Not displaying correctly? View in a browser
Volume 18 | Issue 80 | Thursday, April 25, 2019

The Lede

 

Home Sellers' 1Q Price Gains Average $57,500; Home Tenure Dips

ATTOM Data Solutions, Irvine, Calif., said homeowners who sold in the first quarter realized an average price gain of $57,500 since purchase, representing an average 31.5 percent return on the purchase price.

 

Top National News

 
Weekly Mortgage Applications Fall as the Highest Rates in a Month are Spooking Spring Buyers

CNBC, Apr. 24, 2019--Diana Olick
Overall mortgage application volume fell 7.3% last week from the previous week but was 6.6% higher than a year ago, thanks to stronger refinance volume, according to the Mortgage Bankers Association.

White House Announces Long-Awaited Updates to Opportunity Zone Rules

HousingWire, Apr. 24, 2019--Jessica Guerin
The new rules are intended to make it easier for developers looking to take advantage of the tax breaks promised by investing in Opportunity Zones, and clear up some of the confusion that was holding investors back.

CMBS Market Update

Commercial Property Executive, Apr. 24, 2019--Jeffrey Steele
How will CMBS origination stack up this year? After the first several months of 2019, signs continue to point to a significant decline in volume, though some observers contend the reduction could be less severe than expected. (MBA mention)

OCC Official Tied to Wells Fargo Scandal Lands Role Overseeing MidSize Banks

American Banker, Apr. 24, 2019--Kevin Wack (subscription)
Last year, the former top regulatory official overseeing Wells Fargo stood accused of improperly disclosing sensitive information about a government investigation to the scandal-plagued bank. Now Bradley Linskens is getting a new job at the Office of the Comptroller of the Currency, where he has worked for more than two decades.

Moore Hopeful for Fed Post, but Says He Would Bow Out If He Becomes Liability

Wall Street Journal, Apr. 24, 2019--Paul Kiernan (subscription)
Stephen Moore said he was hopeful about his chances of being nominated and confirmed to the Federal Reserve Board of Governors but would bow out of the process if he became a political liability for the Trump administration or Senate Republicans.

Mortgage Startup Lendesk Acquired by Quicken Loans Parent Company

Betakit (Canada), Apr. 24, 2019--Isabelle Kirkwood
Vancouver-based FinTech announced Rock Holdings, the parent company of U.S.-based Quicken Loans, has acquired a majority stake in the company. The financial terms of the acquisition were not disclosed.

Seven Guilty in Mortgage Fraud Scheme that Tarteged Sacramento's Latino Community

Sacramento Bee, Apr. 24, 2019--Hannah Darden
The defendants worked for the now-defunct Delta Homes and Lending, a Sacramento-based real estate and mortgage lending company. Delta falsified applications for home loans to obtain mortgages for buyers, many of whom did not and could not qualify for loans without the falsified information on their applications.

Massachusetts Mortgage Company Founder Jailed for Defrauding Ginnie Mae Out of $2.5 Million

HousingWire, Apr. 24, 2019--Ben Lane
Court documents show that starting in 2011, Robert Pena began diverting money borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.

Residential Finance News

 
Inventory Growth Fueled by Softening Demand, Not More Sellers

Zillow Inc., Seattle, reported while for-sale home inventory rose in March, fewer new listings have come onto the market in each of the past four months.

Residential Briefs

Freddie Mac, McLean, Va., announced its Investor Reporting Change Initiative will revise Single-Family investor reporting requirements, including moving the investor reporting cycle from mid-month to end-of-month and updating remittance cycles.

Commercial/Multifamily News

 
Senior Housing Investment Outlook Positive Despite Slowdowns

Senior housing investment and construction slowed in early 2019, but investors remain confident in the sector's long-term outlook, said Real Capital Markets, New York.

Newmark Knight Frank Secures $404M Office Refinancing

Newmark Knight Frank, New York, arranged a $404 million floating-rate loan to refinance 32 Old Slip in Manhattan.

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.

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.

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.

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

MBA NewsLink, a daily electronic publication, is a member benefit free to employees of MBA member companies, and available by paid subscription to non-members. For membership information, click here.

If this email has been forwarded to you, please visit our web site to subscribe.

The links at the end of each abstract are to the publisher, publication, or article. Some links may require registration or subscription.

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.