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Volume 18 | Issue 68 | Tuesday, April 09, 2019

The Lede


MBA: March New Home Purchase Applications Up 19%

Mortgage applications for new home purchases in March jumped by 19 percent from February and by 7 percent from a year ago, the Mortgage Bankers Association reported this morning.


Top National News

Low Mortgage Rates May Drive Home Purchase Lending to 14-Year High

HousingWire, Apr. 8, 2019--KK Howley
Freddie Mac is expecting a gain of 1.5% for total mortgage lending, according to its March mortgage finance forecast. The Mortgage Bankers Association pegs the increase at 1%, and Fannie Mae expects a drop of about half a percentage point.

Lender Initiatives to Recruit and Retain a More Diverse Workforce

National Mortgage Professional, Apr. 8, 2019--Brooke Mulder
The author, with MortgageHippo, discusses diversity and inclusion strategies. (MBA mention; NAMMBA mention; mPower mention)

Libor is Going Away. What Does that Mean for Your Mortgage?

WTOP (Washington, D.C.), Apr. 8, 2019--Jeff Clabaugh
Lenders have wanted to move away from Libor for many years because of its thin representation of surveyed banks responding to determine the state of interest rates. "The Federal Reserve System has led a conversation in the U.S. with financial market participants," said Mike Fratantoni, chief economist at the Mortgage Bankers Association.

Quicken Loans, DOJ Sent to Mediation in Ongoing Battle over FHA Loan Violations

HousingWire, Apr. 8, 2019--Ben Lane
Nearly four years after the legal battle between Quicken Loans and the Department of Justice began, the case may finally be decided in court later this year. But not before the parties give settling the matter at least one more try.

Fed Proposes Easing Post-Crisis Rules for Big Banks

Washington Post, Apr. 8, 2019--Renae Merle
The Federal Reserve Board on Monday proposed easing key post-crisis regulations for the country's biggest banks, despite concerns from one member that the proposal goes too far.

How Wells Fargo's Regulators and Employees Drove Out its CEO

Reuters, Apr. 9, 2019--Imani Moise, Pete Schroeder
Tim Sloan's departure was at least partly the result of the board's conclusion that Sloan had failed to convince regulators that he could transform the bank and rally a staff that had low confidence in its leadership, according to a source with knowledge of the board's thinking.

Deutsche Bank, the DOJ and How $4B in Aid to Distressed Homeowners Evaporated

American Banker, Apr. 8, 2019--Kevin Wack (subscription)
The multi-billion dollar settlement did not actually require Deutsche to offer any loan modifications; they were merely one option on a menu of choices available to the bank. And after initially pledging to provide modifications, Deutsche Bank recently backed out of that plan, saying that it would instead fulfill its settlement obligations by financing new mortgages, some of which have gone to wealthy borrowers.

CMBS Delinquencies Rise as Late Payments on Retail Properties Increase

National Mortgage News, Apr. 8, 2019--Brad Finkelstein (subscription)
The commercial mortgage-backed securities delinquency rate increased for the first time since October, led by a 31-basis-point rise in late payments for loans secured by retail properties, Fitch Ratings said.

Making Home Sales Quick and Easy

Mortgage Media, Apr. 8, 2019
San Francisco-based start-up Opendoor has caught some significant momentum in the real estate market, with a target to be in 50 markets by next year. Vice President Dod Fraser thinks that's quite likely.

Residential Finance News

January Delinquency, Foreclosure Rates Lowest in 20 Years

CoreLogic, Irvine, Calif., said just 4 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in January, the lowest this century.

Fannie Mae: Housing Sentiment Surges in Time for Spring

Fannie Mae, Washington, D.C., said its Home Purchase Sentiment Index jumped in March to its highest point since last June.

Commercial/Multifamily News

4Q Apartment Investment Index Falls as Interest Rates Rise

The apartment market investment environment deteriorated in late 2018 after stabilizing in the third quarter, Freddie Mac Multifamily reported Monday.

Dealmaker: Eastern Union Arranges $26M Bridge Loan for Houston Multifamily

Eastern Union, New York, secured a $26 million bridge loan to acquire and redevelop Park Texas Apartments, a 587-unit Houston multifamily property.

MBA News

MBA Document Custody Workshop June 20

The Mortgage Bankers Association's popular Document Custody Workshop takes place Thursday, June 20 at the Ritz-Carlton Tysons Corner in McLean, Va.

MBA Education UMBS and Your Business: Best Practices for Readiness Webinar Apr. 10

MBA Education presents a webinar, UMBS and Your Business: Best Practices for Readiness Webinar, on Wednesday, Apr. 10 from 2:00-3:30 p.m. ET.

MBA Education School of Mortgage Banking I in Chicago May 14-17

MBA Education presents its popular School of Mortgage Banking Course I May 14-17 in Chicago.

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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