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Volume 18 | Issue 102 | Tuesday, May 28, 2019

The Lede

 

MBA Advocacy Update

Last week, House appropriators passed a subcommittee spending bill allocating $50.1 billion for HUD in fiscal year 2020, including a specified $20 million for FHA's single-family information technology infrastructure. Also, the Senate passed a two-week, stand-alone flood insurance program extension amid uncertainty about whether a disaster aid bill containing a longer renewal would be enacted before the program lapses.

 

Top National News

 
REITs Bet Big on the Mortgage Market

Wall Street Journal, May 28, 2019--Ben Eisen (subscription)
A once-sleepy corner of American housing finance is increasingly buying up mortgages, and it stands to grow further as the government's role in the market shrinks. (MBA Chief Economist Mike Fratantoni mention)

CFPB's Kraninger Digs in Over Halt to Military Lending Exams

National Mortgage News, May 27, 2019--Kate Berry (subscription)
Kathy Kraninger, the director of the Consumer Financial Protection Bureau, is in a standoff with Senate Democrats over the bureau's refusal to examine financial firms for compliance with the Military Lending Act.

The Silver Lining Amid the China Trade War? Lower Mortgage Rates

Fox Business News, May 24, 2019
On the heels of continued trade tensions with China, mixed economic data and volatile markets, there is one silver lining for Americans: lower home mortgage interest rates.

Freedom Mortgage to Acquire RoundPoint Mortgage Servicing

HousingWire, May 24, 2019--Jessica Guerin
Freedom Mortgage and RoundPoint Mortgage Servicing are planning to merge, the companies announced Friday. The deal will make RoundPoint--which services and subservices about $91 million in mostly agency loans--a wholly owned subsidiary of Freedom, a full-service, nonbank mortgage lender and servicer.

Florida Is the Big Winner as the Wealthy Move Out of Northern States

Bloomberg, May 24, 2019--Lee J. Miller, Wei Lu
Florida and South Carolina enjoyed the top economic gains, while Connecticut, New York and New Jersey faced some of the biggest financial drains, according to a Bloomberg analysis of state-to-state moves based on data from the Internal Revenue Service and the U.S. Census Bureau.

SunTrust to Relocate Mortgage Leadership Team from Richmond to N.C. as Part of Planned BB&T Merger

Richmond Times-Dispatch, May 24, 2019--John Reid Blackwell, Gregory J. Gilligan
SunTrust confirmed this week that it plans to locate the leadership team for the combined company's mortgage business in Greensboro, N.C., which will mean relocating leadership positions from SunTrust Mortgage operations in South Richmond.

Builders Less Confident in Multifamily Market

National Mortgage Professional, May 24, 2019--Phil Hall
Builder confidence in the market for new multifamily housing frayed during the first quarter, according to the latest Multifamily Market Survey released by the National Association of Home Builders.

First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records

Krebs On Security, May 24, 2019--Brian Krebs
The digitized records--including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and drivers license images--were available without authentication to anyone with a Web browser.

NAR Files Motion to Dismiss Anti-Trust Lawsuit over Buyer Broker Commissions

HousingWire, May 24, 2019--Jessica Guerin
The suit alleges that the MLS providers conspire with NAR to require sellers to pay buyer's broker's fees at inflated rates in violation of anti-trust laws, and that practice has "saddled home sellers with a cost that would be borne by the buyer in a competitive market." NAR contests this assertion, claiming that it has no role in determining the buyer broker's fee.

Odd Parcels: Landlord Woes, Auto Loans, Parental Help

UExpress, May 24, 2019--Lew Sichelman
Much has been said about how student debt is hurting the ability of many millennials to qualify for a mortgage. But lenders may be starting to take a harder look at the amount of money would-be borrowers are paying every month for their fancy BMWs, Mercedes and Ram trucks.

Residential Finance News

 
Real Estate Columnist Kenneth Harney Passes Away

Kenneth R. Harney, whose syndicated column "The Nation's Housing" served as a source of news and information for consumers and real estate finance professionals alike, died May 23 from acute myeloid leukemia. He was 75.

Genworth: First-Time Home Buyer Market Slows in 1Q, But Still Outperforms

Genworth Mortgage Insurance Corp., Richmond, Va., said the first-time home buyer market continued to slow down in the first quarter, although it still outperformed the rest of the market.

The Week Ahead

Welcome back from the Memorial Day holiday weekend. 

Commercial/Multifamily News

 
MBA Chart of the Week: New Issue CMBS Spreads to Swaps

In search for yield and a vote of confidence in the assets, investors have pulled commercial mortgage-backed securities credit spreads lower in recent years.

Low Unemployment Translates to Strong Single-Family Rent Growth

Rent prices in single-family rental properties increased 2.9 percent year-over-year in March, in part due to strong employment figures, reported CoreLogic, Irvine, Calif.

Dealmaker: George Smith Partners Secures $18M in Bridge Financing

George Smith Partners, Los Angeles, secured $17.6 million in bridge loans for a three-building Los Angeles-area portfolio.

MBA News

 
MBA Document Custody Workshop June 20

The Mortgage Bankers Association's popular Document Custody Workshop takes place Thursday, June 20 at the Ritz-Carlton Tysons Corner in McLean, Va.

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.

MBA Education Webinar: Technology & CRE Finance--Where Are We & Where Are We Headed? May 29

Join MBA Education for an informative webinar, Technology & CRE Finance: Where Are We & Where Are We Headed?, on Wednesday, May 29 from 2:00-3:30 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 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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