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Volume 18 | Issue 113 | Wednesday, June 12, 2019

The Lede


Mortgage Applications Jump in MBA Weekly Survey

Mortgage applications jumped sharply coming off the holiday-shortened Memorial Day holiday week, buoyed by the lowest 30-year fixed interest rates since September 2017, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 7.


Top National News

Mortgage Credit Availability Increased Last Month

Mortgage Professional America, June 12, 2019--Steve Randall
The Mortgage Bankers Association reported a urther rise in its Mortgage Credit Availability Index in May as the jumbo sector posted another increase.

MBA Awards $90,000-Plus in Path to Diversity Scholarships

National Mortgage Professional, June 11, 2019
The Mortgage Bankers Association scholarships recognize existing industry professionals from MBA member companies who are seeking to advance their careers through MBA Education programs and courses.

CFPB to Kick Off Symposium Series with Forum on 'Abusive' Standard

American Banker, June 11, 2019--Hannah Lang (subscription)
The Consumer Financial Protection Bureau will hold its first symposium June 25 in a series designed to provide dialogue on consumer protections, featuring two panel discussions on the definition of "abusive" under the Dodd-Frank Act.

The Majority of Consumers are Wildly Wrong About What it Takes to Get a Mortgage

CNBC, June 11, 2019--Diana Olick
The majority of consumers now think it is much harder to qualify for a home loan than it actually is, according to a recent Fannie Mae survey of more than 3,000 people. Respondents thought they needed much higher credit scores and bigger down payments than necessary. They also didn't know much about the minimum debt levels lenders require.

Wells Fargo CEO Search Drags On as Two Top Candidates Take a Pass

Wall Street Journal, June 11, 2019--Rachel Louise Ensign, David Benoit (subscription)
The bank's board has approached a small group of top candidates, including JPMorgan Chase & Co. consumer banking chief Gordon Smith, PNC Financial Services Group Inc. CEO William Demchak and former U.S. Bancorp chief Richard Davis. Demchak and Davis took a pass on potentially replacing Timothy Sloan, who resigned in late March.

Prepays Rise on the Combination of Lower Rates, Seasonality: KBW

National Mortgage News, June 11, 2019--Brad Finkelstein (subscription)
Prepayment speeds for loans included in agency mortgage-backed securities were up approximately 20% both monthly and annually during May as the decline in interest rates boosted activity, a report from Keefe, Bruyette & Woods said.

KKR Doubles Down on House Flippers

Wall Street Journal, June 12, 2019--Ryan Dezember (subscription)
The investment house known for corporate takeovers has agreed to pump another $250 million into Toorak Capital Partners LLC, which buys short-term loans made to real-estate investors who purchase, renovate and resell residential properties.

Residential Finance News

CoreLogic: Foreclosure Inventories at 20-Year Low

CoreLogic, Irvine, Calif., said 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March, an 0.3 percentage point decline from a year ago to the lowest March rate in 13 years.

In San Francisco, Bidding Wars Return

Redfin, Seattle, said bidding wars for houses, which largely dissipated this spring amid higher prices and growing inventories, returned with a vengeance in San Francisco and other California markets.

Commercial/Multifamily News

Office Performance Mixed Amid Uneven Growth Distribution

The U.S. economic expansion could soon become the longest in history, but that growth is unevenly distributed, which means different office markets perform very differently, reported Cushman & Wakefield, New York.

Dealmaker: 3650 REIT Originates $135M to Refinance Selig Office Portfolio

Balance-sheet lender 3650 REIT, Miami, funded a $135 million, 10-year first mortgage to Martin Selig Real Estate to refinance three Seattle office properties that total nearly 403,000 square feet.

MBA News

MBA Risk Management, QA and Fraud Prevention Forum in Chicago Sept. 15-17

The Mortgage Bankers Association's Risk Management, QA and Fraud Prevention Forum takes place Sept. 15-17 at the Sheraton Grand Chicago.

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.

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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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