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Volume 18 | Issue 94 | Wednesday, May 15, 2019

The Lede


MBA: 1Q Mortgage Delinquencies Increase; Foreclosure Inventories Remain Low

Mortgage delinquencies rose in the first quarter, the Mortgage Bankers Association reported yesterday, while foreclosure inventories remained at nearly 25-year lows.


Top National News

U.S. Mortgage Delinquencies Rose in First Quarter from 18-Year Low at Year End--MBA

Reuters, May 14, 2019--Richard Leong
The number of U.S. homeowners who fell behind on their mortgage payments climbed in the first quarter from an 18-year low at the end of 2018, while the share of mortgages at the start of foreclosure actions slipped, the Mortgage Bankers Association said on Tuesday.

Q1 Commercial/Multifamily Originations Up 12 Percent YoY

National Mortgage Professional, May 14, 2019--Phil Hall
Commercial and multifamily mortgage loan originations during the first quarter were up by 12 percent on a year-over-year basis but were down 34 percent from the previous quarter, according to data from the Mortgage Bankers Association.

Bill Would Prevent Congress from Using G-Fees as Budget Tool

American Banker, May 14, 2019--Neil Haggerty (subscription)
The bill by Sens. David Perdue, R-Ga., and Bob Menendez, D-N.J., both members of the Banking Committee, would establish a "scorekeeping rule" to ensure that any increases in guarantee fees, or g-fees, cannot be used to offset provisions that increase the deficit, as has been done in the past. Lenders typically pay g-fees to the government-sponsored enterprises to back loans. (MBA mention)

Trump's Trade War with China Doesn't Bode Well for an Already Shaky U.S. Housing Market

MarketWatch, May 14, 2019--Jacob Passy
Low interest rates and the continually strong labor market are boons to American consumers and therefore positive headwinds for the country's housing market, said Mike Fratantoni, chief economist for the Mortgage Bankers Association.

Fannie, Freddie Need Strong Capital Position to Exit Conservatorship: FHFA Chief

National Mortgage News, May 14, 2019--Hannah Lang (subscription)
In his first public policy discussion as director of the Federal Housing Finance Agency, Mark Calabria stressed that a strong capital position will determine the future for Fannie Mae and Freddie Mac, eventually helping to lead them out of conservatorship.

Americans Kept Borrowing in First Quarter as New Mortgages Eased

Bloomberg, May 14, 2019--Matthew Boesler
Americans continued to take on debt in the first quarter, though new mortgage borrowing slowed to the weakest level since late 2014, according to a Federal Reserve Bank of New York report.

Redfin and RE/MAX Partnership Ended

National Mortgage Professional, May 14, 2019--Phil Hall
Redfin said the issue that abruptly concluded the partnership was the new Redfin Direct service that the Seattle-based brokerage was testing. The service, now in a pilot program in Boston, is designed to help Redfin's listing customers get offers from unrepresented buyers.

Mortgage Borrowers Win Protection in Ditech Bankruptcy; Ditech Fights Back

HousingWire, May 14, 2019--Jessica Guerin
The long and winding saga of Ditech's bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. But not long after the petition was granted, Ditech filed a motion objecting to such a committee, asking that it be disbanded or, alternatively, that the scope of its involvement be limited.

Residential Finance News

Mortgage Applications Decrease in MBA Weekly Survey

Mortgage application activity didn't move much from the previous week, dipping slightly as key interest rates largely held steady, the Mortgage Bankers Association's reported this morning in its Weekly Mortgage Applications Survey for the week ending May 10.

More Starter/Trade-Up Homes For Sale--But There's a Catch

First, the good news: for the first time in more than two years, the number of U.S. homes available for sale did not decline year-over-year in the first quarter; the bad news: it's not really helping first-time home buyers, said Trulia, San Francisco.

Commercial/Multifamily News

Demand for Small-Cap Space Declines

Low demand overshadowed an otherwise solid first quarter for small-cap commercial real estate properties, reported Boxwood Means, Stamford, Conn.

Commercial/Multifamily Briefs

Business process transformation firm SLK Global Solutions will offer customized tax services for commercial mortgage servicers through its Real Estate Tax Service Platform.

Dealmaker: KBS Realty Acquires The Offices at Riverpark for $48M

KBS, Newport Beach, Calif., acquired the Offices at Riverpark in Redmond, Wash. on behalf of a sovereign partner for $48.1 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.

MAA Action Week May 13-17

The Mortgage Action Alliance, MBA's free grassroots lobbying network, will hold its fourth annual Action Week May 13-17.

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

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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