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Volume 18 | Issue 171 | Thursday, September 05, 2019

The Lede


Low Interest Rates Spur Refinance 'Boom' for Millennials

Ellie Mae, Pleasanton, Calif., said falling interest rates in July led to an increase in Millennial refinance activity.


Top National News

Home Equity Lending Set for Growth in 2020, Says MBA

Mortgage Professional America, Sept. 4, 2019--Steve Randall
The Mortgage Bankers Association's 2019 Home Equity Lending Study reveals that closed-end Home Equity loans are set for gains this year and next while open-ended HELOCs will decline this year before rising in 2020.

Weekly Mortgage Refinances Fall Further, Despite Lower Interest Rates

CNBC, Sept. 4, 2019--Diana Olick
Mortgage application volume decreased 3.1% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 62% higher compared with the same week a year ago, when interest rates were substantially higher and refinance activity was extremely low.

MISMO Rolls Out iLAD

National Mortgage Professional, Sept. 4, 2019--Phil Hall
MISMO released the Industry Loan Application Dataset, a compendium of data points included in the new Uniform Residential Loan Application, the government-sponsored enterprises' new Automated Underwriting System interfaces and in the existing Fannie Mae 3.2 file.

Mortgage Originations Trending Upward

Commercial Property Executive, Sept. 4, 2019--Jamie Woodwell
Despite predictions for a more tempered lending environment this year, second-quarter commercial and multifamily originations rose above the same period last year and the momentum is building. (MBA mention)

HUD Plows Ahead with Effort to Restrict Down Payment Assistance

American Banker, Sept. 4, 2019--Hannah Land (subscription)
HUD officially pulled a letter last month sent to mortgage lenders that had imposed jurisdictional limits on housing funds, but the industry and housing advocacy groups are anticipating the department may attempt the same restrictions through a formal rulemaking.

Fed's Beige Book Reports Modest Growth Despite Trade Uncertainty

Wall Street Journal, Sept. 4, 2019--Paul Kiernan, Likhitha Butchireddygari (suscription)
Most U.S. businesses remain optimistic about their prospects despite concerns about tariffs and trade policy, as the economy continues to grow, the Federal Reserve said Wednesday in its "beige book" report of anecdotes from business contacts.

Judge Tosses Out State Regulators' Challenge of OCC Charter a Second Time

American Banker, Sept. 4, 2019--Brendan Peterson (subscription)
Judge Dabney Friedrich, of the U.S. District Court for the District of Columbia, dismissed the Conference of State Bank Supervisors' claims because no fintech firm has yet applied with the Office of the Comptroller of the Currency.

Syracuse Securities to Shut Down, Hand Off Loans to Premium Mortgage

National Mortgage News, Sept. 4, 2019--Bonnie Sinnock (subscription)
Syracuse Securities Inc., a family-run lender and servicer in New York, is planning to wind down and transfer its outstanding pipeline to Premium Mortgage Corp.

Analyzing Commercial Real Estate Investments in a Falling Interest Rate Environment

Houston Business Journal, Sept. 4, 2019--Chase Cribbs
As we move through the third quarter with expectations growing for another rate cut in September, it will be interesting to see how much further cap rates may compress and if commercial real estate asset prices increase, understanding that interest rates are only one of the variables that determine asset pricing.

Residential Finance News

MBA Education Path to Diversity Scholar Profile: Aaron Arechiga

Aaron Arechiga is a certified Project Manager with New American Funding, Tustin, Calif., specializing in Information Technology and Business Strategy Initiatives. More than Half of Foreclosure Sales to Third-Party Buyers Become Owner-Occupied, Irvine, Calif., said 56 percent of properties sold to third parties at foreclosure auction were owner-occupied one year after the foreclosure auction date, compared to 43 percent of properties that reverted to the lender.

Commercial/Multifamily News

MBA Names Kelli Burke Vice President of Commercial Real Estate Finance

The Mortgage Bankers Association appointed Kelli Burke Vice President of Commercial Real Estate Finance. Her responsibilities will include leading MBA's CREF member engagement activities across the various sectors within the industry, creating content for MBA's CREF-related conferences and convening meetings and developing best practices and business intelligence tools for MBA members.

First-Half CRE Construction Starts Slip

Dodge Data & Analytics, New York, reported commercial and multifamily construction start volume totaled $101.4 billion during first-half 2019, down 6 percent from $107.4 billion in 2018's first half.

Dealmaker: Realty Income to Acquire 454 Properties in $1.25B Transaction

Realty Income Corp., San Diego, agreed to acquire 454 single-tenant retail properties from a CIM Group affiliate for $1.25 billion.

MBA News

mPowering You: MBA's Summit For Women in Real Estate Finance in Austin Oct. 26

mPowering You: MBA's Summit For Women in Real Estate Finance, takes place Saturday, Oct. 26 at the Austin Convention Center in Austin, Texas.

MBA Education Fundamentals and Best Practices in Mortgage Accounting in San Diego Nov. 19

MBA Education presents a half-day workshop, Fundamentals and Best Practices in Mortgage Accounting, at the Marriott Marquis San Diego Marina on Tuesday, Nov. 19 in conjunction with the MBA Accounting and Financial Management Conference.

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.

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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