The Lede

Top National News

Weekly Mortgage Applications Tank 7.1% as Interest Rates Surge to a Near 8-Year High
CNBC, Oct. 17, 2018--Diana OlickTotal mortgage application volume fell 7.1 percent for the week, according to the Mortgage Bankers Association's seasonally adjusted report. There was no adjustment made for the holiday. Volume was 15 percent lower compared with the same week one year ago.
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$1.24 Trillion of Purchase Mortgage Originations Projected in U.S. in 2019
World Property Journal, Oct. 17, 2018--Michael GerrityThe Mortgage Bankers Association expects to see $1.24 trillion in purchase mortgage originations in the U.S. during 2019 - a 4.2 percent increase from 2018. MBA anticipates refinance originations will continue to trend lower next year, decreasing by 12.4 percent to $395 billion.
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U.S. Regulators Rescind Federal Oversight of Prudential Financial
Wall Street Journal, Oct. 17, 2018--Ryan Tracy, Leslie Scism, Allison Prang (subscription)The Financial Stability Oversight Council unanimously rescinded Prudential's designation as a "systemically important financial institution," a label that comes with tighter scrutiny from the Federal Reserve.
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Favorable Mortgage Loan Loss Trends Again Drives MGIC’s Earnings
National Mortgage News, Oct. 17, 2018--Brad Finkelstein (subscription)MGIC Investment Corp.'s quarterly earnings were again driven by better-than-expected loss development, and those favorable results should be seen in the other private mortgage insurers' results as well, an industry analyst said.
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RealPage to Pay $3 Million to Settle FTC Allegations of Faulty Tenant Screenings
HousingWire, Oct. 17, 2018--Ben LaneRealPage will pay $3 million in a settlement with the Federal Trade Commission, which accused the real estate tech and data company of providing landlords and property managers with faulty tenant screening results over a five-year period.
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Mortgage Credit Conditions Tighten
Mortgage Daily, Oct. 17, 2018Ellie Mae said average credit scores increased on last month's mortgage production, while averaged debt-to-income ratios declined.
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Home-Equity Lending Set to Grow
Mortgage Daily, Oct. 17, 2018A TransUnion report predicts borrowing against home equity is poised for growth. Lenders can maximize this opportunity by personalizing marketing based on how individual consumers use these loans.
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Fed Minutes Point to Continued, Gradual Interest-Rate Increases
Wall Street Journal, Oct. 17, 2018--Nick Timiraos (subscription)Federal Reserve officials are debating whether they will need to raise interest rates to levels sufficient to slow down a fast-growing economy to prevent it from overheating, minutes of the central bank's last policy meeting show.
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Apartment Rentals Now Make Up a Larger Share of New Housing Units in the U.S. Than They Have in Decades
National Real Estate Investor, Oct. 17, 2018--Bendix Anderson Apartment rentals have been luring residents away from other kinds of housing since the housing crash, and that is not likely to change in the foreseeable future as new housing preferences and low ownership affordability drive greater demand for apartment rentals.
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The Impact Of Fintech
Progress in Lending, Oct. 17, 2018--Tony GarritanoAccording to a recently published working paper by researchers at the Federal Reserve Bank of New York and New York University, fintech lenders have quickly expanded their market share since the Financial Crisis, and in the process have developed efficiencies that give them a significant advantage over more traditional lenders.
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