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Volume 18 | Issue 146 | Tuesday, July 30, 2019

The Lede

 

1Q Foreclosure Auction Prices Hit Record High

Auction.com, Irvine, Calif., said average sales price for properties sold at foreclosure auction in the first quarter rose to $147,115, up 8 percent from the previous quarter and up 7 percent from a year ago to the highest level as far back as data is available.

 

Top National News

 
U.S. Homeowner Vacancy Rates at Lowest Level Since 1981

World Property Journal, July 29, 2019--Monsef Rachid
Mortgage Bankers Association Chief Economist Mike Fratantoni says, "The data from the second quarter Housing Vacancy Survey continue to show a lack of housing supply across the country."

MISMO Moves Needle on Remote Notarization Laws for Mortgage Lenders

National Mortgage News, July 29, 2019--Elina Tarkazikis (subscription)
MISMO released an updated set of remote online notarization standards to create consistency among industry practices and state laws as mortgage lenders continue to make strides with electronic closings.

A GSE Plan Before the Election Has Risks--But So Does Doing Nothing

National Mortgage News, July 29, 2019--Hannah Lang (subscription)
A consensus is building among some mortgage industry observers that the election makes it unlikely the administration will try to release Fannie Mae and Freddie Mac from conservatorship anytime soon. Yet others argue, "If not now, when?"

Ginnie Mae Reveals Plans to Stress-Test Non-Bankers

HousingWire, July 29, 2019--Jessica Guerin
The agency's proposed test includes the evaluation of the performance of an issuer's balance sheet, income and cashflow under adverse conditions over the course of eight quarters.

Former CFPB Official 'May Have Abused His Authority:' Inspector General

American Banker, July 29, 2019--Kate Berry (subscription)
Sens. Sherrod Brown, D-Ohio, and Elizabeth Warren, D-Mass., on Monday called for the ouster of Eric Blankenstein, now a senior counsel at the Department of Housing and Urban Development. They were responding to a CFPB inspector general report that he "may have abused his authority" during the fallout last year over revelations he used a racial slur in an incendiary blog 14 years ago.

Boom in Refinancing Boosts Mortgage Lending

Wall Street Journal, July 29, 2019--Ben Eisen (subscription)
Lenders made $565 billion of mortgage loans in the second quarter, the most in more than two years, as falling rates encouraged homeowners to refinance.

Mortgage Rates Were Falling Before Fed Signaled Rate Cut

Wall Street Journal, July 30, 2019--Paul Kiernan (subscription)
The Federal Reserve is prepared to cut interest rates this week for the first time since 2008, but the biggest source of debt for U.S. consumers-mortgages-has been getting cheaper since late last year.

Ex-Seattle Tech Worker Arrested for Capital One Hack

Reuters, July 29, 2019--Mohammad Zargham
Capital One said personal information including names, addresses, phone numbers and credit scores of about 100 million individuals in the United States and 6 million people in Canada were obtained by a hacker.

Here's Some Good News If You're Buying a Home: Cash is No Longer King

USA Today, July 29, 2019--Paul Davidson
Just a few years ago, more than a third of home buyers threw down cash to make their purchases, but the share of all-cash home buyers has trended down since 2014 and accelerated in recent months.

Residential Finance News

 
To the Point with Bob: Bipartisan Effort Helps Protect Affordable Mortgages for Veterans

In the latest edition of To the Point with Bob, MBA President and CEO Robert Broeksmit, CMB, discusses how MBA advocacy resulted in a bipartisan effort on Capitol Hill to assist the nation's veterans.

CoreLogic: Fraud Risk Index Down Sharply in 2Q

CoreLogic, Irvine, Calif., said its National Mortgage Application Fraud Risk Index decreased significantly, from 152 in first quarter to 132 in the second quarter.

Residential Briefs

SimpleNexus, Lehi, Utah, launched an application program interface and webhooks that enable mortgage lenders to establish real-time data syncing between SimpleNexus and non-integrated third-party systems, including customer relationship management platforms and loan origination systems.

Commercial/Multifamily News

 
Office Investment Regaining Consistency

Real Capital Markets, Carlsbad, Calif., said the office investment market is back on track and buoyed by significant capital for deal-making following some political and economic uncertainty over the past year.

Dealmaker: Sonnenblick-Eichner Secures $29M Hotel Construction Financing

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $29 million in construction financing for the Cambria Hotel Calabasas in Calabasas, Calif.

MBA News

 
MBA Annual19 Comes to Austin, Texas Oct. 27-30; Early Registration Deadline This Thursday, Aug. 1

The Mortgage Bankers Association's Annual Convention & Expo takes place Oct. 27-30 at the Austin Convention Center in Austin, Texas. Early registration deadline is this Thursday, Aug. 1--save $200.

MISMO Approves New Remote Online Notarization Standards

MISMO®, the mortgage industry's standards organization, announced release of its Remote Online Notarization standards, which include an update to draft standards issued earlier this year.

mPact: MBA's Network for Young Professionals

mPact is MBA's network for young professionals in the real estate finance industry. Join a community of your peers, share your experiences with others online, network with industry insiders, hone your skills or have a voice in the future of real estate finance.

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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