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Volume 18 | Issue 84 | Wednesday, May 01, 2019

The Lede


Mortgage Applications Down Again in MBA Weekly Survey

Mortgage applications fell for the fourth straight week even as interest rates dropped, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending April 26.


Top National News

MBA CEO Robert Broeksmit on Shortage of Affordable Housing

Yahoo Finance, Apr. 30, 2019
MBA President and CEO Robert Broeksmit, CMB, visits Yahoo Finance studios to discuss affordable housing issues.

Trump to Fed: Slash Rates Now

National Mortgage Professional, Apr. 30, 2019--Phil Hall
For the second time this month, President Donald Trump has taken to Twitter in calling out the Federal Reserve to slash rates back to the December 2017 level.

Freddie Mac Raises Origination Forecast Based on Lower Rates, More Refis

National Mortgage News, Apr. 30, 2019--Brad Finkelstein (subscription)
Freddie Mac increased its origination forecast for 2019 by nearly 4% from last month as lower interest rates will result in more borrowers refinancing than previously expected.

Iowa Signs Law to Enable eClosings for Mortgages

HousingWire, Apr. 30, 2019--Kelsey Ramirez
Iowa became the latest state to enable fully digital closings for mortgage transactions Monday with the passage of its new eNotary law.

New York Launches its Own 'Mini-CFPB'

American Banker, Apr. 30, 2019--Kate Berry (subscription)
New York has created a statewide financial protection division that will focus solely on corporate compliance and consumer issues, following similar efforts by New Jersey and Pennsylvania.

Redfin Launches Mortgage Lending in Florida, Maryland and Tennessee

HousingWire, Apr. 30, 2019--Ben Lane
Homebuyers in Florida, Maryland, and Tennessee can now turn to Redfin for their mortgage, as the online real estate brokerage announced this week that its mortgage arm, Redfin Mortgage, is now available in those three states.

Berkshire Hills Exiting National Mortgages, Indirect Auto

National Mortgage News, Apr. 30, 2019--Ken McCarthy (subscription)
The $12.2 billion-asset company said in a press release Monday that it had stopped originating indirect auto loans and had classified its national mortgage platform, First Choice Loan Services, as a discontinued operation.

Borrowers Cash in on Competitive Debt Fund Space

National Real Estate Investor, Apr. 30, 2019--Beth Mattson-Teig
Borrowers are taking advantage of the crowded debt fund space to find good deals on short-term bridge loans. Competition has heated up in the past six months on financing transitional assets that have a renovation plan or a value-add component, especially those that have in-place cash flow.

Residential Finance News

S&P: Annual Home Price Gains Continue Decline

The Standard & Poor's CoreLogic Case Shiller Indices showed home price increases across the U.S. continued to slow in February, suggesting that the transition from a seller's market to a buyer's market is underway.

March Pending Home Sales Up 4%

Pending home sales rose in March, reversing course from February, the National Association of Realtors said yesterday.

Commercial/Multifamily News

Arbor: Small-Balance Multifamily Well Positioned in Case of Downturn

Small-balance multifamily assets should be well positioned to survive the next financial downturn, reported Arbor, Uniondale, N.Y.

Commercial/Multifamily Briefs

Northstar Commercial Partners, Denver, launched the $125 million Northstar Integrity Growth Fund in partnership with Integrity Trust, Colorado Springs, Colo.

Dealmaker: 3650 REIT Originates $88M Construction Loan

Balance-sheet lender 3650 REIT, Miami, originated an $87.9 million construction loan for Austin, Texas, condominium property 48 East.

MBA News

MBA Recognizes Premier Members

MBA is proud to recognize its Premier and Select Associate Members and to thank them for their continued support of MBA and the real estate finance industry.

MBA Legal Issues & Regulatory Compliance Conference in New Orleans May 5-8

The Mortgage Bankers Association's Legal Issues & Regulatory Compliance Conference takes place May 5-8 at the Hyatt Regency New Orleans.

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.

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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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