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Volume 18 | Issue 110 | Friday, June 07, 2019

The Lede


MBA Releases Lender Disclosure Template for ARM Borrowers Ahead of LIBOR Sunset

With discontinuation of the London Interbank Offered Rate likely ahead, the Mortgage Bankers Association yesterday released a disclosure template for residential mortgage lenders to share with consumers interested in applying for an adjustable-rate mortgage.


Top National News

Mortgage Rates Sink to their Lowest Levels in 21 Months After Six Weeks of Declines

Washington Post, June 6, 2019--Kathy Orton
In November, mortgage rates appeared ready to soar across the 5 percent threshold. Seven months later, concerns over trade and global growth have driven them below 4 percent. (MBA mention)

Refi Opportunities Revive as 30-Year Mortgage Rate Drops to 3.82%

Orange County Register, June 6, 2019--Jeff Lazerson
Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year's payment was a staggering $204 higher than this week's payment of $2,226. (MBA mention)

IMBs Taste Q1 Profitability

National Mortgage Professional, June 6, 2019--Phil Hall
Independent mortgage banks and mortgage subsidiaries of chartered banks saw an uptick in their profits during the first quarter, according to new data from the Mortgage Bankers Association.

MBA Creates Libor Discontinuation Notice for Residential Lenders

National Mortgage News, June 6, 2019--Brad Finkelstein (subscription)
The Mortgage Bankers Association created a template for originators to notify new borrowers when their adjustable-rate mortgage switches to a different index once publication of the London interbank offered rate discontinues.

U.S. Home Values Reach a Record High of $26.1 Trillion in Q1, Fed Says

HousingWire, June 6, 2019--Kathleen Howley
The value of all U.S. owner-occupied homes increased to a record $26.1 trillion in the first quarter, according to a Federal Reserve report released Thursday known as the Flow of Funds.

Lack of Mortgage Savvy May be Stifling Homeownership

Mortgage News Daily, June 6, 2019--Jann Swanson
Fannie Mae said despite making use of online information more than they did three years ago, many still overestimate the credit score they need and are unfamiliar with low downpayment programs.

Fed Begins Debate on Whether to Cut Rate as Soon as June

Wall Street Journal, June 6, 2019--Nick Timiraos (subscription)
One month ago, Fed Chairman Jerome Powell played down speculation of a rate cut this summer. Now officials face a darker economic outlook, making a rate cut possible-if not at their meeting on June 18-19, then possibly in July or later.

Homebridge Expands Mortgage Business By Acquiring Retail Loan Centers from HomeStreet Bank

HousingWire, June 6, 2019--Ben Lane
Homebridge announced this week it acquired HomeStreet's mortgage loan production branches and fulfillment functions in Washington, Oregon and Idaho, including processing, underwriting and funding, and hired the related personnel.

U.S. Household Wealth Hits a Record in First Quarter

Bloomberg, June 6, 2019--Jeff Kearns
U.S. household wealth rebounded to a record in the first quarter as the stock market recovered from a plunge in the prior period, supporting consumers after Federal Reserve interest-rate hikes and trade-war shocks rattled investors late last year.

Residential Finance News

Lower Rates Spur Millennial Mortgage Activity

Ellie Mae, Pleasanton, Calif., said across-the-board declines in mortgage interest rates and more favorable housing market conditions sparked an increase in Millennial mortgage activity in April.

FCC Votes to Allow Voice Service Providers to Block Robocalls

The Federal Communications Commission yesterday approved a Declaratory Ruling affirming voice service providers may, as a default, block unwanted calls known as "robocalls."

Residential Briefs

Jacob Gaffney, former editor-in-chief of HousingWire, and Alyson Austin, a corporate communications executive formerly with CoreLogic, formed Gaffney Austin, a media and public relations firm serving the real estate, mortgage and fintech industries.

Commercial/Multifamily News

Learning from CMBS Losses

One of the few positive implications of incurring losses on 12,000-plus loans is that one can extract some lessons about commercial real estate lending from the experience, said Brian Olasov, Executive Director with Carlton Fields, New York.

Dealmaker: Walker & Dunlop Secures $35M for Multifamily, Office Assets

Walker & Dunlop, Bethesda, Md., arranged $35.3 million in construction and acquisition financing for assets in Tennessee and North Carolina.

MBA News

MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

MBA Virtual Vendor Marketplace June 12

The Mortgage Bankers Association's inaugural Virtual Vendor Marketplace takes place Wednesday, June 12 from 2:00-3:30 p.m. ET.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III June 11-14 at MBA headquarters in Washington, D.C.

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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