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Volume 18 | Issue 36 | Friday, February 22, 2019

The Lede


Existing Home Sales Drop 3rd Straight Month to 3-Year Low

Existing home sales fell to their lowest level since 2015 in January, the third consecutive monthly drop, the National Association of Realtors reported yesterday.


Top National News

Interview with Mike Fratantoni, Chief Economist, Senior Vice President, Research and Industry Technology, Mortgage Bankers Association

Radding's Report, Feb. 21, 2019 (podcast)
Radding's Rapport welcomes Mike Fratantoni to share his views on current economic trends.Mike is MBA's Chief Economist and Senior Vice President of Research and Industry Technology.

Mortgage Rates Fall for the Third Week in a Row

Washington Post, Feb. 21, 2019--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dipped to 4.35 percent with an average 0.5 point. It was 4.37 percent a week ago and 4.40 percent a year ago. The 30-year fixed rate has fallen 16 basis points since the first of the year. (MBA mention)

Addressing the Outcomes of Nonjudicial Foreclosure

DS News, Feb. 21, 2019--Donna Joseph
On Wednesday, the Legal League 100 held a webinar that explored the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and the impact of these outcomes on both the mortgage industry and the legal professionals supporting it. (MBA mention)

Senate Panel Sets Vote on Calabria Nomination for FHFA

American Banker, Feb. 21, 2019--Neil Haggerty (subscription)
The Senate Banking Committee will vote Tuesday on Mark Calabria's nomination to succeed Mel Watt as director of the Federal Housing Finance Agency.

Zillow CEO Rascoff Steps Down so Barton Can Lead Moonshot Effort

Bloomberg, Feb. 21, 2019--Patrick Clark
Zillow Group Inc., the housing search website pursuing an ambitious plan to buy homes and originate mortgages, said CEO Spencer Rascoff is handing the reins to Executive Chairman Rich Barton, who co-founded the company in 2005.

TIAA Bank Exiting Retail Mortgage Lending, Selling to U.S. Bank

HousingWire, Feb. 21, 2019--Ben Lane
As part of the "realignment," TIAA Bank will "transition" out of its retail branch mortgage business and "concentrate on originating home mortgage loans directly, particularly through its existing digital capabilities that provide an exceptional client experience," the bank said in a statement.

Through Acquisition, M&T Bank Expands Mortgage Servicing Business

Buffalo Business First, Feb. 21, 2019--Alissa Kline
According to a regulatory filing, the Buffalo-based lender agreed to pay $146 million for the right to service a residential mortgage loan portfolio with an outstanding balance of $13.3 billion.

FHA Expands Affordable Housing Pilot Program

National Mortgage News, Feb. 21, 2019--Hannah Lang (subscription)
The Federal Housing Administration is expanding a pilot program to streamline mortgage insurance applications for affordable housing developments, HUD announced Thursday.

U.S. Banks Record $59.1 Billion in Profits in Fourth Quarter of 2018

Reuters, Feb. 21, 2019--Pete Schroeder
The U.S. banking sector recorded $59.1 billion in profits in the fourth quarter of 2018, down slightly from the third quarter's record level but still up significantly from the prior year, according to data from the Federal Deposit Insurance Corp.

New Loan Allows 85% Cash Out with Less Documentation

Orange County Register, Feb. 21, 2019--Jeff Lazerson
Self-employed borrowers now can qualify more easily for second fixed-rate loans.

Residential Finance News

January Refi Volume Jumps

Ellie Mae, Pleasanton, Calif., said home refinances jumped to 35 percent of originations in January, buoyed by lower holiday volume and lower interest rates.

RE/MAX: Housing Inventory Posts Record Increase as Declining Sales Extend to Sixth Month

RE/MAX, Denver, said January home sales declined for the sixth consecutive month, contributing to the largest year-over-year inventory increase in at least 10 years.

Commercial/Multifamily News

Economy, Inflation Pressure Hotel Sector

Slower economic expansion and inflation will likely pressure hotel margins and revenue per available room this year and next, reported S&P Global Ratings, New York.

Dealmaker: HFF, Cushman & Wakefield Secure $284M for Atlanta Office Park

Holliday Fenoglio Fowler, Houston, and Cushman & Wakefield, New York, arranged $284 million in financing for Piedmont Center 14 in Atlanta's Buckhead submarket.

MBA News

MBA Technology Solutions Conference & Expo Mar. 24-27 in Dallas

The Mortgage Bankers Association's Technology Solutions Conference & Expo 2019 takes place Mar. 24-27 at the Hyatt Regency Dallas.

MBA Education School of Mortgage Banking I Apr. 9-12 in San Antonio

MBA Education presents its popular School of Mortgage Banking Course I April 9-12 in San Antonio.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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