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Volume 18 | Issue 75 | Thursday, April 18, 2019

The Lede

 

MBA Report: IMB 2018 Profits Dip

Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $367 on each loan they originated in 2018, down from $711 per loan in 2017, the Mortgage Bankers Association reported yesterday.

 

Top National News

 
Weekly Mortgage Applications for Homebuyers Hit Highest Level in 9 Years

CNBC, Apr. 17, 2019--Diana Olick
Mortgage applications to purchase a home rose 1% last week from the previous week and were 7% higher than a year ago. Purchase applications reached their highest level since April 2010.

Mortgage Investors Keep a Wary Eye on Surging Home Purchases

Bloomberg, Apr. 17, 2019--Christopher Maloney
While mortgage bond investors benefited from a dearth of net issuance during the first quarter, the supply drought may be coming to an end. (MBA mention)

Same-Sex Couples Applying for a Mortgage face Higher Rejection and Worse Rates, Study Finds

Washington Post, Apr. 17, 2019--Hamza Shaban
Gay couples were 73 percent more likely to be denied a mortgage than heterosexual couples with the same financial worthiness, according to an analysis of national mortgage data from 1990 to 2015. The study, published Tuesday in the Proceedings of the National Academy of Sciences, also found that when same-sex couples were approved for a home loan, they were given inferior terms. On average, they paid 0.2 percent more in interest and fees, which adds up to as much as $86 million a year, the researchers said.

Kraninger Outlines Her Vision of a Revamped CFPB

National Mortgage News, Apr. 17, 2019--Neil Haggerty (subscription)
The Consumer Financial Protection Bureau should be focused on preventing consumer harm rather than merely handing fines against companies, Director Kathy Kraninger said Wednesday.

Cain Insists He Will Pursue Fed Seat

National Mortgage Professional, Apr. 17, 2019--Phil Hall
Herman Cain has refuted press reports that he was planning to withdraw from consideration for a position on the Federal Reserve Board, despite reportedly not having enough Senate votes for confirmation.

Debunking the Myth That Small-Dollar Mortgages are Riskier

Urban Institute, Apr. 17, 2019--Alanna McCargo, Sara Strochak
The authors found data show that small-dollar mortgage borrowers have comparable credit profiles to borrowers of midsize mortgages and that the loans perform similarly.

Commercial, Mortgage, Card Lending Rise at U.S. Bancorp

American Banker, Apr. 17, 2019--Laura Alix (subscription)
Growth in commercial lending, mortgage lending and some payments businesses helped U.S. Bancorp match profit expectations for the first quarter.

JPMorgan Shuffles Roles at Top

Wall Street Journal, Apr. 17, 2019--David Benoit (subscription)
JPMorgan Chase & Co. put two women with decades of experience at the bank at the top of the list to one day succeed James Dimon as chief executive.

Real Estate Startup Reali Acquires Online Lender Lenda, Expands into Mortgages

HousingWire, Apr. 17, 2019--Ben Lane
Reali, a flat-fee real estate startup that operates in California, is following the path laid out by other tech-focused real estate companies like Zillow, Redfin, and Opendoor and getting into the mortgage business. Reali announced Wednesday that it acquired Lenda, an online mortgage lender that launched in 2013 and currently operates in 12 states.

Residential Finance News

 
First American: Affordability Rising in Time for Home Buying Season

First American Financial Corp., Santa Ana, Calif., said rising home affordability is benefiting home buyers at a key point of the spring home buying season.

Residential Briefs

Calyx Software, Dallas, announced that Path, its cloud-based mortgage loan origination software is now integrated with Land Gorilla, a construction loan management software provider.

Commercial/Multifamily News

 
Situs RERC: Declining Investment Conditions for Many Property Types

More signs point to a possible commercial real estate downturn in the next 12 months or so, said Situs RERC, Houston.

Dealmaker: Bellwether Enterprise Closes $44M in Retail, Office and Mixed-Use Loans

Bellwether Enterprise Real Estate Capital, Cleveland, closed four loans totaling $44.2 million for retail, office and mixed-use properties in Louisiana, Tennessee and North Carolina.

MBA News

 
MBA National Secondary Market Conference & Expo May 19-22

The Mortgage Bankers Association's National Secondary Market Conference & Expo returns to the New York Marriott Marquis May 19-22.

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.

Call for Speakers: MBA Condominium Lending Workshop

The Mortgage Bankers Association's Condominium Workshop takes place July 18 in Washington, D.C. Speaking opportunities are available; deadline is May 17.

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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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 mba.org.