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Volume 18 | Issue 79 | Wednesday, April 24, 2019

The Lede


CFPB Changes Civil Investigative Demands Policy

The Consumer Financial Protection Bureau yesterday announced Mortgage Bankers Association-supported changes to its Civil Investigative Demands policies to ensure they provide more information about the potentially wrongful conduct under investigation.


Top National News

Spring Housing Check

MBA Chief Economist Mike Fratantoni appears on CNBC's Worldwide Exchange to discuss housing market trends, the economy and the latest MBA forecast.

GE's WMC Mortgage Unit, Felled By Financial Crisis, Files Chapter 11 Bankruptcy

Reuters, Apr. 23, 2019--Jonathan Stempel
General Electric Co on Tuesday put the remnants of its WMC Mortgage unit into bankruptcy, 11 days after paying a $1.5 billion U.S. fine over defective subprime mortgages issued by WMC before the 2008 financial crisis.

Mortgage Industry Zeros In on Two Technologies to Improve Processes

National Mortgage News, Apr. 23, 2019--Elina Tarkazikis (subscription)
Nearly 63% of senior mortgage executives named application programming interfaces as being most likely to streamline processes, while 62% tapped document management or optical character recognition, according to Fannie's first-quarter Mortgage Lender Sentiment Survey.

Wall Street Tells Mortgage Buyers Wider Spreads Are a Point of Entry

Bloomberg, Apr. 23, 2019--Christopher Maloney
Analyst teams at Morgan Stanley and J.P. Morgan have raised their recommendations on the agency mortgage-backed securities sector following the recent widening of mortgage spreads.

Flagstar's Mortgage Revenue Boosts First-Quarter Earnings

National Mortgage News, Apr. 23, 2019--Paul Centopani (subscription)
Even after integrating the 52 Wells Fargo branches acquired in December as part of its efforts to diversify beyond home lending, Flagstar Bancorp's first-quarter earnings were driven by increased mortgage revenue.

Homebuilder Pulte Pins Hope on Lower Mortgage Rates, Home Prices

Reuters, Apr. 23, 2019--Sanjana Shivdas
PulteGroup said Tuesday it expects homebuyers to return to the market after slowing demand in the second half of 2018, spurred by lower prices across its portfolio and easing mortgage rates.

Victims of Reverse Mortgage Scam Want Protection from Ditech Bankruptcy

HousingWire, Apr. 23, 2019--Jessica Guerin
Homeowners have claims regarding their reverse mortgages with Reverse Mortgage Solutions, a Ditech subsidiary that that was either the lender or servicer on the loans that were part of an alleged scheme. But now, Ditech is in the midst of a bankruptcy that might impact these fraud victims.

Residential Finance News

Mortgage Applications Down Again in MBA Weekly Survey

Mortgage applications fell for the third straight as interest rates continued to edge higher, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending April 19.

March New Home Sales Up 4.5%

HUD and the Census Bureau yesterday reported March new home sales rose by 4.5 percent from February and by 3 percent from a year ago.

Commercial/Multifamily News

Office Vacancies Drop Ahead of Expected Supply Wave

The office market remains broadly in an "expansionary" mode, with tenants driving 14 million square feet of net absorption in the first quarter, reported JLL, Chicago.

Dealmaker: Marcus & Millichap Capital Corp. Arranges $51M for Multifamily

Marcus & Millichap Capital Corp., Calabasas, Calif., arranged $50.5 million to refinance two southern California 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 School of Mortgage Banking II May 14-17 in Chicago

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

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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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