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Volume 18 | Issue 69 | Wednesday, April 10, 2019

The Lede


Mortgage Applications Drop in MBA Weekly Survey

Mortgage applications fell for only the second time in two months last week as interest rates crept slightly higher, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending April 5.


Top National News

New-Home Loan Apps Suggest Spring Buying Will Be Better this Year

National Mortgage News, Apr. 9, 2019--Brad Finkelstein (subscription)
Loan applications for newly constructed properties accelerated going into this year's peak home buying season, contrasting with the weakness seen in the market a year ago, according to the Mortgage Bankers Association.

House Flipping Is Back to Pre-Crisis Levels. Here's Why It's Less of a Concern

Wall Street Journal, Apr. 9, 2019--Laura Kusisto (subscription)
House flipping is back to nearly the same level it was around the 2006 peak of the housing boom, when it became a symbol of the rampant speculation that soared before the bubble burst. But a new analysis from CoreLogic Inc. suggests most of the current flips are less risky than those more than a decade ago, making today's flippers less likely to cause market volatility if prices decline in the next few years.

Chipping Away at the Mortgage Deduction

Wall Street Journal, Apr. 9, 2019--William G. Gale (subscription)
The author says less than half as many American taxpayers are claiming the mortgage-interest deduction for 2018 as did the year earlier. "With any luck, the 2017 tax overhaul will prove to be only the first step toward eventually replacing the century-old housing subsidy with a more effective program."

U.S. Non-Bank Mortgage Lenders Come Under Scrutiny

Financial Times, Apr. 9, 2019--Sam Fleming, Joe Rennison (subscription)
Ginnie Mae, a U.S. government agency that guarantees payments on $2 trillion of U.S. mortgage-backed securities, is advancing proposals that would require non-bank mortgage lenders to compile "living wills"--documents that dictate how to keep their operations running if they get into trouble.

Agencies Near Consensus on Key Elements of CRA Reform

American Banker, Apr. 9, 2019--Rachel Witkowski (subscription)
Senior officials at the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve briefed industry leaders at a conference last week on their discussions, providing further signs of momentum in efforts to develop an interagency CRA proposal.

Mnuchin, Waters Engage in Angry Exchange with Cameras Rolling on Capitol Hill

Washington Post, Apr. 9, 2019--Damian Paletta, Erica Warner
Treasury Secretary Steven Mnuchin and House Financial Services Committee Chairwoman Maxine Waters, D-Calif., engaged in a fierce clash Tuesday, squaring off amid rising antagonism between the White House and congressional Democrats.

Senate Republicans Skeptical of Cain's Fed Confirmation Chances

Wall Street Journal, Apr. 9, 2019--Paul Kiernan, Kristian Peterson, Siobhan Hughes (subscription)
Senate Republicans sounded increasingly doubtful Tuesday about the prospects of confirming President Trump's latest pick for the Federal Reserve Board, former GOP presidential candidate Herman Cain.

Ben Carson Bashes 'Imaginary Belief' that HUD Aims to Dismantle Fair Housing Protections

HousingWire, Apr. 9, 2019--Jessica Guerin
Ben Carson said his critics have it all wrong--he is not trying to unravel the fair housing rules put into play by the Obama administration, he is trying to uphold them.

U.S. Job Openings Hit 11-Month Low; Quits Rate Stagnates

Reuters, Apr. 9, 2019--Lucia Mutikani
U.S. job openings dropped to an 11-month low in February and hiring decreased, which could partially explain a sharp slowdown in job growth during that month.

Residential Finance News

NAHREP: Hispanics Largely Responsible for Increase in Homeownership in Past Decade

The National Association of Hispanic Real Estate Professionals said Hispanics accounted for nearly 40 percent of U.S. household formation and nearly 63 percent of the increase in homeownership in the past 10 years.

Sellers to Spend Nearly $21,000 to Sell Home This Year

Home sellers could spend $20,851 on average to sell their homes, including closing costs, but also improvements and other projects made when people are preparing their homes for sale, said a report from Zillow and Thumbtack.

Commercial/Multifamily News

CMBS Delinquency Rate Increases For a Change

The commercial mortgage-backed securities delinquency rate did something rarely seen recently: it increased.

Dealmaker: JLL Secures $282M in New York

JLL, Chicago, arranged $281.7 million for New York office and multifamily properties.

MBA News

MBA Legal Issues & Regulatory Compliance Conference in New Orleans May 5-8

The Mortgage Bankers Association's Legal Issues & Regulatory Compliance Conference takes place May 5-8 at the Hyatt Regency New Orleans.

MBA Education UMBS and Your Business: Best Practices for Readiness Webinar Today

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

MBA School of Loan Origination I Begins Apr. 22

MBA Education presents its popular School of Loan Origination instructor-guided online course from Apr. 22-May 16.

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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