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Volume 18 | Issue 81 | Friday, April 26, 2019

The Lede


Homeownership Rate Drops for 1st Time in 2 Years

The Census Bureau yesterday said the U.S. homeownership rate fell for the first time in two years amid market volatility and a decline in consumer confidence.


Top National News

Fixed Mortgage Rates Increase for the Fourth Week in a Row

Washington Post, Apr. 25, 2019--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.20 percent with an average 0.5 point. It was 4.17 percent a week ago and 4.58 percent a year ago. (MBA mention)

Boomerang Buyers: More People Who Lost Homes During Housing Crisis Are Buying Again

USA Today, Apr. 25, 2019--Paul Davidson
There are signs a growing number of Americans who lost homes to foreclosure or a short sale during the housing crisis are buying again or planning to do so in the near future. Home price increases have moderated since last year and mortgage rates have fallen as wage growth has accelerated, creating a positive backdrop for boomerang and other buyers, said MBA Chief Economist Mike Fratantoni.

Americans' Financial Happiness Hits New High, Long-Running Index Shows

CNBC, Apr. 25, 2019--Sarah O'Brien
The American Institute of CPA's quarterly Personal Financial Satisfaction Index, released Thursday, is up 11% from the previous reading and 27% higher than a year ago. (MBA mention)

HUD Delays New Rule on FHA Down Payment Assistance in Response to Lawsuit

HousingWire, Apr. 25, 2019--Jessica Guerin
HUD announced Wednesday that it was delaying the implementation of new rules regarding down payment assistance for loans backed by the Federal Housing Administration in response to a lawsuit filed by a Utah-based Native American group.

Morgan Stanley to Pay California $150 Million Over Mortgage Crisis Claims

New York Times, Apr. 25, 2019--Stacy Cowley
Morgan Stanley agreed to pay $150 million to settle claims by the State of California that it misled investors about the risks of mortgage-backed securities sold to two state pension funds for teachers and public employees.

Mortgage Competition Banned at Laguna Woods Co-ops

Orange County Register, Apr. 25, 2019--Jeff Lazerson
The City of Laguna Woods has more than 6,000 senior co-op units that are largely restricted to one institutional lender. What are the ramifications of not being able to shop around? No pricing competition for sure. And, maybe a credit denial when another lender might have approved you. (MBA mention)

Residential Finance News

Home Insurance Rates Increase Follow the (Disaster) Pattern

Home insurance rates have increased in every state over the past decade--but the biggest increases have occurred in states one might not associate with high-profile disasters.

Study: Black, Hispanic Communities Still Reeling from Foreclosure Crisis

More than 10 years past the Great Recession, African-American and Hispanic communities hit hard by foreclosures have yet to fully recover, said Zillow, Seattle.

Commercial/Multifamily News

Hotel Performance Falls Below Predictions

The U.S. hotel industry saw positive but below expected first quarter results, reported STR, Hendersonville, Tenn.

Dealmaker: Hunt Real Estate Capital Provides $25M for Multifamily

Hunt Real Estate Capital, New York, provided $24.5 million in Fannie Mae and Freddie Mac financing for multifamily assets in Maryland and Arizona.

MBA News

MISMO Spring Summit June 3-7 in Milwaukee; Registration Now Open

Registration is now open for the MISMO Spring Summit, taking place June 3-7 at the Pfister Hotel in Milwaukee.

MBA Compliance Essentials Loan Originator Compensation Webinar Apr. 30

MBA Education and Compliance Essentials present a webinar, Loan Originator Compensation--Guidance and Q&A, on Tuesday, Apr. 30 from 2:00-3:30 p.m. ET.

MBA Education School of Mortgage Banking III in D.C. June 11-14

MBA Education presents its School of Mortgage Banking Course III June 11-14 at MBA headquarters in Washington, D.C.

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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