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Volume 18 | Issue 89 | Wednesday, May 08, 2019

The Lede


Mortgage Applications Rise in MBA Weekly Survey

Mortgage applications rose for the first time in five weeks as key interest rates dropped slightly, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending May 3.


Top National News

VA Mortgage Lenders Hit with Federal Subpoenas

Politico, May 7, 2019--Lorraine Woellert
Federal investigators have issued subpoenas to several mortgage lenders that make loans to military veterans, seeking information on delinquencies and payments.

Republicans Move to Abolish CFPB

HousingWire, May 7, 2019--Ben Lane
If a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer, as for at least the third time in the last few years, Republicans are trying to kill the CFPB.

Real Estate's Latest Bid: Zillow Wants to Buy Your House

New York Times, May 7, 2019--Ben Casselman, Conor Dougherty
Tech companies have begun to nibble away at the edges of the residential real estate industry, offering virtual open houses, digital closings and other services. Now they are coming straight for the real estate transaction itself through "instant buying," in which companies buy homes, perform some light maintenance and put them back on the market.

Local Mortgage Lender Shutting Down, Laying Off Dozens

Richmond (Va.) BizSense, May 7, 2019--Michael Schwartz
In the face of what it claims is a liquidity crunch, once fast-growing Virginia mortgage company Live Well Financial is abruptly winding down its operations and laying off more than 100 employees.

Ocwen's 1Q Loss Due to Lower Interest Rates Affecting its MSRs

National Mortgage News, May 7, 2019--Brad Finkelstein (subscription)
Lower interest rates caused mortgage serving rights runoff plus a charge to the fair value of that portfolio and led to Ocwen Financial posting a first-quarter loss.

Fifth Avenue Losing Luster as Vacancies Climb, Rents Fall

Wall Street Journal, May 7, 2019--Esther Fung (subscription)
Global retailers once seemed to pay whatever it took to lease space on Manhattan's Fifth Avenue. That doesn't appear to be the case anymore.

U.S. Job Openings Surge, Point to Tightening Labor Market

Reuters, May 7, 2019--Lucia Mutikani
U.S. job openings rebounded sharply in March, while the pace of hiring was little changed, pointing to a growing worker shortage that could slow employment growth this year.

Residential Finance News

Former MBA Chairman Marc Smith, CMB, Passes Away

Marc Champney Smith, CMB, former CEO of Crestar Mortgage/SunTrust Mortgage who served as Chairman of the Mortgage Bankers Association from 1998-1999, passed away on Apr. 6 from leukemia. He was 72.

CFPB Proposes New Fair Debt Collection Rules

The Consumer Financial Protection Bureau yesterday issued a Notice of Proposed Rulemaking to implement the Fair Debt Collection Practices Act.

Mortgage Action Alliance 'Call to Action' Urges Support for Self-Employed Mortgage Access Bill

The Mortgage Bankers Association's grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action yesterday urging support of legislation that would improve mortgage access for the self-employed, gig workers and other non-traditional borrowers.

Residential Briefs

Ginnie Mae, Washington, D.C., published a Request for Input as it considers making changes to parameters governing loan eligibility for pooling of mortgages into its security.

Commercial/Multifamily News

CMBS Delinquency Rates Fall to Post-Crisis Low

The commercial mortgage-backed securities delinquency rate fell six basis points to 2.82 percent in April, the lowest delinquency reading since the 2008 financial crisis.

Commercial/Multifamily Briefs

Law firm McGuireWoods launched a multidisciplinary team to assist clients with opportunity zone investment and development.

Dealmaker: Fantini & Gorga Arranges $25M

Fantini & Gorga, Boston, arranged $25 million in first mortgages secured by New England multifamily and retail 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.

MBA School of Mortgage Banking II May 14-17 in Chicago

MBA Education presents its popular School of Mortgage Banking Course II May 14-17 in Chicago.

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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