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Volume 18 | Issue 86 | Friday, May 03, 2019

The Lede


CFPB Proposes Changes to HMDA Rules

The Consumer Financial Protection Bureau yesterday issued a Notice of Proposed Rulemaking, which proposes to raise coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act rules.


Top National News

Mortgage Rates Pull Back on Weak Inflation Data

Washington Post, May 2, 2019--Kathy Orton
After a month of increases, mortgage rates retreated this week. According to latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.14 percent with an average 0.5 point. It was 4.20 percent a week ago and 4.55 percent a year ago. (MBA mention)

Mortgage Bankers Association Taps Ernie Jolly as AVP of Legislative Affairs

Mortgage Orb. May 2, 2019--Patrick Barnard
Jolly joins the MBA from Capitol Hill, where he most recently served as Deputy Chief of Staff for Rep. Gregory W. Meeks, D-N.Y.

Trump Says Moore Withdraws from Fed Consideration

The Hill, May 2, 2019--Jordan Fabian
President Trump said Thursday conservative commentator Stephen Moore has decided to withdraw from consideration for the Federal Reserve Board amid staunch opposition from Senate Republicans.

Real Estate: 3 Challenges Facing First-Time Homebuyers this Spring

USA Today, May 2, 2019--Aimee Picchi
This spring may prove challenging for some first-time homebuyers, who typically have fewer assets than current homeowners, who have built up equity in their homes. (MBA mention)

Re-Evaluating the Traditional Appraisal

DS News, May 2, 2019--Seth Wellborn
After the Mortgage Bankers Association sent a letter requested raising the threshold for requiring manual appraisals from $250,000 to $400,000, Collateral Analytics examined how raising this threshold would impact the mortgage industry as a whole.

Adjustable-Rate Mortgages are Making a Comeback. But Are These Loans Right for You?

Washington Post, May 2, 2019--Michele Lerner
Adjustable-rate mortgages, known as ARMs, are back, despite having earned a bad reputation at the height of the housing crisis. Post-crisis borrowers saw them as risky because of their changing interest rates and blamed the glut of foreclosures on the inability of homeowners to handle higher payments when the loans reset.

Goldman Sachs Gets Closer to Fulfilling Terms of Mortgage Settlement

National Mortgage News, May 2, 2019--Paul Centopani (subscription)
Goldman forgave $85 million in principal on 819 first-lien mortgages, and $4.2 million on 30 amounts due and previously deferred first-lien mortgages during the period that has passed since its last update on March 1. Its latest contribution puts it more than three-quarters of the way to fulfilling the settlement's terms.

CMBS Delinquency Rate Continues to Hit Post-Crisis Lows

National Mortgage Professional, May 2, 2019--Phil Hall
The commercial mortgage-backed securities delinquency rate published by Trepp LLC reversed itself after last month's one basis point uptick and resumed is ongoing decline in April by six basis points to a new post-recession low of 2.82 percent.

Residential Finance News

Rep. Emmer Introduces Bill to Eliminate Barriers for Self-Employed Individuals

Rep. Tom Emmer, R-Minn., jumped-started efforts on Capitol Hill to improve access to mortgages for those working in the "gig" economy by introducing Mortgage Bankers Association-supported legislation that would allow lenders to verify income through other forms of documentation.

Fitch: U.S. RMBS Servicers ‘Scrubbing' Portfolios of Problem Loans

Fitch Ratings, New York, said U.S. residential mortgage-backed securities servicers are continuing to grow their portfolios with much cleaner products, while the volume of problematic loans continues to decline.

Residential Briefs

Intercontinental Exchange, an operator of global exchanges and clearinghouses and provider of data and listings services, announced it entered into a definitive agreement to acquire Simplifile, LC, Provo, Utah.

Commercial/Multifamily News

Positive Office Absorption Streak Continues

The U.S. office sector secured its 34th consecutive quarter of positive absorption this year as asking rents trended higher, reported Cushman & Wakefield, New York.

Dealmaker: Alexander & Baldwin Acquires Hawaii Industrial Assets for $68M

Alexander & Baldwin, Honolulu, acquired two Hawaii industrial assets for $67.5 million.

MBA News

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 Compliance Essentials UDAAP & FTC MAP Rule Resource Guide Available

The MBA Compliance Essentials program offers a new Resource Guide: Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) & FTC Mortgage Acts and Practices Advertising (MAP) Rule.

MBA Education Webinar: Technology & CRE Finance--Where Are We & Where Are We Headed? May 29

Join MBA Education for an informative webinar, Technology & CRE Finance: Where Are We & Where Are We Headed?, on Wednesday, May 29 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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