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Volume 18 | Issue 182 | Friday, September 20, 2019

The Lede


MBA Urges Action on T-HUD Appropriations Bill

With key appropriations votes coming up in Congress, the Mortgage Bankers Association sent a letter yesterday to Senate Appropriations Committee leaders, urging funding to support HUD's technology needs.


Top National News

Mortgage Rates Shoot Up Following Bond Market Sell-Off

Washington Post, Sept. 29, 2019--Kathy Orton
The Federal Reserve cut interest rates this week, but mortgage rates had their biggest one-week upturn in nearly a year. (MBA mention)

Mortgage Rates for Borrowers with Damaged Credit are Dropping

Orange County Register (Calif.), Sept. 19, 2019--Jeff Lazerson
At the National Association of Mortgage Brokers annual conference in Las Vegas, I found an investor with jaw-dropping sub-prime rates for borrowers with imperfect credit, starting under 4% for a 30-year fixed--even for jumbo-sized loans. (MBA mention)

Trump Housing Plan Could Have Unexpected Consequences for FHA

National Mortgage News, Sept. 19, 2019--Hannah Lang (subscription)
In its vision for the future of housing finance, the Trump administration foresees a smaller role for the Federal Housing Administration. Yet many of the ideas outlined for the FHA in a Sept. 5 report by HUD have raised eyebrows and have some former FHA officials concerned.

Flagstar Recovers a Small Portion of Its Loan to Live Well

National Mortgage News, Sept. 19, 2019--Brad Finkelstein (subscription)
Flagstar Bank expects to recover $1 million of its loan to defunct reverse mortgage lender Live Well Financial following the sale of the collateral that secured it.

Burgeoning Real Estate Giant Pretium Buys Deephaven Mortgage from Varde Partners

HousingWire, Sept. 19, 2019--Ben Lane
Pretium, an investment management firm that already owns one of the nation's largest single-family rental operators and buys non-performing loans from Fannie Mae and Freddie Mac by the truckload, is now in the non-Qualified Mortgage lending business after acquiring Deephaven Mortgage.

Potential LIBOR Replacement Spikes 800 Basis Points Overnight

HousingWire, Sept. 19, 2019--Kelsey Ramirez
Repurchase agreement rates spiked on Tuesday from about 2% to more than 10% for some borrowers as borrowers were pressured by corporate tax payments and settlements of the newly actioned U.S. Treasuries.

Prolonged Funding Stress Boosts Calls for Permanent Fed Fix

Bloomberg, Sept. 18, 2019--Liz McCormick, Alex Harris
The New York Fed plans to do another $75 billion overnight repo operation on Friday. It follows liquidity doses of the same size Thursday and Wednesday, and $53.2 billion on Tuesday. The central bank is deploying this remedy for the first time in a decade.

Residential Finance News

Notice of MBA Elections, MBA Annual Meeting

The Mortgage Bankers Association's Annual Meeting will take place Sunday, Oct. 26, 2019 at 5:00 p.m. CT at the MBA Annual Convention & Expo in Austin, Texas.

GSEs Seeing Fewer Defects, Better QC Results

CHICAGO--Representatives of Fannie Mae and Freddie Mac here at the Mortgage Bankers Association's Risk Management, QA and Fraud Prevention Forum said quality of loans submitted to them show better quality control processes and fewer defects, but cautioned that the defects the do appear show a greater degree of sophistication.

August Existing Home Sales Post 1.3% Increase

August existing home sales rose to their highest pace in more than a year, the National Association of Realtors reported yesterday.

Commercial/Multifamily News

Advancing Women in Commercial Real Estate

All businesses benefit by having more women in senior leadership roles, yet women remain underrepresented in commercial real estate leadership, reported Commercial Real Estate Women, Lawrence, Kan.

MISMO Seeks Participants to Standardize Commercial Utility Information

As commercial and multifamily properties deploy more energy- and water-efficient features and lenders seek utility data, MISMO®, the mortgage industry standards organization, seeks participants to help create a Commercial Historical Utility Dataset.

Dealmaker: Cushman & Wakefield Secures $73M for New Jersey Retail Redevelopment

Cushman & Wakefield, Chicago, arranged a $72.5 million construction loan to redevelop The Shops at Ledgewood Commons in Roxbury Township, N.J.

MBA News

MBA Accounting & Financial Management Conference in San Diego Nov. 19-21

The Mortgage Bankers Association's Accounting & Financial Management Conference takes place Nov. 19-21 at the Marriott Marquis San Diego Marina.

MISMO Seeks Nominations for Standards Governance Committee Members

MISMO seeks nominations for qualified industry professionals to serve on MISMO's Standards Governance Committees for a two-year term beginning in January. Positions are available on both the Residential and Commercial Standards Governance Committees.

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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