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Volume 18 | Issue 104 | Thursday, May 30, 2019

The Lede


Millennials: 'Doorbells Before Wedding Bells' and Few Regrets

For Millennials, "First comes love, then comes marriage" is being replaced by "first comes home, then comes marriage."


Top National News

Weekly Mortgage Applications Drop 3.3%, as Spring Housing Season Draws to a Close

CNBC, May 29, 2019--Diana Olick
Total mortgage application volume fell 3.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 15% higher than the same week one year ago, when interest rates were higher.

CFPB Settles with BSI Financial Services over Numerous Mortgage Servicing Issues

HousingWire, May 29, 2019--Ben Lane
The Consumer Financial Protection Bureau announced Wednesday an investigation into the business practices of BSI Financial Services found that the Texas-based mortgage servicer violated multiple federal laws over several years.

Expect More Banks to Exit National Mortgage Lending

American Banker, May 29, 2019--Jon Prior (subscription)
It's no secret the mortgage business has been tough lately, but bankers who have downsized in home lending say it's no fad--they (and others) predict the slim profits are here to stay and that more banks will follow their lead in scaling back.

US Bank Sues BofA for Mortgage-Related Breach of Contract

Charlotte Business Journal (N.C.), May 29, 2019--Caroline Hudson
The complaint involves First Franklin Financial Corp., which was acquired by Merrill Lynch & Co. Inc. in 2006. BofA then acquired Merrill Lynch in 2008. According to court documents, First Franklin sold defective mortgages to a residential mortgage-backed securities trust in 2007, but failed to inform U.S. Bank, who is acting as trustee.

New York Regulator to Investigate Exposure of Mortgage Documents

New York Times, May 29, 2019--Stacy Cowley
A New York State financial regulator is investigating a security vulnerability at First American Financial Corp., a title insurance company, that exposed an estimated 885 million records related to mortgage deals.

Asked to Resign, Florida's Top Banking Regulator Claims Corruption

American Banker, May 29, 2019--Kate Berry (subscription)
Ronald Rubin, Florida's top banking regulator, was asked to resign Wednesday by the state's chief financial officer after a review of an Inspector General's report that detailed allegations of sexual harassment. Instead, Rubin is responding with allegations against the state CFO.

U.S. Banking Sector Reports $60.7 Billion in Profits for First Quarter of 2019

Reuters, May 29, 2019--Katanga Johnson
The U.S. banking sector recorded $60.7 billion in profits in the first quarter of 2019, an increase in profit levels from the year prior, according to data from the Federal Deposit Insurance Corp.

Blackstone Starts Selling Out of Home-Rental Empire

Wall Street Journal, May 29, 2019--Ryan Dezember (subscription)
The private-equity firm late Tuesday sold more than $1 billion of shares of Invitation Homes Inc., the giant single-family home landlord it launched following the financial crisis in a wager that many Americans would be willing to rent the suburban lifestyle they could no longer afford to own.

FHFA to End Monthly Interest Rate Survey

National Mortgage Professional, May 29, 2019--Phil Hall
The Federal Housing Finance Agency announced it will discontinue its Monthly Interest Rate Survey, with April's statistical update as its last. The agency explained that it was shutting down the survey "due to dwindling participation."

Residential Finance News

Newly Listed Homes Get 3.4 Times More Online Views Than Those With Price Drop

Redfin, Seattle, found homes get 3.4 times more online views the day they are listed than they do the day the seller drops the price.

Residential Briefs

Freedom Mortgage Corp., Mt. Laurel, N.J., and RoundPoint Mortgage Servicing Corp., Charlotte, N.C., announced a merger agreement in which RoundPoint will become a wholly owned subsidiary of Freedom Mortgage.

Commercial/Multifamily News

Industrial Assets Lead CRE Price Growth

U.S. commercial real estate prices rose 0.8 percent in April, led by industrial property price growth, reported Real Capital Analytics, New York.

Commercial/Multifamily Briefs

Morningstar, New York, agreed to acquire fellow credit rating agency DBRS for $669 million. The firms expect the transaction to close early in the third quarter.

Dealmaker: NYL Real Estate Investors Lends $85M for Multifamily

New York Life Real Estate Investors originated $84.9 million on behalf of New York Life Insurance Co. for two Texas multifamily assets.

MBA News

MBA Annual19 Comes to Austin, Texas Oct. 27-30

The Mortgage Bankers Association's Annual Convention & Expo takes place Oct. 27-30 at the Austin Convention Center in Austin, Texas.

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.

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.

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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