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Volume 18 | Issue 22 | Friday, February 01, 2019

The Lede


MBA Offers Recommendation to FHFA on Federal Home Loan Banks Proposed Rule

The Mortgage Bankers Association, in a letter to the Federal Housing Finance Agency, said it supported the agency's proposed rule to amend existing Federal Home Loan Bank housing goals but urged agency to monitor the rule's impact on the FHLB Acquired Member Assets programs.


Top National News

Mortgage Rates Creep Up But 'Bigger Moves are on The Horizon'

Washington Post, Jan. 31, 2019--Kathy Orton
After holding steady for nearly a month while awaiting a resolution to the federal government shutdown, fixed mortgage rates cautiously crept up this week. The Mortgage Bankers Association said mortgage applications continued to pull back.

Ben Carson Poised to Assert New Control Over New York's Housing Plans

CityLab, Jan. 31, 2019
HUD Secretary Ben Carson will announce a federal monitor to oversee the New York City Housing Authority, but he will stop short of placing the troubled agency under federal receivership, a source familiar with the negotiations said.

Homeowners in Government Mortgage Programs Remain at Risk of Unnecessary Foreclosures

The Hill, Jan. 31, 2019--Lisa Sitkin, Odette Williamson
The authors say one aspect of the recent government shutdown that has received too little attention is that it significantly increased the risk that thousands of struggling homeowners across the nation would lose their homes.

GE Agrees to Settle DoJ Subprime Mortgage Case for $1.5bn

Financial Times, Jan. 31, 2019--Ed Crooks (subscription)
General Electric‘s new boss took a first step towards ending years of upheaval that has drove the conglomerate from the top tier of American companies, announcing strong revenue growth and a $1.5 billion settlement in a longstanding probe into its role in the 2008 financial crisis.

Study Details Savings Needed by Generation Z for 2031 Home Purchase

National Mortgage Professional, Jan. 31, 2019--Phil Hall
Today's 18-year-old will need to save $304 every month for the next 12 years in order to accumulate the 10 percent downpayment, plus closing costs, needed to buy a median-priced home, according to a new analysis.

FHFA Names New Chief of Staff

HousingWire, Jan. 31, 2019--Jessica Guerin
The Federal Housing Finance Agency has named John Roscoe its new chief of staff. Roscoe currently serves as special assistant to the president in the White House Office of Presidential Personnel.

How Many More Store Closures Are Expected in 2019?

National Real Estate Investor, Jan. 31, 2019--Liz Wolf
Overall retail vacancy is likely to remain flat, but sizeable store closures will likely continue.

Consider a Bridge Loan to Avoid a Fire Sale

Orange County Register, Jan. 31, 2019--Jeff Lazerson (MBA mention)
Typically, swing loans are either second liens against your home or new first liens (must refinance any existing first into this loan), due in less than one year. There are no prepayment penalties, and the monthly repayment is interest-only (not principal and interest).

Residential Finance News

'Housing is a Bipartisan Issue'

SAN FRANCISCO--The political climate in Washington, D.C., is unlike anything seen even in recent years. "You can't make this stuff up," said MBA Senior Vice President of Legislative and Political Affairs Bill Killmer.

HUD/Census Report November New Home Sales Jump 17%

Catching up from the recent partial government shutdown, sort of, HUD and the Census Bureau yesterday reported new home sales in November jumped by 17 percent from October, the strongest performance since last March.

ATTOM: Average U.S. Home Seller Profits Hit 12-Year High

ATTOM Data Solutions, Irvine, Calif., said home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006.

Loan Defects Rise for 4th Straight Month

First American Financial Corp., Santa Ana, Calif., said its Loan Application Defect Index rose in December, the fourth consecutive monthly increase, but remains below historical levels.

Commercial/Multifamily News

'Implausible' Retail to Warehouse Conversions Emerging

Shuttered retail real estate assets can find new life as warehouses and e-commerce distribution centers, reported CBRE, Los Angeles.

Dealmaker: Hall Structured Finance Lends $38M For Reverb Hotel, Atlanta

Hall Structured Finance, Dallas, closed a new first lien construction loan totaling $37.5 million for a Reverb Hotel in downtown Atlanta.

MBA News

MBA State & Local Workshop Apr. 1-2

The Mortgage Bankers Association's popular annual State & Local Workshop takes place Apr. 1-2 at the Capital Hilton in Washington, D.C.

MBA Education Advanced Servicing Workshop in Orlando Feb. 25

MBA Education presents its Advanced Servicing One-Day Workshop on Monday, Feb. 25 at the MBA National Mortgage Servicing Conference & Expo in Orlando, Fla.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

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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