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Volume 18 | Issue 105 | Friday, May 31, 2019

The Lede


MBA, Trade Groups Renew Push for Flood Insurance Program Extension

With the National Flood Insurance Program slated to expire yet again this Friday, the Mortgage Bankers Association and other industry trade groups pressed Congress to override objections from conservative legislators to move forward with legislation approving an extension through September.


Top National News

Mortgage Rates Extend Decline, Sinking to 16-Month Low

Washington Post, May 3, 2019--Kathy Orton
Mortgage rates are at their lowest levels in 16 months after five weeks of declines. But despite falling rates, mortgage applications pulled back, according to the Mortgage Bankers Association.

Major Tech Issues on MBA's Radar

Mortgage Media, May 30, 2019
Rick Hill, vice president of industry technology with the Mortgage Bankers Association, talked with Mortgage Media's Dave Matthews at the recent MBA technology conference.

30-Year Mortgage Rates Drop Below 4% for First Time in 18 Months

Orange County Register, May 30, 2019--Jeff Lazerson
After coming within an eyelash of hitting 5%, 30-year rates have dropped almost a full percentage point since November. (MBA mention)

CFPB Commission Goes from Idea to Afterthought

American Banker, May 30, 2019--Neil Haggerty (subscription)
As House Democrats seek to reverse Trump administration efforts to rein in the Consumer Financial Protection Bureau, the industry's hopes of replacing the bureau's single-director leadership structure with a five-member commission are quickly fading, at least in the short term.

A $4 Trillion Plan Could Make or Break Dreams of U.S. Homebuyers

Bloomberg, May 30, 2019--Christopher Maloney
Washington says a major change in the mortgage-backed securities market could make home loans more affordable nationwide. Not everyone on Wall Street is so sure.

DOJ Demands to See CoreLogic's MLS Data in Antitrust Probe

HousingWire, May 30, 2019--Jessica Guerin
The Department of Justice recently sent a letter to CoreLogic requesting access to its MLS data regarding buyer broker compensation, a clear sign that the federal authorities are actively investigating allegations of antitrust violations among multiple listing service providers.

Regional Banks Grow Their CRE Footprints

Multi-Housing News, May 30, 2019--Jeffrey Steele
According to the Mortgage Bankers Association, a record $574 billion of commercial real estate and multifamily mortgages were closed in 2018. Of that total, commercial bank and savings institutions made up the largest investor group, responsible for $174 billion. That activity surpassed, in order, the GSEs, CMBS, CDO and ABS issuers, life insurance companies and pension funds.

Half of Live Well Financial's Suddenly Fired Employees Land at Open Mortgage

HousingWire, May 30, 2019--Ben Lane
Open Mortgage, an Austin, Texas-based lender that operates forward and reverse mortgage operations, announced Thursday that is hiring 50 of Live Well Financial's former employees, including three of the company's top executives.

Fed Would Consider Interest-Rate Cuts if Growth Outlook Darkens

Wall Street Journal, May 30, 2019--Nick Timiraos (subscription)
Federal Reserve Vice Chairman Richard Clarida said the U.S. economy is in good shape but that central bank officials would consider interest-rate cuts should economic data reveal a material risk of a sharper slowdown than they currently expect.

Living and Lending Under One Roof

Wall Street Journal, May 30, 2019--Katy McLaughlin (subscription)
Banks and lenders are reckoning with "the sandwich generation" as more aging parents and adult children move in together and need mortgages on their shared space.

Residential Finance News

April Pending Home Sales Falter

Pending home sales declined in April after a slight gain in March, the National Association of Realtors reported yesterday.

GDP Holds Steady at 3.1%

The Bureau of Economic Analysis said its second (revised) estimate of first quarter gross domestic product showed economic growth moderating at 3.1 percent.

Commercial/Multifamily News

Gradual Slowdown Seen in Hotel Performance

The hotel sector faces declining occupancy in both 2020 and 2021 as supply increases faster than demand, said CBRE Hotels, Atlanta.

Dealmaker: Dekel Capital Arranges $41M Multifamily Bridge Loan

Dekel Capital, Los Angeles, arranged a $41 million value-added financing for Central Park West, a 199-unit multifamily property in Minneapolis submarket St. Louis Park, Minn.

MBA News

MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

MBA Education Advanced Risk Management for Pros June 3-5 in D.C.

MBA Education presents its popular Advanced Risk Management for Mortgage Pros Workshop, in conjunction with the Robert H. Smith School of Business at the University of Maryland, in Washington, D.C. June 3-5.

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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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