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Volume 18 | Issue 118 | Wednesday, June 19, 2019

The Lede


Rates Rise, Applications Drop in MBA Weekly Survey

Mortgage interest rates rose for the first time since early May, triggering a drop in mortgage applications last week, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 14.


Top National News

Mortgage Industry Leader Helms Fintech Security Company

Philadelphia Business Journal, June 18, 2019--Kennedy Rose
Regina Lowrie, former chairperson of the Mortgage Bankers Association, is now president and CEO of fintech company Dytrix, a cloud-based app created to help prevent wire fraud and business email compromise.

White House Explored Legality of Demoting Fed Chairman Powell

Bloomberg, June 18, 2019--Saleha Mohsin, Jennifer Jacobs
The White House explored the legality of demoting Federal Reserve Chairman Jerome Powell in February, leaving him as a Fed governor, sources said, in what would be an unprecedented move. A replacement would have to be nominated by Trump and confirmed by the Senate.

Will FHFA's Fair-Lending Office Fill Enforcement Void?

American Banker, June 18, 2019--Hannah Lang (subscription)
Today the FHFA's Office of Fair Lending Oversight is still somewhat under the radar. It has five employees, technically falls within the agency's Division of Supervision and has left some observers unclear about its mission. But the new office has offered hope to consumer advocates who were alarmed at efforts by the Consumer Financial Protection Bureau and HUD to cut back on fair-lending enforcement.

Congress Dangles Tax Credits to Boost Supply of Affordable Housing

National Mortgage News, June 18, 2019--Jon Prior (subscription)
The bipartisan proposal aims to renew banks' interest in low-income housing tax credits and bring more lower-priced homes to markets that badly need them.

CitiMortgage Penalized for Not Paying Escrow Account Interest

National Mortgage News, June 18, 2019--Kate Berry (subscription)
CitiMortgage has agreed to pay $7.8 million to more than 94,000 California homeowners for allegedly failing to pay 2% interest on escrow impound accounts, the state's financial regulator said.

Ditech Selling Forward, Reverse Mortgage Businesses

HousingWire, June 18, 2019--Jessica Guerin
New Residential Investment has agreed to purchase the stock and assets of Ditech's forward mortgage originations and servicing business, while Mortgage Assets Management will acquire the stock and assets of Ditech's reverse mortgage business, Reverse Mortgage Solutions.

SEC, FBI Reportedly Investigating Live Well Financial Collapse

HousingWire, June 18, 2019--Jessica Guerin
According to documents filed recently by some of Live Well's creditors, Flagstar Bank and Mirae Asset Securities, the Federal Bureau of Investigation and the Securities and Exchange Commission are looking into Live Well.

Your Money: Buying or Refinancing? The Mortgage Rate Frenzy is Back

Reuters, June 18, 2019--Beth Pinsker
Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home--or refinance.

Google Makes Housing Commitment Valued at $1 Billion

Wall Street Journal, June 18, 2019--Nour Malas (subscription)
Alphabet Inc.'s Google said it would commit $1 billion to boost housing construction in the San Francisco Bay Area, the latest in a series of commitments by tech companies to address an affordability crisis in the region.

Residential Finance News

May Housing Starts Sluggish

Housing starts fell in May, despite a strong showing in the South, HUD and the Census Bureau reported yesterday.

RE/MAX: Home Sales Accelerate as Inventory Hits 34-Month High

RE/MAX, Denver, said May home sales rose slightly higher year-over-year, ending a nine-month streak of declines, as inventories grew for the eighth consecutive month.

Fitch: Rate of U.S. Home Price Growth Continuing to Flatten Out

Fitch Ratings, New York, said the pace of home price growth in the United States appears to be slowing from a gallop to a trot.

Commercial/Multifamily News

Multifamily Rent Growth Slowing

Year-over-year U.S. multifamily rent growth is slowing, but the sector shows strong occupancy despite new deliveries, analysts said.

Commercial/Multifamily Briefs

Chicago commercial real estate professionals still find strength in the city's real estate market, but the intensity of their convictions is changing, the DePaul University Real Estate Center reported.

Dealmaker: Bellwether Enterprise Arranges $115M for 12 Affordable Housing Communities

Bellwether Enterprise Real Estate Capital, Cleveland, closed $115 million in financing to enable Atlantic Housing Foundation to purchase 12 affordable housing communities in South Carolina, North Carolina, Virginia, Georgia and Florida.

MBA News

Terry McAuliffe, Chris Christie, Margaret Brennan Keynote MBA Annual19 General Session

It's only summer, but the Mortgage Bankers Association's Annual Convention (Oct. 27-30 in Austin, Texas) is already heating up, with former Virginia Gov. Terry McAuliffe, former New Jersey Gov. Chris Christie and CBS News' Fact the Nation host Margaret Brennan keynoting the Politics Today General Session on Tuesday, Oct. 29.

MBA Diversity and Inclusion Residential Leadership Awards Deadline July 19

The Mortgage Bankers Association is accepting applications and nominations for its annual Diversity and Inclusion Leadership Awards. Application deadline is Friday, July 19.

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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