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Volume 18 | Issue 99 | Thursday, May 23, 2019

The Lede


For Secondary Market, Economy a Big 'What-If'

NEW YORK--Rising inequalities, sluggish growth, political tensions and central bank policy "experimentations" are having their effects on the housing market. Economists here at the Mortgage Bankers Association's National Secondary Market Conference & Expo said these uncertainties are likely to continue in the next months.


Top National News

Mortgage Refinance Booms are a Thing of the Past: MBA Chief Economist

National Mortgage News, May 21, 2019--Brad Finkelstein
The era of plentiful refinance volume is over for the foreseeable future, the result of mortgage rates remaining in a very narrow band for the past decade, said Mortgage Bankers Association Chief Economist Mike Fratantoni.
(free content)

In Mortgages, These Banks Zigged While Many Others Zagged

National Mortgage News, May 21, 2019--John Reosti
Several banks have revved up efforts in mortgage lending, even as others have headed for the exits. (MBA mention)

'Zombie' LIBOR Seen Besetting U.S. Mortgage Industry

Reuters, May 21, 2019--Richard Leong
The U.S. mortgage industry may have to grapple with a "zombie" version of the London interbank offered rate even after the rate benchmark is expected to be phased out after 2021, industry officials said on Tuesday. (MBA mention)

Ben Carson Misheard a Housing Term as 'Oreo' and Other Tense Moments

Washington Post, May 21, 2019--Colby Itkowitz
HUD Secretary Ben Carson Carson appeared before the House Financial Services Committee for more than three hours, fielding questions on housing policies. Several times he stumbled as Democrats, especially the women on the committee, tried to poke holes in his knowledge of the agency he runs.

How Acting Ginnie Mae Chief is Trying to Get to the Bottom of VA Refis

National Mortgage News, May 21, 2019--Bonnie Sinnock (subscription)
Soon after acting Ginnie Mae Acting President Maren Kasper took the helm of the agency in January, she and other officials decided to step up efforts to address the issue of faster prepayments for loans backed by the Department of Veterans Affairs.

New York Court Approves Representation for Mortgage Borrowers in Ditech Bankruptcy

HousingWire, May 21, 2019--Jessica Guerin
The Bankruptcy Court of the Southern District New York denied Ditech's motion to dismiss the formation of a consumer committee to protect the interests of mortgage borrowers who have loans with Ditech or its subsidiaries.

Seattle is Upzoning to Address its Housing Crisis

Archinect, May 21, 2019 --Anastasia Tokmakova
Seattle Mayor Jenny Durkan signed a Mandatory Housing Affordability policy that will change the zoning of 27 Seattle neighborhoods from single-family to multifamily. This "upzoning" could generate 6,000 new homes over the next decade.

Residential Finance News

Mortgage Applications Increase in MBA Weekly Survey

Mortgage applications increased last week as key interest rates fell for the fourth consecutive week, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending May 17.

April Existing Home Sales Down 0.4%

Existing home sales fell slightly in April, the National Association of Realtors reported yesterday.

Black Knight: Strong April Mortgage Performance Pushes National Delinquency Rate to Record Low

Black Knight, Jacksonville, Fla., said following a slow start to the year, the national delinquency rate fell by more than 5% month-over-month to 3.47%, its lowest level dating back to 2000.

Commercial/Multifamily News

Digitally Transforming Commercial Servicing Operations

LOS ANGELES--Integrating business operations, customer and employee experience and technology can digitally transform the commercial/multifamily mortgage servicing business, PwC Partner Steve Robertson said here at the MBA Commercial/Multifamily Servicing & Technology Conference.

Dealmaker: Cushman & Wakefield Facilitates $40M Palm House Hotel Sale

Cushman & Wakefield, New York, facilitated sale of The Palm House Hotel on Palm Beach Island, Fla., via a Section 363 bankruptcy sale.

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 School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II in several locations this summer and fall.

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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