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Volume 18 | Issue 131 | Tuesday, July 09, 2019

The Lede


MBA, ABA Offer Recommendations to FHA Single-Family Loan Sale Program

The Mortgage Bankers Association and the American Bankers Association, in a letter to HUD, offered a series of recommendations to jump-start the FHA Single-Family Loan Sale program, which seen declining participation in recent years.


Top National News

Housing Market Check-In: 6 Expert Predictions For The Second Half Of 2019

Forbes, July 8, 2019--Aly J. Yale
Fannie Mae, Freddie Mac and the Mortgage Bankers Association all predict the 30-year, fixed-rate mortgage rate will finish out the year between 3.9% and 4.1%--lower than 2018's full-year average of 4.54%.

Mortgage Lender Stearns Holdings Files for Bankruptcy

Wall Street Journal, July 9, 2019--Patrick Fitzgerald (subscription)
The parent of residential mortgage lender Stearns Lending LLC has filed for bankruptcy after agreeing with majority owner Blackstone Group LP to a debt-restructuring plan that will erase more than $180 million in bond debt from its balance sheet.

New York Condo Conversions Near the End, a Casualty of Rent Reform

Wall Street Journal, July 8, 2019--Josh Barbanel, Will Parker (subscription)
A longtime New York City practice that promoted homeownership, transformed neighborhoods and enriched thousands of middle-class renters is effectively over. It ended on June 14, when a New York state law to strengthen tenant protections went into effect.

Trump: Fed is 'Our Most Difficult Problem'

National Mortgage Professional, July 8, 2019--Phil Hall
President Trump took to Twitter again to criticize the impact of the Federal Reserve on the U.S. economy.

Flat-Fee Real Estate Agency Purplebricks Shuttering U.S. Business

HousingWire, July 8, 2019--Ben Lane
Purplebricks announced Monday that it is shuttering its U.S. business, and will instead focus on growing its business in the U.K. and Canada. According to the company, it expanded "too quickly" in the U.S. and after undertaking a strategic review of its options, is choosing to exit the U.S. entirely.

This Startup Wants to Sell You a Slice of a Rental Home

Wall Street Journal, July 8, 2019--Ryan Dezember (subscription)
Roofstock, which operates a website where investors buy and sell occupied rental properties without disturbing tenants, has launched a marketplace where investors can buy stakes as low as 10% in single-family rental homes.

Residential Finance News

MBA Promotes Dan Fichtler to AVP of Housing Finance Policy

The Mortgage Bankers Association promoted Dan Fichtler to Associate Vice President of Housing Finance Policy within the association's Residential Policy and Member Engagement team.

CoreLogic: Mortgage Delinquencies Reach 20-Year Low

CoreLogic, Irvine, Calif., said April mortgage delinquencies and foreclosure inventories fell to their lowest rates in more than 20 years.

Commercial/Multifamily News

June CMBS Delinquency Rate Increases

The commercial mortgage-backed securities delinquency rate saw a rare increase in June, but that figure comes with a "footnote," reported Trepp, New York.

Dealmaker: Vanbarton Group Purchases Seattle Office Tower for $305M

Vanbarton Group, New York, purchased 901 Fifth Avenue in Seattle's central business district from Schnitzer West and Investcorp for $305 million.

MBA News

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

mPowering You: MBA's Summit For Women in Real Estate Finance in Austin Oct. 26

mPowering You: MBA's Summit For Women in Real Estate Finance, takes place Saturday, Oct. 26 at the Austin Convention Center in Austin, Texas.

Upcoming MBA Education School of Mortgage Banking I Courses

MBA Education presents its popular School of Mortgage Banking Course I this summer and fall.

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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