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Volume 18 | Issue 3 | Friday, January 04, 2019

The Lede

 

California Captures One-Third of the National Housing Recovery

According to Zillow.com, Seattle, the United States housing market has gained nearly $11 trillion since bottoming out in 2012; California's housing market got $3.7 trillion of it.

 

Top National News

 
Mortgage Applications Plummet Nearly 10% to End 2018, Despite Lower Rates

CNBC, Jan. 3, 2019--Diana Olick
Total mortgage application volume dropped 9.8 percent at the end of last week from two weeks earlier, according to the Mortgage Bankers Association's seasonally adjusted index.

New Aircraft, Beers on Hold as Businesses Feel Shutdown Pain

Bloomberg, Jan. 4, 2019--Jennifer A Dlouhy, Ari Natter, Alan Levin
December and January are quiet months in the real estate industry, but "if this goes beyond another week, it's going to delay closings," said Pete Mills, senior vice president of policy at the Mortgage Bankers Association.

Mortgage Rates Continue Five-Week Slide, Plunging to Levels Not Seen in More than Four Months

Washington Post, Jan. 3, 2019--Kathy Orton
For more than a month, mortgage rates have been in a free fall. Stock market volatility, global trade worries and the government shutdown are pushing rates down to their lowest levels since August. (MBA mention)

New CFPB Chief's Memo to Staff: Enforce Law, But Don't Presume Guilt

National Mortgage News, Jan. 3, 2019--Kate Berry (subscription)
Kathy Kraninger, the director of the Consumer Financial Protection Bureau, said in an email to staff that the bureau will "vigorously enforce the law," but also must weigh the "costs and benefits to consumers" of enforcement activities and rulemakings.

Will New Mortgage Regulators in D.C. Keep Your Home Safe?

Orange County Register (Calif.), Jan. 3, 2019--Jeff Lazerson
Let's take a peek at the changing of the guard - that being the leadership at the Federal Housing Finance Agency or FHFA (Fannie Mae's and Freddie Mac's conservator and regulator), the Consumer Financial Protection Bureau (your mortgage police), Fannie and Freddie.

Mr. Cooper Buys IBM Platform that Brought in $200 Million Last Year

Dallas News, Jan. 4, 2019--Paul O'Donnell
Mr. Cooper Group Inc. is continuing to expand its mortgage servicing business with Thursday's purchase of IBM's Seterus platform.

More First-Time Home Buyers Are Turning to the Bank of Mom and Dad

Wall Street Journal, Jan. 4, 2019--Ben Eisen (subscription)
More than 26% of mortgage borrowers who used Federal Housing Administration-insured loans got assistance from a relative to make the down payment in the 12 months through September, up from about 22% in 2011, according to data released late last year as part of the agency's annual report.

Happy New Year! Mortgage Lenders Face Disappointing Outlook for 2019

HousingWire, Jan. 3, 2019--Jacob Gaffney
Early on into 2019, the government remains partially shutdown, and request-for-information emails to some federal housing authorities are getting bounced back, so it's an inauspicious start.

BofA: Home Equity Lending Will be Flat in 2019

HousingWire, Jan. 3, 2019--Jessica Guerin
While some market analysts predict an uptick in 2019 home equity lending, Bank of America's David Doyle thinks otherwise.

Residential Finance News

 
By One Measure, Texas Tops Migration

There are many ways to measure migration trends; the U.S. Census Bureau is usually a good start, but its data are usually a few years behind and not a lot of fun. For U-Haul, Phoenix, a faster--and more fun measure--is truck rentals.

ADP: December Private Sector Employment Shows 271,000 Increase

Ahead of Friday's jobs report, ADP, Roseland, N.J., said employment appears to be undeterred by changing market conditions for now.

Commercial/Multifamily News

 
Demographics, Socioeconomics Driving Multifamily Housing Demand

Demographic and socioeconomic factors contributed to significant increases in demand for U.S. rental housing, reported Clarion Partners, New York.

Dealmaker: Meridian Capital Group Arranges $88M

Meridian Capital Group, New York, arranged $88.1 in financing for multifamily and mixed-use assets in Houston and New York.

MBA News

 
MBA National Mortgage Servicing Conference & Expo in Orlando Feb. 25-28

The Mortgage Bankers Association's National Mortgage Servicing Conference & Expo 2019 (Servicing19) returns to Orlando Feb. 25-28.

Register for MBA Servicing Operations Study and Forum for Prime and Specialty Servicers; Deadline Jan. 15

The Mortgage Bankers Association has begun enrollment for its 2019 Servicing Operations Study and Forum (covering 2018 data). Sign-up deadline is Jan. 15, 2019.

MBA Education School of Mortgage Servicing Mar. 4-14

MBA Education presents its School of Mortgage Servicing instructor-guided online course Mar. 4-14.

MBA Education Generating Purchase Business through Consumer Direct Webinar Jan. 9

MBA Education presents a Webinar, Generating Purchase Business through Consumer Direct, on Wednesday, Jan. 9 from 2:00-3:30 p.m. ET.

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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