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Volume 18 | Issue 26 | Thursday, February 07, 2019

The Lede

 

MBA Offers Fed Agencies Recommendations to Ensure Safety, Soundness of Appraisals

The Mortgage Bankers Association, in a letter to federal regulatory agencies, expressed support for proposed rule that would raise the appraisal threshold for residential real estate transactions and offered additional recommendations to ensure safety and soundness of lending.

 

Top National News

 
Weekly Mortgage Applications Fall 2.5% Despite a Sharp Drop in Rates

CNBC, Feb. 6, 2019--Diana Olick
Overall mortgage application volume fell 2.5 percent last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was nearly 10 percent lower than a year ago.

Large Breach of Mortgage Borrowers' Data Raises Concerns, Questions

Washington Post, Feb. 6, 2019--Kenneth R. Harney
A large breach of mortgage data that has exposed the personal financial information of tens of thousands of borrowers raises key consumer questions. Rick Hill, vice president of industry technology for the Mortgage Bankers Association, called for new "uniform federal standards" for protecting consumers' data that would apply in instances like this.

House Committee to Examine Credit Bureau Reforms This Month

American Banker, Feb. 6, 2019--Neil Haggerty (subscription)
House Financial Services Committee Chairwoman Maxine Waters, D-Calif., is putting a spotlight on the credit reporting agencies as she has set the panel's hearing schedule for February.

New Bill Seeks to Reinstate Dodd-Frank Loan Data Reporting

National Mortgage Professional, Feb. 6, 2019--Phil Hall
A bill introduced by Sen. Catherine Cortez Masto, D-Nev., and in the House by Rep. Nydia M. Velázquez, D-N.Y., seeks to reinstate Dodd-Frank Act reporting requirements on loan quality criteria that was repealed last year when the Republicans controlled both chambers of Congress.

BB&T Corp to Buy SunTrust Banks in $66 Billion All-Stock Deal

Reuters, Feb. 7, 2019--Aparajita Saxena
BB&T Corp. said on Thursday it will buy rival SunTrust Banks Inc in an all-stock deal valued at $66 billion, creating the sixth-largest U.S. bank based on assets and deposits.

Provident Financial Abandons Mortgage Banking

HousingWire, Feb. 6, 2019--Jacob Gaffney
The company plans to layoff 122 full time equivalent employees, presumably working in the now-abandoned Provident Bank Mortgage brand, in the coming months, though it will not exit the mortgage lending industry entirely. PBM will be retired by the end of June.

PHH Mortgage Settles Suit Alleging Improper Foreclosures Against Military Personnel

Cherry Hill Courier Post (N.J.), Feb. 6, 2019--Jim Walsh
PHH Mortgage Corp. will pay $750,000 to settle claims it improperly foreclosed on the homes of six members of the armed services, the Justice Department said Wednesday.

Genworth's Mortgage Insurance Income Rises on Lower Taxes, Losses

National Mortgage News, Feb. 6, 2019--Brad Finkelstein (subscription)
Genworth's U.S. mortgage insurance unit's adjusted operating income increased over the previous year as the lower corporate tax rate and lower loss ratio overcame a 9% reduction in new insurance written.

Fintech Must Complement, Not Dictate, the Millennial Mortgage Experience

National Mortgage News, Feb. 6, 2019--Erin Collard (free article)
A common misconception about fintech is that it's automating lending professionals out of the process. In our experience, lenders take their products and experiences into the cloud because it makes their operations more efficient.

Residential Finance News

 
January Mortgage Credit Availability Up 2.3%

Mortgage credit availability increased in January after hitting a nearly two-year low in December, the Mortgage Bankers Association reported this morning.

How Unconventional Leadership Produces Results

SAN FRANCISCO--In an era in which sports dynasties have all but disappeared (no offense, New England Patriots fans), it's hard to argue with the success of the NBA Golden State Warriors.

Equity-Rich Properties Reach New High in 2018

ATTOM Data Solutions, Irvine, Calif., reported more than 14.5 million equity-rich U.S. properties at the end of 2018, an increase of 834,000 from a year ago to the highest level since 2013 when it began tracking data.

Commercial/Multifamily News

 
'Uncharted Territory' for CRE

Real estate is widely known for its market cycles, but this is "a unique time" in the current cycle, which could be foundationally different from past cycles, a report said.

Dealmaker: Richmond, Va., Office Property Sells for $56M

The RMR Office Property Fund LP, Newton, Mass., acquired multi-tenant class A office building 9954 Mayland Drive in Richmond, Va. for $56 million.

MBA News

 
MBA National Advocacy Conference in D.C. Apr. 2-3

The Mortgage Bankers Association's annual National Advocacy Conference takes place Apr. 2-3 at the Capital Hilton in Washington, D.C.

MBA Education Foundational Concepts in Residential Mortgage Servicing in Orlando Feb. 25

MBA Education presents a workshop, MBA Education Foundational Concepts in Residential Mortgage Servicing, in Orlando, Fla., on Feb. 25 in conjunction with the MBA National Mortgage Servicing Conference & Expo.

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 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.