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Volume 18 | Issue 27 | Friday, February 08, 2019

The Lede

 

Luxury Home Sales Decline for 1st Time in 2 Years; Home Sales at Asking Price Fall to Two-Year Low

Redfin, Seattle, said luxury home sales fell by nearly 4 percent annually in the fourth quarter , the first year over year drop in more than two years.

 

Top National News

 
Mortgage Rates Tumble to 10-Month Low

Washington Post, Feb. 7, 2019--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 4.41 percent with an average 0.4 point. It was 4.46 percent a week ago and 4.32 percent a year ago. The 30-year fixed rate hasn't been this low since early April. (MBA mention)

Mortgage Credit Jumped in January as Lenders Adjusted to End of HARP

Mortgage Orb, Feb. 7, 2019--Patrick Barnard
Mortgage credit availability increased 2.3% in January compared with December to reach a score of 179.0 on the Mortgage Bankers Association's Mortgage Credit Availability Index.

BB&T-SunTrust: Three Big Questions

American Banker, Feb. 7, 2019--Paul Davis (subscription)
BB&T finally scored the type of deal it has coveted for nearly two decades--a massive acquisition that puts it one step closer to becoming a top-five bank.

Congress Must Act in Wake of Massive Mortgage Data Breach

Orange County Register, Feb. 7, 2019--Jeff Lazerson
Following a data breach involving mortgage firms, borrowers are torn between protecting their privacy and divulging data needed to get their loan approved.

Wells Fargo Suffers Widespread Outage of Online, Mobile Banking

HousingWire, Feb. 7, 2019--Ben Lane
Early Thursday morning, "Wells Fargo" began trending on social media as people complained that they could not get access to their Wells Fargo banking information, use their debit cards, or pay their mortgages.

Fewer Consumers Say Home Prices, Mortgage Rates Will Grow in 2019

National Mortgage News, Feb. 7, 2019--Elina Tarkazikis (subscription)
Consumers have higher household incomes and more faith in cooling home price and mortgage rate growth than they did a year ago, which could allude to a stabilized housing market in 2019, according to Fannie Mae.

Bankruptcy Judge Says He Will Approve Lampert Purchase of Sears

Wall Street Journal, Feb. 7, 2019--Lillian Rizzo (subscription)
A bankruptcy judge said Thursday he would approve Edward Lampert's bid to purchase Sears Holdings Corp., a decision that will keep the doors open at more than 400 stores and see 45,000 people keep their jobs.

Residential Finance News

 
Seniors Aging in Place Keep 1.6 Million Housing Units Off Market

Freddie Mac, McLean, Va., said seniors choosing to age in place is a significant contributing factor in the shortage of available homes for young adults buying their first homes.

Closing Disclosures Continue to Cause Mortgage QC Trouble in 2018

A study from MetaSource, Salt Lake City, said closing disclosures and other requirements imposed by the Consumer Financial Protection Bureau's late 2015 enhanced disclosure rules continue to pose quality control challenges.

Commercial/Multifamily News

 
CMBS Delinquency Rate Falls to Post-Crisis Low

The commercial mortgage-backed securities delinquency rate began the year the way it concluded 2018: by dropping again, reported Trepp, New York.

Dealmaker: Sumitomo Corp. Purchases SPS Tower in Downtown Minneapolis for $144M

Sumitomo Corp. of Americas, New York, purchased 31-story office building SPS Tower in Minneapolis' central business district for $144 million.

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 Compliance Essentials State Mortgage Servicing Rules Deep Dive Workshop Feb. 25

MBA Education and the Compliance Essentials program present State Mortgage Servicing Rules Deep Dive Workshop on Feb 25 at the Hyatt Regency Orlando in conjunction with the MBA National Mortgage Servicing Conference & Expo.

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 jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.