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Volume 18 | Issue 185 | Wednesday, September 25, 2019

The Lede

 

Mortgage Applications Down in MBA Weekly Survey

Mortgage applications fell last week as interest rates crept back above 4 percent, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending September 20.

 

Top National News

 
Commercial Delinquencies Should Remain Low Despite Economic Worry: MBA

National Mortgage News, Sept. 24, 2019--Brad Finkelstein (subscription)
Commercial and multifamily mortgage delinquency rates should stay at historically low levels in the near future even as economic uncertainty over trade affects U.S. businesses, according to the Mortgage Bankers Association.

Low Rates Will Push Mortgage Originations to 3-Year High, MBA Says

HousingWire, Sept. 24, 2019--Kathleen Howley
The cheapest mortgage rates since 2016 will push U.S. mortgage originations to a three year-high this year, according to a forecast by Mortgage Bankers Association.

5 Changes Lenders Want from CFPB's Rewrite of QM Rule

American Banker, Sept. 24, 2019--Hannah Lang (subscription)
The effects of that rule, which requires lenders to verify borrowers' ability to repay and provides legal protection for "qualified mortgages" with low debt-to-income ratios, so far has been limited, because of the GSE "patch." (MBA mention)

Banks Counting on GSE Reform to Stop Mortgage Share Erosion

National Mortgage News, Sept. 24, 2019--Andy Peters (subscription)
Banks have been ceding market share in home lending to nonbank lenders for years, but that could change under a Treasury Department proposal to remove Fannie Mae and Freddie Mac from conservatorship.

Freddie Mac Tests Underwriting Software That Could Boost Mortgage Approvals

Wall Street Journal, Sept. 24, 2019--AnnaMaria Andriotis (subscription)
An effort underway at housing-finance giant Freddie Mac could increase mortgage approvals for borrowers who might otherwise be shut out of home buying. Freddie Mac has been testing underwriting software that could make mortgages more available for certain applicants including first-time home buyers and minorities.

Average Mortgage Payments Slide for First Time in Years

The Mortgage Reports, Sept. 24, 2019--Aly J. Yale
Home prices might be up, but American mortgage payments are actually falling. In fact, according to new data, the average monthly mortgage payment has dipped over 6 percent in just the last year.

FHFA: Home-Price Gains in July Were Second-Smallest in 4 Years

HousingWire, Sept. 24, 2019--Alcynna Lloyd
Single-family house prices rose 5% in July from a year earlier, according to the Federal Housing Finance Agency. It was the second-smallest annual gain in more than four years, following June's 4.9% pace.

U.S. Consumer Confidence Plunges in September

Reuters, Sept. 24, 2019--Howard Schneider
U.S. consumer confidence fell by the most in nine months in September, far more than expected, as Americans' economic outlooks darkened in the face of the U.S.-China trade war, according to The Conference Board.

Residential Finance News

 
CoreLogic: 2Q Negative Equity Share Falls to 3.8%

CoreLogic, Irvine, Calif., said U.S. homeowners with mortgages saw their equity increase by 4.8% year over year, representing a gain of nearly $428 billion from a year ago.

S&P Case-Shiller Home Prices Unchanged

The S&P CoreLogic Case-Shiller Indices report for July showed the rate of home price increases across the U.S. continues to slow. The National Home Price NSA Index reported a 3.2% annual gain in July, unchanged from June.

Ellie Mae: Refinances Soar as 30-Year Note Rate Declines

Ellie Mae, Pleasanton, Calif., said drops in 30-year interest rates for the eighth consecutive month drove up the percentage of refinances in August.

Commercial/Multifamily News

 
Multifamily Market Sees Rent, Occupancy Growth

The multifamily market's healthy growth continues, shown by continued not-too-fast, not-too-slow rent and occupancy growth.

Dealmaker: Deal Mesa West Capital Funds $72M Loan for Texas Office

Mesa West Capital, Los Angeles, provided affiliates of fund manager Equus Capital Partners $72.1 million in short-term debt to acquire, reposition and stabilize Legacy Place in Plano, Texas.

MBA News

 
MBA Opens Doors Foundation Partners with Better.com on 'Lender Challenge'

In support of the MBA Opens Doors Foundation, Better.com launched a "Lender Challenge," asking companies to join them in donating $10 per loan closed, each month for six months.

Keith Urban Highlights Concert MBA at Annual 19

Keith Urban, 2018 Country Music Association and Academy of Country Music Entertainer of the Year and four-time Grammy Award winner, highlights Concert MBA at Annual19, the Mortgage Bankers Association's Annual Convention & Expo, Oct. 27-30 in Austin, Texas.

Upcoming MBA School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II.

MBA Education Foundational Elements of Mortgage Servicing Rights Workshop in San Diego Nov. 19

MBA Education presents Foundational Elements of Mortgage Servicing Rights Workshop, at the Marriott Marquis San Diego Marina on Tuesday, Nov. 19 in conjunction with the MBA Accounting and Financial Management Conference.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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