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Volume 17 | Issue 182 | Wednesday, September 19, 2018

The Lede

 

Applications Up in MBA Weekly Survey

Mortgage applications increased for just the second time in the past two months even as key interest rates hit a seven-year high, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending September 14.

 

Top National News

 
David H. Stevens: National Mortgage Professional Magazine's 'Mortgage Professional of the Year'

National Mortgage Professional, Sept. 17, 2018--Rick Grant
Former MBA President and CEO David H. Stevens, CMB, who retires this month, is honored for his leadership in a career spanning nearly four decades.

CFPB is Still in the Fair Lending Business, Mulvaney Says

National Mortgage News, Sept. 18, 2018--Kate Berry (subscription)
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, said Monday that he wanted to set the record straight by reiterating that the agency is "still very much in the fair lending business."

How BofA Streamlined its Digital Mortgage

National Mortgage News, Sept. 18, 2018--Nathan DiCamillo (subscription)
The bank pared down the application to 50 questions and made it possible for people who are already clients of the bank to have information prefilled.

FTC Shuts Down Real Estate Websites that Allegedly Preyed on Section 8 Renters

HousingWire, Sept. 18, 2018--Ben Lane
The FTC claims that the Shayan brothers' companies, Apartment Hunters, Real Estate Data Solutions, Rental Home Listings, and UAB Apartment Hunters, and their websites, WeTakeSection8.com, ApartmentHunterz.com, and FeaturedRentals.com, actually offered out-of-date listings, including many that did not accept Section 8 vouchers as promised.

Digital Mortgages? How About Digital Home Buying?

National Mortgage News, Sept. 18, 2018
At Digital Mortgage 2018, Bill Emerson, the vice chairman of Quicken Loans and its parent company Rock Holdings, outlined a vision of dramatic digital disintermediation.

Builders Say New Tariffs Are Devastating

Mortgage Daily, Sept. 18, 2018
National Association of Home Builders Chairman Randy Noel warned the Trump administration's tariffs on $200 billion in Chinese imports--including $10 billion in goods used by the residential construction sector--"could have major ramifications for the housing industry."

1st Mortgages Outstanding Nearing All-Time High

Mortgage Daily, Sept. 18, 2018
Equifax said the nation's latest book of first mortgages stands not far from the record established in 2008, when there were $9.04 trillion in first-lien loans in place.

OCC's Otting: Why do Regulators Want to Limit Consumer Choice?

American Banker, Sept. 18, 2018--Joseph Otting (subscription)
The Comptroller of the Currency says the OCC's decision to begin accepting applications for special purpose national bank charters from fintech companies promotes innovation, gives consumers and businesses greater choice and creates economic growth and opportunity.

NYC Housing Prices Have Surpassed Pre-Crisis Peak in 2006

Wall Street Journal, Sept. 18, 2018--Josh Barbanel (subscription)
A decade after the financial panic of 2008, housing prices in New York City have bounced back and recently edged above peak pre-crisis levels.

Five Things to Know About Incoming San Francisco Fed President Mary Daly

Wall Street Journal, Sept. 19, 2018--Nick Timiraos (subscription)
Mary Daly, director of research at the Federal Reserve Bank of San Francisco, was tapped last week to become the bank's next president, effective Oct. 1. She will immediately have a vote on the Fed's rate-setting committee, making her views of great interest to investors.

Residential Finance News

 
MBANow: MBA President & CEO Bob Broeksmit, CMB

The Mortgage Bankers Association's latest MBANow video features MBA President and CEO Bob Broeksmit, CMB, who discusses his priorities and goals.

Builder Confidence Holds Firm in September

Builder confidence in the market for newly built single-family homes remained unchanged at 67 in September, the National Association of Home Builders said yesterday.

Residential Briefs

Fannie Mae, Washington, D.C., said mortgage lenders reported a net negative profit margin outlook for the eighth consecutive quarter amid the further erosion of purchase mortgage demand.

Commercial/Multifamily News

 
Resilient Multifamily Market Sees Rising Occupancies, Rents

Buoyed by a strong economy and continued healthy demand, the average U.S. apartment rent rose $2 in August to $1,412, up 3.1 percent year-over-year, reported Yardi Matrix, Santa Barbara, Calif.

Commercial/Multifamily Briefs

Fannie Mae, Washington, D.C., priced its eighth multifamily Delegated Underwriting and Servicing real estate mortgage investment conduit this year, totaling $857.2 million.

Dealmaker: Sterling Organization Acquires Two Shopping Centers for $39M

Sterling Organization, Palm Beach, Fla., acquired shopping centers in the Phoenix and Los Angeles metros for $38.9 million.

MBA News

 
MBA Premier Member Profile: Silverline

Silverline is a Salesforce Platinum Cloud Alliance Partner headquartered in New York City with experienced, innovative consultants around the world. It is focused on developing powerful solutions, deployed on the Salesforce Platform, and robust third party apps.

mPowering You Summit for Women in Real Estate Finance in D.C. Oct. 13

mPowering You, the Mortgage Bankers Association's Summit for Women in Real Estate Finance, takes place Saturday, Oct. 13 at the Walter E. Washington Convention Center in Washington, D.C., ahead of the MBA Annual Convention & Expo.

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 Effective Internal Audit Function: Beyond the Basics Webinar Sept. 27

MBA Education presents a webinar, MBA Education Effective Internal Audit Function: Beyond the Basics, on Wednesday, Sept. 27 from 2:00-3:30 p.m. ET.

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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