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Volume 18 | Issue 153 | Friday, August 09, 2019

The Lede


Fannie Mae, Freddie Mac Postpone URLA

Fannie Mae and Freddie Mac yesterday announced a delay to the Feb. 1, 2020 implementation date for the redesigned Uniform Residential Loan Application and automated underwriting system implementations.


Top National News

Mortgage Rates Plunge to Their Lowest Levels in 33 Months

Washington Post, Aug. 8, 2019--Kathy Orton
Driven down by worries about a trade war with China, mortgage rates have sunk to multiyear lows, which caused mortgage applications to pick up. According to the latest data from the Mortgage Bankers Association, the market composite index--a measure of total loan application volume--increased 5.3 percent from a week earlier.

Mortgage Credit Availability Slightly Lower

National Mortgage Professional, Aug. 8, 2019--Phil Hall
The mortgage credit availability declined slightly last month, according to the Mortgage Credit Availability Index report published by the Mortgage Bankers Association.

Homeowners Rush to Refinance, Thanks to Falling Yields

Wall Street Journal, Aug 8, 2019--Matt Wirz, Christina Rexrode, Rachel Louise Ensign (subscription)
Falling bond yields have pushed mortgage rates to their lowest level in nearly three years, spurring a rush by homeowners to refinance.

What Prevents Non-QM Loans From Closing? The Devil is in the Details

National Mortgage News, Aug. 8, 2019--Bonnie Sinnock (subscription)
More applications for non-QM loans might close if lenders and originators beefed up efforts to address missing or outdated information, according to a new Computershare study.

New FHA Cash-Out Refi Rule Curbs Financing for Moderate-Income Borrowers

Orange County Register, Aug. 8, 2019--Jeff Lazerson
Ticktock. You have until Aug. 31 to cash out up to 85% of your property's value by refinancing your Federal Housing Administration loan. Starting Sept. 1, new rules kick in limiting FHA cash-out refinancing to 80% of your property's value. (MBA mention)

CFPB Study Shows Alternative Credit Models Lead to More Loans, Cheaper Loans

HousingWIre, Aug. 8, 2019--Ben Lane
According to the Consumer Financial Protection Bureau, Upstart Network's credit underwriting model uses traditional underwriting data like borrowers' income and assets, along with various categories of alternative data, including information related to borrowers' education and employment history.

Economists See Greater Chance of September Rate Cut, WSJ Survey Says

Wall Street Journal, Aug. 8, 2019--Harriet Torry (subscription)
Private-sector economic forecasters surveyed in recent days by The Wall Street Journal on average saw a 63.9% probability for a rate cut at the Fed's Sept. 17-18 meeting, up from 49.8% in the prior month's survey.

Zillow Group Slows Hiring for Mortgage Division Following Delayed Software Rollout

GeekWire, Aug. 8, 2019--Nat Levy
CEO Rich Barton said on a call with investors that Zillow has slowed hiring of mortgage officers as it continues to test the software and work out the kinks.

Can the American Dream Mega-Mall Succeed in a Changing Retail World?

National Real Estate Investor, Aug. 8, 2019--Liz Wolf
The $5 billion American Dream mall project in New Jersey is betting big on entertainment components. Can it succeed?

Residential Finance News

As Rates Drop, Millennials Look to Refinance

Ellie Mae, Pleasanton, Calif., said a "dramatic" drop in mortgage interest rates has led to an active refinance market for Millennials.

Redfin: Bidding War Slide Continues

Redfin, Seattle, reported just 11 percent of offers nationwide faced a bidding war in July, down from more than 45 percent a year earlier, the lowest rate of bidding wars since at least 2011.

Commercial/Multifamily News

Office Sector Well-Positioned for Slowing Economy

The office sector should likely remain resilient despite moderating U.S. economic growth, said Transwestern, Houston.

Dealmaker: Raleigh, N.C. Office Tower Changes Hands for $138M

Preferred Office Properties, Atlanta, acquired CapTrust Tower in Raleigh, N.C., from KBS, Newport Beach, Calif.

MBA News

MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

Upcoming MBA School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II in several locations this summer and fall.

mPact: MBA's Network for Young Professionals

mPact is MBA's network for young professionals in the real estate finance industry. Join a community of your peers, share your experiences with others online, network with industry insiders, hone your skills or have a voice in the future of real estate finance.

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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