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Volume 18 | Issue 90 | Thursday, May 09, 2019

The Lede

 

April Mortgage Credit Availability Up 2.1%

Mortgage credit availability, driven by jumbo lending, increased in April, the Mortgage Bankers Association reported this morning.

 

Top National News

 
Weekly Mortgage Applications Rise 2.7% in a Strong Week for Homebuyers

CNBC, May 8, 2019--Diana Olick
After pulling back for several weeks, homebuyers stepped back into the mortgage market last week. Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

Fannie Mae Backs 'Dreamers'

Mortgage Compliance, May 2019--James Brody
In March, Fannie Mae issued a policy stating it will continue to purchase and securitize mortgages for non-U.S. citizen borrowers who are lawful permanent residents under the Deferred Action for Childhood Arrivals program; Pete Mills of the Mortgage Bankers Association says FHA should follow the same policy.

Fannie-Freddie May Be Freed Without Congress, Calabria Says

Bloomberg, May 8, 2019--Austin Weinstein
The comments by Federal Housing Finance Agency Director Mark Calabria are a clear sign that regulators and President Donald Trump's administration aren't counting on a legislative solution after more than a decade of failures to address the biggest piece of unfinished business from the 2008 financial crisis.

Freddie Mac Opens Up Certificate Exchange for Uniform MBS to Investors

National Mortgage News, May 8, 2019--Bonnie Sinnock (subscription)
Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.

Wells Fargo Creates Unit to Satisfy Regulatory Demands

American Banker, May 8, 2019--Kate Berry (subscription)
Wells Fargo has created an operations unit designed to focus exclusively on meeting demands of regulators who have expressed dissatisfaction with the bank's progress after a series of scandals.

Mortgage Duration Drop Means Refinancing Concerns Are Back Again

Bloomberg, May 8, 2019--Christopher Maloney
Mortgage investors' concern about prepayment speeds may increase as a renewed U.S. rate rally helps push the U.S. MBS index duration down to its lowest level since March.

Should the Housing Market Change its Approach for Millennial Housing Affordability?

HousingWire, May 8, 2019--Alcynna Lloyd
With a population of nearly 84 million, it's safe to say Millennials are destined to make waves in the housing market. However, a recent analysis from First American suggests the industry isn't harnessing their full potential.

Bank 34 Abandoning Mortgage Lending

HousingWire, May 8, 2019--Ben Lane
Bank 34, which operates nine loan production offices in the western part of the U.S., announced this week it is shuttering its mortgage business.

Small Mortgages Are Getting Harder to Come By

Wall Street Journal, May 9, 2019--Ben Eisen (subscription)
Some low- and middle-income home buyers are having a hard time getting mortgages for an unexpected reason: The loans they're applying for are too small.

Residential Finance News

 
FHA to Announce 'Important Changes' to Lender Requirements

The Federal Housing Administration has a media conference call scheduled this afternoon (May 9) for what it terms a "major announcement impacting lending requirements."

Seriously Underwater Properties Rise from Year Ago

ATTOM Data Solutions, Irvine, Calif., said more than 5.2 million U.S. properties remained seriously underwater at the end of the first quarter, up by more than 17,000 properties from a year ago.

Consumers Dial Back Optimism on Housing; Get Creative on Down Payments

Fannie Mae, Washington, D.C., said its Home Purchase Sentiment Index fell in April, as consumers tempered their optimism about the housing market despite improved mortgage rate expectations.

Commercial/Multifamily News

 
Strong Demand, Tight Supply Change Industrial Outlook

As the industrial sector sizzles, developers have started re-purposing obsolete assets such as vacant big-box stores and old office buildings, said Avison Young Chair and CEO Mark Rose.

Dealmaker: Dockerty Romer Arranges $73M for Mixed-Use, Office Assets

Dockerty Romer & Co., Delray Beach, Fla., arranged $73.1 million in permanent mortgage financing for Florida mixed-use and office assets.

MBA News

 
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 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

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