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Volume 18 | Issue 49 | Wednesday, March 13, 2019

The Lede


Mortgage Applications Back Up in MBA Weekly Survey

Mortgage applications rose for the fourth time in five weeks, buoyed by FHA loan activity and a slight decrease in key interest rates, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending March 8.


Top National News

Wells Fargo CEO Avoids Major Stumble at Heated Congressional Hearing

Reuters, Mar. 12, 2019--Imani Moise, Pete Schroeder
Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense Congressional hearing that saw Sloan firmly on the defensive.

SIFMA Approves Changes to Allow Forward Delivery of Loans for UMBS

National Mortgage News, Mar. 12, 2019--Brad Finkelstein (subscription)
The Securities Industry and Financial Markets Association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

Class Action Lawsuit Takes Aim at Buyer Broker Compensation Rules

HousingWire, Mar. 12, 2019--Jessica Guerin
The suit alleges that the National Association of Realtors has driven up costs to sellers and has stifled competition by requiring brokers to offer buyer broker compensation when listing a property on an MLS site.

Fed Chairman: Revisions to Community Reinvestment Act Implementation Must ‘Strengthen' Law's Mission

Wall Street Journal, Mar. 11, 2019--Nick Timiraos (subscription)
Federal Reserve Chairman Jerome Powell said he was supportive of regulators' continuing efforts to improve the way they implement the Community Reinvestment Act, a 1977 law that requires federally insured banks to promote lending to borrowers in low- and moderate-income areas.

Study Details Millennials' Unhealthy Credit Habits

National Mortgage Professional, Mar. 12, 2019--Phil Hall
Millennials have a very distinctive approach to handling their credit, according to a new study released by TD Bank's Consumer Spending Index.
The study found one-quarter of Millennials do not know their credit score, while half of this youthful demographic use between 31 percent to 90 percent of their credit limit, far above the recommended utilization rate of 30 percent or less.

Bill Would Cut Oregon Mortgage Interest Deduction for Second Homes, High Earners

The Oregoninan, Mar. 12, 2019--Elliot Njus
Lawmakers have proposed eliminating the state's piece of the popular mortgage interest deduction for second homes and reducing it for high earners. Eliminating the write-off in those cases would raise $150 million.

Residential Finance News

Ellie Mae: Consumers Want High Tech, High Touch

Ellie Mae, Pleasanton, Calif., released its 2019 Borrower Insights Survey, finding borrowers are looking to engage with their lenders online, but are demanding more communication throughout the loan origination process.

Residential Briefs

Altisource Portfolio Solutions S.A., Luxembourg, launched its bundled FHA product designed to provide customized asset management services for delinquent FHA loans.

Commercial/Multifamily News

Office Sector Growth Spreads

Office sector growth is spreading to secondary and tertiary metros as the cycle matures, reported Institutional Property Advisors, Calabasas, Calif.

Dealmaker: Cushman & Wakefield Closes $158M in Multifamily, Industrial

Cushman & Wakefield, New York, closed multifamily and industrial transactions totaling $158.2 million.

MBA News

MBA State & Local Workshop Apr. 1-2

The Mortgage Bankers Association's popular annual State & Local Workshop takes place Apr. 1-2 at the Capital Hilton in Washington, D.C.

MISMO Spring Summit June 3-7 in Milwaukee; Registration Now Open

Registration is now open for the MISMO Spring Summit, taking place June 3-7 at the Pfister Hotel in Milwaukee.

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.

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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