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Volume 18 | Issue 127 | Tuesday, July 02, 2019

The Lede

 

CoreLogic: May Home Prices Rise as Falling Rates Provide ‘Shot in the Arm'

CoreLogic, Irvine, Calif., said home prices rose nationally by 3.6 percent annually in May, and by 0.9 percent from April, a sign that the market could be picking up after several months of price slowing.

 

Top National News

 
MBA Opens Doors Foundation: Taking Care of the Families of Critically Ill Children

HousingWire, July 1, 2019--Brena Swanson
What started as a vision has quickly grown into one of the most well-known charities in the housing industry. This shouldn't come as a surprise, though, given the strong ties MBA Opens Doors has to the housing industry.

More than 8 Million Homeowners are Leaving Big Money on the Table by Not Refinancing

CNBC, July 1, 2019--Diana Olick
Mortgage rates have been on a roller coaster for the last year, but now they're sitting at the bottom of the track, giving a major boost to the number of borrowers who can benefit from a refinance. (MBA mention)

Law Firm Works with MBA's Mortgage Action Alliance to Pursue Regulatory Relief

HousingWire, July 1, 2019--Alyssa Stringer
The Consumer Financial Protection Bureau's Loan Originator Compensation rule has proven to be a controversial topic among mortgage lenders. Nearly 250 senior executives organized by the Mortgage Bankers Association sent a letter to the CFPB asking for significant changes to the rule last year.

Mortgage industry Calls for Servicing Regulation Uniformity in New York

National Mortgage News, July 1, 2019--Elina Tarkazikis (subscription)
In a joint letter to New York Department of Financial Services Superintendent Linda Lacewell, the Mortgage Bankers Association and New York Mortgage Bankers Association highlighted discrepancies in DFS' suggested changes to 3 NYCRR 419, which covers business conduct rules for servicing mortgage loans.

American Suburbs Swell Again as a New Generation Escapes the City

Wall Street Journal, July 1, 2019--Valerie Bauerlein (subscription)
In an echo of the postwar "Baby Boom," many U.S. suburbs are again suffering growing pains: not enough schools, too much traffic for two-lane roads and scenic farmland plowed under for housing tracts. After several years of surging urban growth, suburbs like Apex, N.C. now account for 14 of the 15 fastest-growing U.S. cities with populations over 50,000.

Your Phone Could Help Make Mortgage Bond Traders Miserable

Bloomberg, July 1, 2019--Chrisopher Maloney
A massive wave of homeowners now has an incentive to refinance their mortgages and they could find the process faster than it's been in recent memory thanks to technology improvements.

Customers in Pa. Warns of Earnings Hit After Mortgage Client Shuts Down

American Banker, July 1, 2019--Ken McCarthy (subscription)
The $10.1 billion-asset Customers disclosed in a regulatory filing Monday that it could record a $7 million to $8 million charge after an unnamed commercial mortgage warehouse client shut down in May.

Residential Finance News

 
Podcast: How To Build A High-Performance Culture with Marcia Davies

Marcia Davies, COO of Mortgage Bankers Association and founder of mPower, joined Real Crowd for a conversation around leadership, decision making, and how to build a high performing culture within your organization.

Defect Risk Declines for 2nd Straight Month

First American Financial Corp., Santa Ana, Calif., said its May Loan Application Defect Index fell by 5.5 percent from April, the second consecutive monthly decline.

Fitch: Caution Despite Strong Alt-Doc Mortgage Performance

Fitch Ratings, New York, issued a report saying although alternative document residential mortgage loan products introduced in the US after the financial crisis have performed better than expectations, it maintain a cautious approach to these loans because of their limited history.

Commercial/Multifamily News

 
CRE Price Growth Speeds Up; Industrial Leads Again

U.S. commercial real estate prices rose in May at their fastest annual rate this year, propelled by a jump in industrial property prices, reported Real Capital Analytics, New York.

Dealmaker: Marcus & Millichap Brokers $59M in Office, Apartment Sales

Marcus & Millichap, Calabasas, Calif., brokered shopping center and multifamily property sales totaling $58.8 million in Florida and Washington, D.C.

MBA News

 
MBA Annual19 Comes to Austin, Texas Oct. 27-30

The Mortgage Bankers Association's Annual Convention & Expo takes place Oct. 27-30 at the Austin Convention Center in Austin, Texas.

Upcoming MBA School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II in several locations this summer and fall.

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.