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Volume 17 | Issue 178 | Thursday, September 13, 2018

The Lede


FHFA Issues Rulemaking on Uniform Mortgage-Backed Security

The Federal Housing Finance Agency yesterday issued a proposed rule to require Fannie Mae and Freddie Mac to align programs, policies and practices that affect prepayment rates of "To-Be-Announced"-eligible mortgage-backed securities.


Top National News

Weekly Refinance Demand Plummets as Mortgage Rates Hit a 5-Week High

CNBC, Sept. 12, 2018--Diana Olick
Mortgage application volume fell 1.8 percent for the week, according to the Mortgage Bankers Association's seasonally adjusted report. Volume was 18 percent lower compared with the same week one year ago.

Thousands of Homes in Hurricane Florence's Path Lack Flood Insurance

Wall Street Journal, Sept. 13, 2018--Leslie Scism, Coulter Jones (subscription)
Fewer homeowners in North and South Carolina own flood insurance than five years ago, signaling many won't have access to ready cash if they need to rebuild after Hurricane Florence.

Homebuyers Start Looking at Mortgages Before Searching for a House

National Mortgage News, Sept. 12, 2018--Elina Tarkazikis (subscription)
About 73.5% of house shoppers claim to seek financing options prior to searching for a home, according to a survey by loanDepot and its real estate services provider mellohome. For first-time homebuyers, this figure hit 85.1%.

Before It Was Hacked, Equifax Had a Different Fear: Chinese Spying

Wall Street Journal, Sept. 12, 2018--Aruna Viswanatha, Kate O'Keefe (subscription)
Two years before Equifax Inc. stunned the world with the announcement it had been hacked, the credit-reporting company believed it was the victim of another theft, only this time at the hands of Chinese spies, according to people familiar with the matter.

The Epicenter of the Housing Bust Is Booming Again. (That's a Warning Sign.)

New York Times, Sept. 12, 2018--Matthew Goldstein, Robert Gebeloff, Ross Mantle, Matt Ruby
Housing prices in North Las Vegas are rising so fast that many communities are no longer affordable. Much of the new construction is at the high end, keeping out many first-time homeowners. Some cannot come up with money for a down payment, while others are wary of getting back into a market that once burned them.

Social Media for Mortgage Loan Originators

Mortgage Daily, Sept. 12, 2018--Sam Garcia
During the Elevate Mortgage Summit held in conjunction with the NAHREP National Convention in San Diego this week, former loan originator Tony Giordano talked about social media practices.

Stearns Invests in Smaller Mortgage Bankers to Build Retail Business

National Mortgage News, Sept. 12, 2018--Brad Finkelstein (subscription)
Stearns Lending is buying large equity stakes in smaller mortgage banking companies as it looks to grow its retail loan production business. In the first of these transactions Stearns closed on its purchase of a 50.2% equity interest in Certainty Home Loans.

Credit Unions Lose Mortgage Market Share

Mortgage Daily, Sept. 12, 2018--Sam Garcia
Non-bank originators took away market share from banks on a quarter-over-quarter basis, but the year-over-year trend favors banks. Credit unions lost market share, according to the Mortgage Daily U.S. Mortgage Market Index for the third quarter to date.

FirstClose Gets Capital Infusion

HousingWire, Sept. 12, 2018--Jessica Guerin
Mortgage technology provider FirstClose has landed funding from Cypress Growth Capital to fuel its mission to capture more market share.

Residential Finance News

Notice of MBA Elections, MBA Annual Meeting

The Mortgage Bankers Association's Annual Meeting will take place Sunday, Oct. 14, 2018 at 500 p.m. ET at the MBA Annual Convention & Expo in Washington, D.C.

mPower Moments: Kristin Messerli on Reaching Diverse Audiences

The Mortgage Bankers Association released a new mPower Moments video featuring Kristin Messerli, Founder and CEO of Cultural Outreach Solutions, who discusses how companies can reach out to diverse audiences with MBA COO and mPower Founder Marcia M. Davies.

CFPB Issues Updated FCRA Model Disclosures

The Consumer Financial Protection Bureau yesterday issued an interim rule updating two model disclosures to reflect changes made to the Fair Credit Reporting Act by the Economic Growth, Regulatory Relief and Consumer Protection Act.

CoreLogic Report Cites 12.4% increase in 2Q Mortgage Fraud Risk

CoreLogic, Irvine, Calif., reported a 12.4 percent year-over-year increase in fraud risk at the end of the second quarter, the seventh consecutive quarterly increase.

Commercial/Multifamily News

Return Expectations Grow Among Institutional Investors

Institutional investors are increasing their expectation for full-year commercial real estate returns, the Pension Real Estate Association Consensus Forecast Survey reported.

Dealmaker: Renaissance Vinoy St. Petersburg Changes Hands for $189M

SCG Hospitality, Tampa, Fla. acquired The Vinoy Renaissance St. Petersburg Resort & Golf Club in St. Petersburg, Fla. for $188.5 million.

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.

Upcoming MBA Education School of Mortgage Banking II Courses

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

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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