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Volume 18 | Issue 61 | Friday, March 29, 2019

The Lede


HFF, Wells Fargo Lead MBA 2018 Rankings of Commercial/Multifamily Mortgage Origination Volumes

The Mortgage Bankers Association this week released its annual list of top commercial/multifamily mortgage originators, with HFF, Wells Fargo and CBRE Capital Markets leading the way in 2018.


Top National News

Housing Industry Responds to Trump's Calls for Housing Finance Reform

HousingWire, Mar. 28, 2019
The Mortgage Bankers Association commended President Trump for championing change that would foster competition in real estate finance and protect taxpayers."We are heartened the memorandum recognizes the GSEs should be released from conservatorship only after specified reforms, and that it insists on other core principles such as preserving the 30-year fixed-rate mortgage and leveling the playing field for lenders of all sizes," said MBA President and CEO Robert Broeksmit.

Mortgage Rates Continue to Nose-Dive as 30-Year Fixed Experiences Biggest One-Week Drop in a Decade

Washington Post, Mar. 28, 2019--Kathy Orton 
Just a handful of months ago, mortgage rates were soaring. Now they are sinking. Freddie Mac said the 30-year fixed-rate average plunged to 4.06 percent, the biggest one-week drop in a decade. (MBA mention)

HUD Charges Facebook with Housing Discrimination

Washington Post, Mar. 28, 2019--Tracy Jan
HUD on Thursday charged Facebook with housing discrimination, alleging its targeted advertising platform violates the Fair Housing Act by "encouraging, enabling, and causing" unlawful discrimination by restricting who can view housing ads.

Mortgage Bond Market on Edge After a Spike in Home Refinancings

Bloomberg, Mar. 28, 2019--Christopher Maloney
A spike in home loan refinancing, falling mortgage rates and newer collateral sporting prepayment red flags have increased prepayment concerns among mortgage-backed securities investors. (MBA mention)

Wells Fargo CEO Tim Sloan Retires After Less than 3 Years Running Bank

MoneyWatch, Mar. 28, 2019--Irina Ivanova
ells Fargo CEO Tim Sloan is stepping down as CEO of the country's fourth-largest bank and will retire at the end of June, the bank said Tuesday. Allen Parker, Wells Fargo's general counsel, is taking over as interim CEO and president.

GSE Capital Rule Expected This Summer: FHFA's Otting

National Mortgage News, Mar. 28, 2019--Hannah Lang, Rachel Witkowski (subscription)
The Federal Housing Finance Agency is planning to finalize its proposed capital requirements for the government-sponsored enterprises this summer, according to acting Director Joseph Otting.

Trump Asks HUD to Address Financial Viability of Reverse Mortgage Program

HousingWire, Mar. 28, 2019--Jessica Guerin
President Trump's memorandum directs HUD Secretary Ben Carson and his team to develop a legislative reform plan that achieves the agency's objective to maintain the financial soundness of the reverse mortgage program.

BofA, Wells Fargo Sour on Blockchain

American Banker, Mar. 28, 2019--Kevin Wack (subscription)
At an industry conference Wednesday, top executives from Wells Fargo and Bank of America expressed major skepticism about the technology's potential in the financial services sphere. The comments suggested that their interest in distributed ledgers is wearing thin.

Mortgage Rate Plunge Lowers a No-Cost 30-Year Fixed Refi to 3.9%

Orange County Register, Mar. 28, 2019--Jeff Lazerson
What gives? The U.S. economy is still doing pretty darn good. We can thank economic global headwinds that are causing investors to seek the security of U.S. Treasuries for this very big U.S. mortgage rate U-turn over recent weeks.

U.S. Economy Grew a Slower 2.2% in the Fourth Quarter, Revised GDP Figures Show

MarketWatch, Mar. 28, 2019--Jeffry Bartash
The U.S. economy slowed in the fourth quarter and corporate profits fell, paving the way for even slower growth in the first three months of 2019. The government cut fourth-quarter GDP growth to 2.2% from 2.6%.

Residential Finance News

The Future of Innovation with George Blankenship

DALLAS--George Blankenship considers himself to be "the luckiest person in the world." A career that included weekly meetings with two of the most innovative tech gurus in the world, Elon Musk and Steve Jobs, might shape that notion.

Pending Home Sales Down, But Not So Much

Pending home sales fell again in February, the National Association of Realtors reported yesterday, amid signs that the worst of the recent slump is easing.

Residential Briefs

SimpleNexus, Lehi, Utah, released its new disclosure platform. Clients using the platform's Mobile Originator tools provides access to their loan pipeline, the ability to sign disclosures, order credit, view appraisals and send pre-approval letters from their mobile device, while syncing in real-time with their LOS.

Commercial/Multifamily News

Industrial, Logistics Prime Yields Near Record Lows

Rapid e-commerce growth and modernizing logistics assets are attracting abundant capital to industrial real estate, which is pushing investment yields close to record lows, reported CBRE, Los Angeles.

Dealmaker: State Farm Sells N.J. Office Asset for $66M

Transwestern Investment Group, Houston, brokered the $66 million sale of a 400,000-square-foot Class A office building in Parsippany, N.J.

MBA News

MBA National Secondary Market Conference & Expo May 19-22

The Mortgage Bankers Association's National Secondary Market Conference & Expo returns to the New York Marriott Marquis May 19-22.

MBA Education School of Mortgage Banking III in D.C. June 11-14

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

MBA Education UMBS and Your Business: Best Practices for Readiness Webinar Apr. 10

MBA Education presents a webinar, UMBS and Your Business: Best Practices for Readiness Webinar, on Wednesday, Apr. 10 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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