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Volume 18 | Issue 95 | Thursday, May 16, 2019

The Lede

 

MBA: April New Home Purchase Applications Up 3% from March, 16% from Year Ago

The Mortgage Bankers Association Builder Applications Survey reported mortgage applications for new home purchases increased by 15.6 percent in April from a year ago and by 3 percent from March.

 

Top National News

 
Commercial Multifamily Real Estate Finance: Less Headwind, Strong Economy at Our Tail

Mortgage Media, May 15, 2019
The Mortgage Bankers Association's Jamie Woodwell sees a robust demand for housing over the next decade.

Industry Reacts: Lawmakers Introduce Guaranteed Fee Bill

MReport, May 15, 2019--Seth Wellborn
"Guarantee fees are a critical risk management tool used by Fannie Mae and Freddie Mac to protect against losses," said MBA President and CEO Robert Broeksmit, CMB. "Any increase of these fees that is not related to housing is effectively a tax on home ownership."

Mortgage Applications Slightly Lower Despite Three Weeks of Falling Rates

CNBC, May 15, 2019--Diana Olick
Mortgage hunters were not particularly impressed with the latest drop in interest rates. Mortgage application volume dropped 0.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

Big Bank Executives Could Have to Testify Annually If Democrats Get Their Way

Bloomberg, May 15, 2019--Austin Weinstein
Draft legislation that would make annual testimony mandatory for the chief executive officers of systemically important banks was added to the agenda for a separate Thursday hearing before the House Financial Services Committee. As it stands, bank chiefs aren't required to appear before Congress unless they're subpoenaed, though they usually agree to testify voluntarily.

CFPB Official Under Fire for Past Writings on Race Resigns

National Mortgage News, May 15, 2019--Kate Berry (subscription)
Eric Blankenstein, the CFPB's policy director for supervision, enforcement and fair lending, said in an email Wednesday to agency employees that he had decided to "take another position" after working at the bureau for 18 months. Blankenstein wrote that details of his next job "are still being finalized." His last day at the CFPB will be May 31.

Gap Between Democrats, GOP on Bank Regulation Wide as Ever

American Banker, May 15, 2019--Neil Haggerty (subscription)
Nearly nine years after the passage of the Dodd-Frank Act, Republican and Democratic lawmakers still live in alternative universes when it comes to financial regulatory policy.

Rise in Hurricane Recovery Times Could Strain Mortgage Servicers

National Mortgage News, May 15, 2019--Brad Finkelstein (subscription)
The potential for longer homeowner recovery times from hurricanes could hurt mortgage companies that need to advance funds to investors from missed payments.

U.S. Poised to Let Phone Companies Block Robocalls

Wall Street Journal, May 15, 2019--Ryan Tracy, Sarah Krouse (subscription)
Responding to widespread consumer complaints, the Federal Communications Commission says it will take steps to give phone companies permission to block unwanted robocalls.

Chinese Nationals Purchase More U.S. Residential Real Estate...

MarketWatch, May 15, 2019--Jacob Passy
The U.S.-China trade dispute has sent the Chinese yuan to new lows relative to the dollar. "It's already making U.S. real estate more expensive" for Chinese buyers, said Michael Fratantoni, chief economist at the Mortgage Bankers Association.

Residential Finance News

 
ATTOM: April Foreclosure Activity Down 13%

ATTOM Data Solutions, Irvine, Calif., said foreclosure filings, including default notices, scheduled auctions and bank repossessions, fell by 5 percent in April from March and by 13 percent from a year ago.

Residential Briefs

Roostify, San Francisco, finalized its integration with Docutech, a provider of document eSign, eClose and print fulfillment technology.

Commercial/Multifamily News

 
Stoffers: 'Change is the Only Constant'

LOS ANGELES--The world is changing at an increasing rate, and servicing professionals need to be prepared, Brian Stoffers, CMB, CBRE Global President of Debt and Structured Finance and MBA Chair-Elect said here at the MBA Commercial/Multifamily Servicing & Tech Conference.

Mortgage Servicers Earn MBA Education CCMS Designation

LOS ANGELES--Eight mortgage servicers earned Certified Commercial Mortgage Servicer designations here at the Mortgage Bankers Association CREF Servicing and Technology Conference.

Dealmaker: Institutional Property Advisors Brokers $56M in Multifamily Sales

Institutional Property Advisors, Calabasas, Calif., brokered two Arizona multifamily property sales totaling $56 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.

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 jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.