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Volume 18 | Issue 40 | Thursday, February 28, 2019

The Lede


MBA Economic Forecast: 'Slow, Steady Growth' Amid Stronger Headwinds

ORLANDO--U.S. economic growth has been "slow and steady" for the past several years and is expected to stay that way, economists with the Mortgage Bankers Association said Wednesday.


Top National News

Industry Sees Benefits From CFPB Sandbox

Inside Mortgage Finance, Feb. 27, 2019 (subscription)
The mortgage industry would likely benefit from the Consumer Financial Protection Bureau's proposed new policy on its no-action letter and sandbox program,analysts said. (MBA mention)

Weekly Mortgage Applications Jump 5.3% as Lower Rates Seem Here to Stay

CNBC, Feb. 27, 2019--Diana Olick
Mortgage application volume increased 5.3 percent last week from the previous week and was 0.4 percent higher than a year ago, the Mortgage Bankers Association said. Low rates are driving refinance and purchase volume.

Servicers Not Providing Enough 'Wow Factor' to Keep Borrowers Loyal

National Mortgage News, Feb. 27, 2019--Elina Tarkazikis (subscription)
Mortgage servicers are not doing enough to keep borrowers loyal when it comes to the next loan. Only 17% of borrowers will use their same servicer to originate or refinance a mortgage loan, according to the Mortgage Bankers Association.

Industry Evolution with MBA's Chris George at IMB

Mortgage Media, Feb. 25, 2019
"I think we're really at a place right now to take another step in sort of the evolution of the mortgage industry," said chairman Chris George during a discussion with Mortgage Media's SA Ibrahim during the recent Independent Mortgage Bankers Conference.

How Chairman Crapo's Outline for Housing Finance Reform Can Work

Urban Institute, Feb 27, 2019--Jim Parrott, Dave Stevens, Mark M. Zandi
The authors (including former MBA President and CEO) analyze Senate Banking Committee Chairman Mike Crapo, R-Idaho's outline for housing finance reform.

Ocwen Reports $70.8M Loss for 2018

The Mortgage Leader, Feb 27, 2019
Ocwen Financial Corp. reported a net loss of $70.8 million, or $0.53 per share, for the full year 2018 compared to a net loss of $128 million, or $1.01 per share, for the full year of 2017, a $57.2 million improvement.

Powell Says Fed Is Close to Agreement on Plan to End Portfolio Runoff

Wall Street Journal, Feb. 27, 2019--Nick Timiraos (subscription)
Federal Reserve Chairman Jerome Powell said Wednesday the central bank is close to announcing plans for ending the runoff of its $4 trillion portfolio of bonds and other assets this year.

HomeStreet has Potential Buyer for its Mortgage Operations

American Banker, Feb. 27, 2019--Paul Davis (subscription)
HomeStreet in Seattle has agreed to sell its mortgage business to Homebridge Financial Services in Iselin, N.J.

Residential Finance News

MBA Vice Chair: Servicers at 'Front Lines' with Customers

ORLANDO--Mortgage Bankers Association Vice Chair Susan Stewart said mortgage servicers' relationships with their customers are more important than ever.

Pending Home Sales Show Signs of Life

For the first time in a while, pending home sales rose in January, the National Association of Realtors reported yesterday.

Commercial/Multifamily News

CBRE: Cap Rates Remain Stable

Strong economic growth, abundant capital and a favorable supply and demand environment led to broadly stable capitalization rates for U.S. commercial real estate assets in second-half 2018, said CBRE, Los Angeles.

Dealmaker: Inn at the Pier Receives $27M Bridge Loan

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $26.5 million in interim first mortgage debt to refinance the Inn at the Pier in Pismo Beach, Calif.

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.

MISMO Spring Summit June 3-7 in Milwaukee; Sponsorships Available

The MISMO Spring Summit takes place June 3-7 at the Pfister Hotel in Milwaukee, Wis. Sponsorship opportunities are available.

MBA Compliance Essentials UDAAP & FTC MAP Rule Resource Guide Available

The MBA Compliance Essentials program offers a new Resource Guide: Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) & FTC Mortgage Acts and Practices Advertising (MAP) Rule.

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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