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Volume 18 | Issue 96 | Friday, May 17, 2019

The Lede


Housing Starts Post Healthy April Gain

Housing starts rose by nearly 6 percent in April, as both single-family and multifamily units posted healthy gains, HUD and the Census Bureau reported yesterday.


Top National News

Mortgage Rates Head Down for the Third Week in a Row

Washington Post, May 16, 2019--Kathy Orton
A volatile week in the financial markets had little effect on mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dipped to 4.07 percent with an average 0.5 point. (MBA mention)

Treasury Official Hired to Fix Fannie and Freddie Is Leaving

New York Times, May 16, 2019--Emily Flitter
When Craig S. Phillips, a veteran Wall Street mortgage trader, agreed to join the Treasury Department as a top aide to Secretary Steven Mnuchin in 2017, his mandate was to overhaul the way that American home loans are guaranteed and then traded by the federal government. More than two years later, with that ambitious agenda far from fruition, Mr. Phillips is returning to the private sector.

Mortgage Snafu Forces Pa. Bank to Disclose Material Weakness

American Banker, May 16, 2019--Ken McCarthy (subscription)
Meridian Corp. in Malvern, Pa., disclosed that it originated loans in a neighboring state where it lacked a license. As a result, the $1 billion-asset parent of Meridian Bank might have breached sales agreements for $98 million in loans dating back to 2012.

Boutique iBuyers Want to Sell Million-Dollar Homes With the Click of a Button

Wall Street Journal, May 16, 2019--Katherine Clarke (subscription)
New players are challenging iBuying companies that have yet to capture the luxury market.

Mortgage Originations Plunge, But Subprime Activity Sees Minimal Decline

National Mortgage News, May 16, 2019--Elina Tarkazikis (subscription)
Mortgage activity plunged before the start of the year, but subprime originations dropped the least, according to TransUnion. Despite dwindling volume, borrower delinquency rates hit historic lows in the first quarter.

Wells Fargo Moves Closer to Recouping Some Losses Tied to Scandal

American Banker, May 16, 2019--Kevin Wack (subscription)
A federal judge has given preliminary approval to the proposed $240 million settlement of a lawsuit in which Wells Fargo stands to recover for financial losses the bank incurred as a result of its phony-accounts scandal.

'Absolutely Devastating' to Small Lenders: Lawmakers Lay into CECL

National Mortgage News, May 16, 2019--Neil Haggerty (subscription)
At a hearing with banking regulatory chiefs Thursday, criticism by members of the House Financial Services Committee about the Financial Accounting Standards Board's Current Expected Credit Loss standard ranged from calling for a delay in its implementation to suggesting legislation that would stop the new standard from taking effect.

Open Mortgage Acquires South Dakota-Based Premier Home Mortgage

HousingWire, May 15, 2019--Jessica Guerin
Open said the deal will add new markets to its footprint by bringing with it offices in Iowa, Montana, South Dakota and Wyoming, which will begin to operate as branches of Open within the year.

Residential Finance News

MBA Renames State and Local Leadership Award for Ohio MBA Executive Director Marianne Collins

The Mortgage Bankers Association announced it renamed its award for state and local association leadership the Marianne Collins Award for Outstanding State and Local Leadership.

Home Values Fall for First Time in Seven Years

Zillow Inc., Seattle, said the median U.S. home value dropped from March to April, the first monthly decline since February 2012.

Quicken: Average Appraisal Values Make Largest Monthly Jump in 4 Years

Quicken Loans, Detroit, said average home appraisal values rose by nearly 2 percent from March to April, the largest monthly increase since 2015.

Commercial/Multifamily News

Woodwell: Is CRE 'Winter' Coming?

LOS ANGELES--Commercial real estate is enjoying good times, but to paraphrase Game of Thrones, is Winter coming? MBA Vice President of Commercial Real Estate Research Jamie Woodwell shared his outlook for the sector here at the MBA Commercial/Multifamily Servicing & Technology Conference.

Dealmaker: Newmark Realty Capital Secures $27M

Newmark Realty Capital, San Francisco, arranged $26.9 million for properties in three states.

MBA News

MBA Annual19 Comes to Austin, Texas Oct. 27-30

The Mortgage Bankers Association's Annual Convention & Expo takes place Oct. 27-30 at the Austin Convention Center in Austin, Texas.

Call for Speakers: MBA Condominium Lending Workshop

The Mortgage Bankers Association's Condominium Workshop takes place July 18 in Washington, D.C. Speaking opportunities are available; deadline is May 17.

MAA Action Week May 13-17

The Mortgage Action Alliance, MBA's free grassroots lobbying network, will hold its fourth annual Action Week May 13-17.

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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