p.m. ET.

MBA Education School of Mortgage Banking I in Tampa Nov. 27-30

MBA Education presents its popular School of Mortgage Banking Course I at USAA in Tampa, Fla. Nov. 27-30.

MBA Member Advantage Program Adds New Partners

Your MBA membership entitles you to discounts on services such as office supplies, car rental, shipping, employee benefit services and more though our affinity program: MBA Member Advantage.

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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