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Volume 18 | Issue 109 | Thursday, June 06, 2019

The Lede


IMBs Report Increased Profitability in First Quarter

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $285 on each loan they originated in the first quarter, up from a reported loss of $200 per loan in the fourth quarter, the Mortgage Bankers Association reported this morning.


Top National News

Lowest Mortgage Rates in a Year and a Half Don't Impress Homebuyers

CNBC, June 5, 2019--Diana Olick
Mortgage rates are falling fast but not enough to offset high home prices. Buyers are still pulling back. Total mortgage application volume increased 1.5% last week from the previous week and 12% from a year earlier, according to the Mortgage Bankers Association.

Survey 40% of Top Economists Expect Fed to Cut Rates Over Next Year, June 6, 2019--Sarah Foster
"Despite a strong domestic economy and job market, the global economy is slowing, financial markets are skittish, and inflation is low, all leading the Fed to take this ‘wait-and-see' approach," says Mike Fratantoni, chief economist at the Mortgage Bankers Association.

CFPB Finds Freedom Mortgage Intentionally Reported Inaccurate HMDA Data

HousingWire, June 5, 2019--Ben Lane
Loan officers at Freedom Mortgage intentionally reported inaccurate Home Mortgage Disclosure Act data over a several-year period, the Consumer Financial Protection Bureau said Wednesday, announcing it fined the company $1.75 million.

Most Consumers Overestimate What it Takes to Get a Mortgage

HousingWire, June 5, 2019--Jessica Guerin
When it comes to obtaining a mortgage, the majority of consumers think it requires a higher credit score and larger down payment than is actually necessary, according to a recent survey by Fannie Mae.

Herbert Sandler, Home Mortgage Lender and Philanthropist, Dies at 87

Wall Street Journal, June 5, 2019--James R. Hagerty (subscription)
Herbert M. Sandler, who spent the last 13 years giving away a fortune he and his wife made in the home-mortgage market, died Wednesday in San Francisco at age 87, the Sandler Foundation announced on his website.

CMBS Delinquency Rate Continues to Plunge

National Mortgage Professional, June 5, 2019--Phil Hall
The commercial mortgage-backed securities delinquency rate published by Trepp LLC hit another post-financial cross low in May, falling 16 basis points to 2.66 percent.

Beseiged Florida Banking Regulator Avoids Firing--For Now

American Banker, June 5, 2019--Kate Berry (subscription)
Florida Gov. Ron DeSantis said this week that he will wait for a report by a state inspector general tasked with investigating the allegations before deciding whether to fire Banking Commissioner Ron Rubin, a former Republican staffer on the House Financial Services Committee, who had been in the superintendent job less than three months.

ADP: U.S. Added 27,000 Private-Sector Jobs in May, the Lowest Number Since 2010

Washington Post, June 5, 2019--Taylor Telford
Private employers added fewer workers in May than any month in the past nine years, falling far short of analyst estimates and sending a troubling signal about the state of the U.S. labor market.

Residential Finance News

Senate Passes Bill Providing VA, Ginnie Mae Loan 'Seasoning' Fix

The Senate yesterday by unanimous consent approved a bill that would close a loophole refinanced loans must meet to be eligible for the VA guaranty and for Ginnie Mae pooling.

MBA, Trade Groups Urge FCC Caution on 'Robocalls'

Ahead of a meeting Thursday to consider new rules governing "robocalls," the Mortgage Bankers Association and other industry trade groups urged the Federal Communications Commission to avoid an overreach that would ensnare millions of legitimate business calls.

U.S. Home Flipping Rate at 9-Year High

ATTOM Data Solutions, Irvine, Calif., said even though overall home flipping activity fell in the first quarter, the rate of flipped home sales reached its highest rate since 2010.

Commercial/Multifamily News

Affordable Housing Challenges Increase

Housing affordability remains a big problem in many metros, especially those with robust rent growth over the past few years, reported Reis, New York.

Dealmaker: Meridian Capital Group Arranges $81M

Meridian Capital Group, New York, arranged $80.5 million for industrial and mixed-use assets in New Jersey and New York.

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.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

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.

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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