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Volume 18 | Issue 28 | Monday, February 11, 2019

The Lede


2018 Ends on a High Note with a 14 Percent Rise in Commercial/Multifamily Borrowing

SAN DIEGO--A strong final three months of the year helped commercial and multifamily mortgage originations increase by 3 percent in 2018, according to preliminary estimates from the Mortgage Bankers Association's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.


Top National News


MReport, Feb. 8, 2019--Rachel Williams, Krista Franks Brock
Integrity, decisiveness and empowerment. These are the three core qualities of an effective leader, according to Marcia Davies, COO of the Mortgage Bankers Association and creator of mPower, a networking group for women in housing finance, sponsored by MBA.

California Home Purchase Activity Plunges Amid Affordability Crisis

Fox Business, Feb. 8, 2-19--Brittany De Lea
The Mortgage Bankers Association attributes the drop in demand to affordability challenges--as home prices continued to appreciate between 7 percent and 9 percent--and weakening demand for higher-priced homes.

Wells Fargo Loan Officers granted Class Action in Calif. Pay Dispute

National Mortgage News, Feb. 8, 2019--Bonnie Sinnock (free article)
A lawsuit alleging Wells Fargo improperly compensated its California-based mortgage loan officers could have broader ramifications now that it has been granted class certification.

Facing Opposition, Amazon Reconsiders NY Headquarters Site, Two Officials Say

Washington Post, Feb. 8, 2019--Robert McCartney, Jonathan O'Connell, Patricia Sullivan is reconsidering its plan to bring 25,000 jobs to a new campus in New York City following a wave of opposition from local politicians.

CoesterVMS Shuts Down

HousingWire, Feb. 8, 2019--Jacob Gaffney
The office furniture is sold. The website is down. No one answers the phone. Everyone stateside is now laid off. The chief executive officer is currently focused on a new line of work. For all intents and purposes, CoesterVMS, one of the nation's largest appraisal management companies, is now out of business.

Homeowners Planning to Buy Soon are Falling Off the Map

National Mortgage News, Feb. 8, 2019--Elina Tarkazikis (subscription)
The share of home shoppers planning on buying a house within a year tanked in the fourth quarter, and those who are searching blame affordability struggles for their setbacks, according to the National Association of Home Builders.

California Homeowners Face Higher Prices for a Scarce Commodity: Wildfire Insurance

Wall Street Journal, Feb. 10, 2019--Nicole Friedman (subscription)
Californians who want to insure their homes against the next wildfire are paying a price for two years of record-breaking blazes. Home-insurance companies in the Golden State are canceling some policies, refusing to sell new ones in certain areas and applying for rate increases as they look to cut back on wildfire risk.

Hold On to Your Wallet

UExpress, Feb. 8, 2019--Lew Sichelman
Fraud isn't exactly rampant in the mortgage field. But it does happen, perhaps more frequently than you'd think.

Residential Finance News

MBA Advocacy Update

Last week, MBA President and CEO Bob Broeksmit, CMB, participated in a CEO-level panel discussion on housing finance reform. And Comptroller of the Currency and Acting Federal Housing Finance Agency Director Joseph Otting said at a separate event that the Trump administration would prefer to end government control over Fannie Mae and Freddie Mac through legislative action.

Tallman Johnson Joins MBA as Associate Vice President of Legislative Affairs

The Mortgage Bankers Association hired Tallman Johnson as Associate Vice President of Legislative Affairs, responsible for advocating on behalf of MBA's legislative and policy priorities on Capitol Hill, with a primary focus on Republican members of the U.S. Senate.

MBA Chart of the Week: Applications for Home Purchase Loans

This week's chart highlights trends we saw in state level home purchase applications data from our State Mortgage Activity Report.

The Week Ahead

SAN DIEGO--MBA NewsLink comes to you this week from the Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo, the largest gathering of commercial/multifamily professionals in the country.

Commercial/Multifamily News

MBA Forecast: Commercial/Multifamily Originations to Hold Firm in 2019

SAN DIEGO--Steady commercial real estate markets, along with equity and debt availability, are expected to keep commercial and multifamily mortgage originations roughly on par with the volumes seen the past two years, according to the Mortgage Bankers Association's 2019 Commercial/Multifamily Real Estate Finance Forecast.

Dealmaker: Meridian Capital Group Arranges $94M for Condos, Mixed-Use

Meridian Capital Group, New York arranged $94 million for condominium and mixed-use properties in New York and New Jersey.

MBA News

MBA National Secondary Market Conference & Expo May 19-22

The Mortgage Bankers Association's National Secondary Market Conference & Expo returns to the New York Marriott Marquis May 19-22.

MBA School of Mortgage Banking II in D.C. Mar. 5-8

MBA Education presents its popular School of Mortgage Banking Course II Mar. 5-8 at MBA headquarters in Washington, D.C.

MBA Member Advantage Program Adds New Partners

Your MBA membership entitles you to discounts on services such as office supplies, car rental, shipping, employee benefit services and more though our affinity program: MBA Member Advantage.

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

MBA NewsLink, a daily electronic publication, is a member benefit free to employees of MBA member companies, and available by paid subscription to non-members. For membership information, click here.

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