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Volume 18 | Issue 46 | Friday, March 08, 2019

The Lede


CoreLogic: Underwater Homeowners Increase in 4Q

CoreLogic, Irvine, Calif., said while U.S. homeowners with mortgages saw their equity increase in the fourth quarter, the number of homeowners with negative equity increased for the first time in three years.


Top National News

After Falling to Yearly Lows, Rates Head Back Up

Washington Post, Mar. 7, 2019--Kathy Orton
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.41 percent with an average 0.5 point. It was 4.35 percent a week ago and 4.46 percent a year ago. (MBA Bob Broeksmit mention)

Q4 Commercial/Multifamily Mortgage Delinquencies Remain Low

National Mortgage Professional, Mar. 7, 2019--Phil Hall
Commercial and multifamily mortgage delinquencies stayed at their rock-bottom levels during the fourth quarter of 2018, according to data from the Mortgage Bankers Association.

Mortgage Credit Increased Slightly in February

Mortgage Orb, Mar. 7, 2019--Patrick Barnard
Mortgage credit availability increased in February, rising 0.6% to a score of 180.1 on the Mortgage Bankers Association's Mortgage Credit Availability Index.

Meet the MENtors: Dan Driscoll

Mortgage Women Magazine, March 2019--Christine Beckwith
Interview with Daniel "Dan" Driscoll, mentor of Marcia Davies, Chief Operating Officer of the Mortgage Bankers Association and founder of mPower, the leading banking women organization community.

Forget the Film Glamour, U.S. Finance Workers are Set to Be Squeezed

Financial Times, Mar. 7, 2019--John Dizard (subscription)
Statistics fill in part of a grim picture. Marina Walsh of the Mortgage Bankers Association says that in the third quarter of last year (the latest available figures), the average pre-tax net production income per loan reached the lowest levels for any third quarter since inception of its report in 2008.

Mortgage Brokers' Share of Home Loans on the Rise

Orange County Register, Mar. 7, 2019--Jeff Lazerson
Mortgage brokers are back in a big way, not just with mortgage shopper gains but also because institutionally based mortgage loan officers are transforming themselves into brokers.

Trump Administration Proposes Overtime Pay Extension

Reuters, Mar. 7, 2019--Daniel Weissner
The Department of Labor issued a long-awaited proposal on Thursday to extend mandatory overtime pay to a million more workers, far fewer than an Obama administration rule that was struck down by a federal judge.

Democrats Seek Commitment for Change in CFPB Hearing

HousingWire, Mar. 7, 2019--Kelsey Ramirez
The hearing went as anyone would expect--Democrats criticized Consumer Financial Protection Burea Director Kathy Kraninger's actions and looked back on actions taken by former Acting Director Mick Mulvaney, while Republicans asked questions that confirmed their view that the CFPB has too much power and that Congress should act to change the structure.

HUD to Lenders: We are Not Denying Mortgages to DACA Dreamers

HousingWire, Mar. 7, 2019--Ben Lane
HUD, the Federal Housing Administration, Department of Agriculture and Fannie Mae are not denying mortgages to Deferred Action for Childhood Arrivals recipients, the agencies said this week. That's in spite of what some in the mortgage industry are claiming the agencies are saying about lending to DACA recipients, also called Dreamers.

American Homeowners and Their Insurers Face a Flooding Crisis From Within

Wall Street Journal, Mar. 7, 2019--Leslie Scism (subscription)
Data show claims for water damage from inside leaks have surged while other types of claims have fallen.

Mr. Cooper Group Records $136M Loss as Mortgage Rates Drop

National Mortgage News, Mar. 7, 2019--Bonnie Sinnock (subscription)
Mr. Cooper Group took a net loss of $136 million in the fourth quarter of 2018 after lower rates hit the mark-to-market fair value of its mortgage servicing rights portfolio harder than its peers.

U.S. Household Wealth Posts Record Loss in Fourth Quarter Amid Stock Rout

Reuters, Mar. 7, 2019--Howard Schneider
U.S. household wealth fell by a record $3.8 trillion, or 3.5 percent, at the end of 2018, and corporate bond issuance plummeted as a global market rout threatened to weaken a near-decade old recovery, the Federal Reserve reported on Thursday.

U.S. Household Wealth Posts Record Loss in Fourth Quarter Amid Stock Rout

Reuters, Mar. 7, 2019--Howard Schneider
U.S. household wealth fell by a record $3.8 trillion, or 3.5 percent, at the end of 2018, and corporate bond issuance plummeted as a global market rout threatened to weaken a near-decade old recovery, the Federal Reserve reported on Thursday.

Residential Finance News

Millennials Take Advantage of Lower Rates to Refinance

Ellie Mae, Pleasanton, Calif., said Millennial homebuyers took advantage of slightly lower interest rates in January to refinance their mortgages.

D.C. Residents Have Most Income After Mortgage Payment

Amid worsening affordability in the U.S., people in the Washington, D.C., metro area have the most money left over after they pay their mortgage, said Zillow Inc., Seattle.

Commercial/Multifamily News

CREF Corner Office Conversation with Situs's Steven Bean

The Mortgage Bankers Association released an interview with Situs Executive Managing Director Steven Bean.

Brisk Job Growth Spurs Office Market Demand

The U.S. office market continues its relatively strong performance as healthy demand for space increased asking rents 0.5 percent over the past three months, reported Yardi Matrix, Santa Barbara, Calif.

Dealmaker: Amherst Residential Acquires $404M SFR Portfolio

Amherst Residential, Austin, Texas, acquired 446 single-family rental homes for $103.3 million in February, part of its $404 million acquisition spree since October.

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.

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.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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