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Volume 18 | Issue 152 | Wednesday, August 07, 2019

The Lede


Mortgage Applications Rise in MBA Weekly Survey

Mortgage applications, fueled by an uptick in refinancings, increased for the first time in more than a month as key interest rates fell to three-year lows, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending August 2.


Top National News

Ocwen: Profitability May Still Be a Year Away

National Mortgage News, Aug. 6, 2019--Bonnie Sinnock (subscription)
Steeper rate declines contributed to a deeper quarterly net loss at Ocwen Financial, forcing it to extend its timeline for returning to profitability.

New York Sues Rent-to-Own Operator Vision Property Management for Predatory Lending

HousingWire, Aug. 6, 2019--Ben Lane
The New York Department of Financial Services and New York Attorney General Letitia James sued Vision Property Management and the company's CEO, Alex Szkaradek, for allegedly operating an "illegal, unlicensed mortgage-lending business profiting from predatory subprime home loans at the expense of some of the most vulnerable New Yorkers."

Down Payment Issues Lead Millennials to Seek FHA Mortgages

National Mortgage News, Aug. 6, 2019--Brad Finkelstein (subscription)
FHA insured three-quarters of the mortgages obtained by millennial homebuyers as most had trouble saving up for a 20% down payment, according to a study by online financial marketplace LendEDU.

Moody's Predicts Rise in Lender Profits

HousingWire, Aug. 6, 2019--Jessica Guerin
A recent report from Moody's revealed that banks reported a 0% net change in residential mortgage underwriting standards in the second quarter of 2019. And, with interest rates falling, it expects standards to "remain stable and possibly to tighten modestly."

U.S. Labor Market Slowing as Job Openings, Hiring Fall

Reuters, Aug. 6, 2019--Lucia Mutikani
U.S. job openings and hiring fell in June, suggesting that demand for labor was cooling in tandem with a slowing economy, which could provide another reason for the Federal Reserve to cut interest rates again next month.

One Reason Housing is So Expensive in California? Cities, Counties Charge Developers High Fees

Los Angeles Times, Aug. 6, 2019--Liam Dillon
A long-awaited study detailing how much cities and counties charge developers to build housing in California found that such costs are often hidden, vary widely across the state and have slowed growth.

Residential Finance News

MISMO Hires Jonathan Kearns as Vice President of Technology

MISMO, the mortgage industry's standards organization, hired Jonathan Kearns as Vice President of Technology.

CoreLogic, Redfin Report Modest June Home Price Gains

Reports from CoreLogic, Irvine, Calif, and Redfin, Seattle, saw June home prices rise modestly.

Commercial/Multifamily News

CBRE: Lending Momentum Index Jumps 20.8% YOY

CBRE, Los Angeles, reported commercial real estate lending activity gained traction in the second quarter following an earlier brief pause amid financial market volatility.

Commercial/Multifamily Briefs

Black Knight, Jacksonville, Fla., and Reonomy, New York, announced an agreement to incorporate Black Knight property record data into Reonomy's commercial real estate platform.

Dealmaker: Arbor Funds $60M for Three Multifamily Properties

Arbor Realty Trust, Uniondale, N.Y., funded $59.7 million in multifamily refinance and acquisition loans.

MBA News

mPowering You: MBA's Summit For Women in Real Estate Finance in Austin Oct. 26

mPowering You: MBA's Summit For Women in Real Estate Finance, takes place Saturday, Oct. 26 at the Austin Convention Center in Austin, Texas.

MBA Expands Path to Diversity Scholarship Program Eligibility to Select Conferences

The Mortgage Bankers Association announced that scholarships awarded under its popular Path to Diversity (P2D) Scholarship Program can now also be used towards six upcoming MBA conferences where attendees can obtain Continuing Professional Education (CPE), Continuing Legal Education (CLE) or Society of Human Resource Management (SHRM) credits. The scholarships were previously only available for courses offered by MBA Education.

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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