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Volume 18 | Issue 100 | Thursday, May 23, 2019

The Lede


MBA Raises Concerns over CECL Accounting Standard

The Mortgage Bankers Association, in a May 21 letter to the House Financial Services Committee, said new Current Expected Credit Loss accounting requirements to measure credit losses could adversely residential and commercial/multifamily lenders, particularly community lenders.


Top National News

Replacement of LIBOR Mortgage Index Recalls Memories of Y2K Panic

National Mortgage News, May 22, 2019--Brad Finkelstein (free content)
Development of a replacement index for the London interbank offered rate brought back memories for one secondary market participant of the technology disaster worries many had at the turn of the century. (MBA mention)

Mortgage Refinances Surge 8%, As Rates Fall to the Lowest Level Since January 2018

CNBC, May 22, 2019--Diana Olick
Homeowners are taking advantage of lower interest rates, rushing to refinance their mortgages before rates potentially turn higher again, according to the Mortgage Bankers Association.

Secondary Mortgage Market: Lenders Must Embrace Digital Change

National Mortgage News, May 22, 2019--Paul Centopani (subscription)
Change invariably impacts the borrowers as well and that can be hard. However, "those who are successful are those embracing change and working through it with all those affected," Todd Hougaard, product manager at Mortgage Cadence, said at the Mortgage Bankers Association's National Secondary Market Conference.

GSEs in Favor of Retaining CRT Strategies, G-Fee Parity Post Reform

National Mortgage News, May 22, 2019--Bonnie Sinnock (subscription)
Government-sponsored enterprise executives appearing at the MBA National Secondary Mortgage Conference say they want to continue to offer credit risk transfers and guarantee-fee parity after the GSEs are released from conservatorship, but they might not be able to.

Ellie Mae Moves Accelerated by Thoma Bravo Purchase

Mortgage Media, May 22, 2019
A month after being acquired by private equity firm Thoma Bravo, Ellie Mae last week completed a restructuring that included layoffs of about 10 percent of its staff. At the MBA National Secondary Market Conference, Ellie Mae President and CEO Jonathan Corr addressed the downsizing, saying it likely would have happened even if the company had stayed public.

Ben Carson: 'Of Course I Know What an REO is'

The Hill, May 2, 2019--Bob Cusack
HUD Secretary Ben Carson defended his knowledge of government policy following a viral exchange on Capitol Hill in which he seemed to confuse a housing acronym with Oreo cookies.

Bank of America Will Offer Mortgages Without Origination Fees for a Limited Time

MarketWatch, May 23, 2019--Jacob Passy
The bank is now offering mortgages with $0 origination fees in a bid to win the business of borrowers who don't have a ton of money squirreled away in savings to cover the myriad costs associated with buying a home. There's a catch. The promotion only applies to certain types of loan products.

Bringing Technology to the Point of Sale

National Mortgage Professional, May 22, 2019--Rick Grant
John Guzzo, Managing Director at Berkery, Noyes & Company LLC, offers six key attributes for evaluating a mortgage technology firm.

'I Went The Extra $5,000': Despite a Cooling Housing Market, Buyers Bust Their Budgets

USA Today, May 22, 2019--Paul Davidson
Home buyers are blowing through their budgets by ever-higher amounts to lasso their dream homes, a recent survey by real estate brokerage found.

Residential Finance News

Government Agencies Strive to Be More Lender-Friendly

NEW YORK--Representatives from government housing agencies said they are making progress in breaking down barriers that discourage mortgage lenders and servicers from working with them.

Bringing Private Capital Back to the Marketplace

NEW YORK--The secondary mortgage market, long-dominated in recent years by the government-sponsored enterprises, wants private capital to play a much larger role--the sooner, the better.

Commercial/Multifamily News

'Stagnant' Retail Space Demand, But Investors Have Not Given Up

The U.S. retail market is flat as shifts in consumer spending result in a high and stagnant retail vacancy rate, said Ten-X, Irvine, Calif.

Dealmaker: JLL Income Property Trust Pays $82M for Seattle-Area Apartments

JLL Income Property Trust, Chicago, acquired Stonemeadow Farms, a 280-unit apartment community in Bothell, Wash., for $81.8 million.

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.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III June 11-14 at MBA headquarters in Washington, D.C.

MAA Quarterly Advocacy Update May 28

The Mortgage Action Alliance Quarterly Advocacy Update takes place Tuesday, May 28 from 2:00-3:00 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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