World Property Journal, May 21, 2018–Michael Gerrity The Mortgage Bankers Association said first-quarter 2018 commercial and multifamily mortgage loan originations increased one percent compared to the same period last year and–in line with market seasonality–first quarter originations were thirty-three percent lower than fourth-quarter 2017.
Category: Top National News
Chase Bank Getting Bullish on FHA Loans, Mortgage CEO Says
National Mortgage News, May 21, 2018–Bonnie Sinnock (free story)JPMorgan Chase has largely sat on the sidelines of Federal Housing Administration lending due to compliance concerns. But recent regulatory relief efforts have Chase Home Mortgage CEO Mike Weinbach eyeing an opportunity to jump back in. (Mortgage Bankers Association mention)
U.S. Treasury Advocates for Financial Reform and Digitalization
HousingWire, May 21, 2018–Kelsey RamirezAt the Mortgage Bankers Association Secondary conference in New York, Treasury Counselor to the Secretary Craig Phillips touched on digital technology, and the changes it is bringing, and needs to bring, to the mortgage industry.
Blackstone to Buy LaSalle Hotel Properties for $3.7 Billion
Wall Street Journal, May 21, 2018–Austen Hufford (subscription)Blackstone Group LP, a large private-equity firm, has reached a deal to buy U.S. luxury hotel owner LaSalle Hotel Properties for about $3.7 billion, the companies said on Monday.
Racial Disparities Significant in Mortgage Rejections
Washington Post, May 21, 2018–Kenneth R. HarneyFor millions of Americans hoping to buy or refinance a home, it’s a crucial make-or-break question: Will the lender say yes to our mortgage application, turn it down or charge us a higher interest rate than we need? Mortgage lenders vehemently defend their decision-making. Michael Fratantoni, chief economist for the Mortgage Bankers Association, says “the vast majority of lenders are interested in making as many high-quality loans as they possibly can and work with any borrower who comes in the door,” irrespective of race or ethnicity.
MBA Secondary: Predicting the Future of Housing Policy
HousingWire, May 21, 2018–Sarah WheelerWith several key housing appointments still vacant and uncertainty building around legislative direction after the upcoming mid-term elections, forecasting the future of housing finance is tricky.
U.S. Mortgage Lenders Likely Posted Operating Loss in First Quarter: MBA
Reuters, May 21, 2018–Richard LeongThe U.S. mortgage industry likely recorded an operating loss in the first three months of 2018 due to falling loan volumes and growing expenses, the Mortgage Bankers Association’s chief economist, Michael Fratantoni, said on Monday.
Where Tech Is Taking The Mortgage Lending Consumer Experience
Forbes, May 22, 2018–Maxine RiemanAdvances in digital technology have been driving change in customer acquisition and experience in practically every sector of the economy. Among these, the mortgage industry appears ready for some of the most sweeping updates, particularly with regards to their sales approach and process.
CFPB Signals Pullback on Discrimination Cases
National Mortgage News, May 21, 2018–Kate Berry (subscription)The Consumer Financial Protection Bureau is looking to rewrite Obama-era regulations that sought to punish banks and financial firms for unintentional discrimination.
Enhancements, Integrations and Adoptions of LOS
Mortgage Daily, May 21, 2018–Sam GarciaImprovements and updates have been made to several loan origination systems, while other mortgage service providers’ wares have been integrated into various systems.