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Volume 18 | Issue 85 | Thursday, May 02, 2019

The Lede


Coming Wave of Young Millennial Home Buyers Expected to Further Tighten Market for Starter Homes

Nearly 45 million Americans will reach the typical age for first-time home buyers in the next decade, 3.1 million more than in the 10 years prior, which could create problems for the starter home market, said Zillow Inc., Seattle.


Top National News

Weekly Mortgage Applications Drop 4.3%, Despite Lower Interest Rates

CNBC, May 1, 2019--Diana Olick
Mortgage application volume fell 4.3% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 4.5% higher annually, thanks to stronger refinance activity.

Global Fintech Investment Doubled in 2018

HousingWire, May 1, 2019--Kelsey Ramirez
Total global fintech investment increased from $50.8 billion in 2017 to a full $111.8 billion in 2018, according to KPMG's The Pulse of Fintech, a biannual report that highlights key trends in fintech across the globe.

Fannie Mae and Freddie Mac Release Q1 Financial Results

MReport, May 1, 2019--Seth Wellborn
Fannie Mae and Freddie Mac released their Q1 2019 financial results on Wednesday. Fannie Mae reported a net income of $2.4 billion and comprehensive income of $2.4 billion, while Freddie Mac reported a comprehensive income of $1.7 billion.

MERS Owner, Intercontinental Exchange, is Buying Simplifile for $335 Million

HousingWire, May 1, 2019--Jacob Gaffney
ICE is the parent company of the New York Stock Exchange and is also a provider of data and listings services; Simplifile operates one of the largest networks connecting the agents and jurisdictions that underpin residential mortgage records.

Thune Says Trump's Choice of Moore for Fed Board is 'in Trouble,' Expects Decision on Nomination This Week

Washington Post, May 1, 2019--Seung Min Kim
Stephen Moore's prospects of getting confirmed to the Federal Reserve Board grew dimmer Wednesday as Trump administration officials began to acknowledge privately he does not have the votes and Republican senators indicated the ensuing drama over Moore's pending nomination would end soon.

Fannie Mae's CECL Remedy May Include More Risk-Sharing

National Mortgage News, May 1, 2019--Bonnie Sinnock (subscription)
Fannie Mae is considering sharing more risk with the private sector to offset the pressure that the implementation of the Current Expected Credit Loss accounting standard could put on its earnings.

Residential Finance News

Ernie Jolly Joins MBA as Associate Vice President of Legislative Affairs

The Mortgage Bankers Association announced Ernie Jolly joined the Association as Associate Vice President of Legislative Affairs, responsible for advocating on behalf of MBA's legislative and policy priorities on Capitol Hill, with a primary focus on Democratic members of the House of Representatives.

Fed Holds Firm on Interest Rates

To no surprise of most analysts, the Federal Open Market Committee took no action on the federal funds rate at the end of its policy meeting yesterday.

Rise in Refis Lowers Loan Defect Rate

First American Financial Corp., Santa Ana, Calif., said its Loan Application Defect Index held steady in March, driven in part by improving conditions for sellers and an uptick in mortgage refinancings.

Commercial/Multifamily News

CRE Price Growth Slows in March; Deal Volume Slips

Annual growth in U.S. commercial real estate property prices slowed in March to the most modest rate since 2011, reported Real Capital Analytics, New York.

Dealmaker: G.S. Wilcox & Co. Secures $212M for Multifamily, Industrial

G.S. Wilcox & Co., Morristown, N.J., secured $212 million for eight New Jersey apartment and industrial properties.

MBA News

MBA Recognizes Select Members

MBA recognizes its Select Associate Members and thanks them for their continued support of MBA and the real estate finance industry.

MBA National Secondary Market Conference & Expo May 19-22

The Mortgage Bankers Association's National Secondary Market Conference & Expo returns to the New York Marriott Marquis May 19-22.

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.

MBA School of Mortgage Banking II May 14-17 in Chicago

MBA Education presents its popular School of Mortgage Banking Course II May 14-17 in Chicago.

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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