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Volume 18 | Issue 51 | Friday, March 15, 2019

The Lede


State, Local MBAs Partner to Improve Missouri Guidelines & Lender Reviews

What began as a simple query at the 2018 Mortgage Bankers Association Independent Mortgage Bankers Conference turned into a cooperative effort among state and local MBAs in eight Midwestern states that resulted in changes to a Missouri program making it easier for first-time home buyers to obtain mortgage financing.


Top National News

Mortgage Rates Sink to Lowest Levels in More than a Year

Washington Post, Mar. 14, 2019--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.31 percent with an average 0.4 point. It was 4.41 percent a week ago and 4.44 percent a year ago. The 30-year fixed rate hasn't been this low in more than a year. (MBA mention)

Multifamily and CRE Loan Debt Sees Largest Rise Since Housing Bubble

National Mortgage News, Mar. 14, 2019--Paul Centopani (free article)
Commercial and multifamily mortgage debt outstanding grew 6.8% in 2018, benefiting from strong employment numbers and strained inventory, according to the Mortgage Bankers Association.

Mortgage Applications for New Home Purchases Jumped 6% in February

Mortgage Orb, Mar. 14, 2019--Patrick Barnard
Applications for mortgages for new home purchases increased 6% in February compared with January and were up 3% compared with February 2018, according to the Mortgage Bankers Association's Builder Application Survey.

For Homebuilders, 'the Next Few Months are Big'

CNBC, Mar. 14, 2019--Diana Olick
Mortgage applications to purchase a home, however, are basically flat compared with a year ago, according to the Mortgage Bankers Association.

FHA Eases Home Warranty Requirement for Low Down Payment Loans

National Mortgage News, Mar. 14, 2019--Bonnie Sinnock (subscription)
The Federal Housing Administration is moving forward with a long-delayed plan to reduce the term of the home warranty required for high loan-to-value mortgages on new houses.

Am I Accidentally Committing Mortgage Fraud?

The Mortgage Reports, Mar. 14, 2019--Peter Miller
Unintentional mortgage fraud may seem impossible, but financial criminals can be cunning. They don't come out and announce their illegal acts. Instead, they work diligently to confuse and compromise both lenders and borrowers.

Lenders Continue to Lower FICO Requirements for New Homebuyers

HousingWire, Mar. 14, 2019--Jacob Gaffney
The nation's major banks are continuing to walk away from FHA-backed mortgages, according to the Urban Institute's Housing Finance Policy Center February Chartbook.

Acquisition Provides Mortgage Lender Entree into Digital Banking

American Banker, Mar. 14, 2019--Will Hernandez (subscription)
Gateway Mortgage Group recently bought Farmers Exchange Bank in Cherokee, Okla., and plans to rebrand it Gateway First Bank. The $314 million-asset bank will be the backbone for a digital-only bank that Gateway is scheduled to open this summer.

Client Gets New Mortgage After Failing to Pay 2nd for Eight Years

Orange County Register, Mar. 14, 2019--Jeff Lazerson
Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year's payment was $37 higher than this week's payment of $2,400.

Residential Finance News

New Home Sales Soft to Begin Year

Slowly catching up after the 35-day government shutdown, HUD and the Census Bureau reported sales of new single‚Äźfamily houses in January fell by nearly 7 percent from December.

Redfin: February Home Prices Post Smallest YOY Gain Since 2012

Redfin, Seattle, said home prices appreciated by just 0.6 percent annually in February, the smallest year over year gain since 2012.

Residential Briefs

Wipro Gallagher Solutions, Franklin, Tenn., released the latest version of its Loan Origination System, NetOxygen v6.0.

Commercial/Multifamily News

C&W Predicts Continued CRE Strength, Liquidity

Three themes anchor the U.S. commercial real estate investment outlook: U.S. economic performance, cycle maturity and the monetary policy outlook, said Cushman & Wakefield, New York.

Dealmaker: Passco Cos. Acquires Kentucky Apartments for $64M

Passco Cos., Irvine, Calif., acquired The Henry at Fritz Farm apartment community in growing Lexington, Ky., for $62.4 million from the Dobbins Group of Birmingham, Ala.

MBA News

MBA Technology Solutions Conference & Expo Mar. 24-27 in Dallas

The Mortgage Bankers Association's Technology Solutions Conference & Expo 2019 takes place Mar. 24-27 at the Hyatt Regency Dallas.

Make the Most of Your MBA Membership: Special Focus on Loan Servicing Webinar Mar. 22

The Mortgage Bankers Association invites you to participate in a Mar. 22 webinar focused on loan servicing.

MBA School of Mortgage Banking II May 14-17 in Chicago

MBA Education presents its popular School of Mortgage Banking Course II May 14-17 in Chicago.

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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