The Lede
Top National News
The Hot Trade in the Housing Market: Servicing Your Mortgage
Wall Street Journal, Feb. 13, 2019--Ben Eisen (subscription)The mortgage market slowdown is stirring up interest in a humdrum segment of American home lending: the rights to the arcane task of handling monthly payments. Sales of mortgage-servicing rights jumped 14 percent in 2018 from a year earlier. (MBA mention)
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Multifamily Sector, Energizer Bunny Share Common Trait, Says MBA’s Woodwell
RE Business Online, Feb. 13, 2019--John NelsonThe multifamily sector is like the Energizer Bunny, says Jamie Woodwell, vice president of commercial and multifamily research for the Mortgage Bankers Association: "It just keeps going and going and going."
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Top U.S. Commercial Mortgage Servicers of 2018 Revealed
World Property Journal, Feb. 13, 2019--Michael GerrityAccording to the Mortgage Bankers Association's newly released its year-end ranking of commercial and multifamily mortgage servicers' volumes (as of December 31, 2018); Wells Fargo leads the national rankings, again.
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Mortgage Applications Drop 3.7% as Homebuyers Pull Back
CNBC, Feb. 13, 2019--Diana OlickThe lowest interest rates in nearly a year were not enough incentive to juice mortgage demand. Total mortgage application volume fell 3.7 percent last week compared with the previous week, according to the Mortgage Bankers Association.
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Black Knight’s Earnings Drop, But Software Unit Drives Revenue Growth
National Mortgage News, Feb. 13, 2019--Brad Finkelstein (subscription)Net earnings for the quarter of $42.8 million were flat with $43 million in the third quarter, but down from $147.2 million one year prior, but the fourth-quarter 2017 results were boosted by a $110.9 million tax benefit resulting from the Tax Cuts and Jobs Act of 2017.
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Former LandCastle Title CEO Nat Hardwick Sentenced to 15 Years for Embezzling $26 Million
HousingWire, Feb. 13, 2019--Ben LaneHardwick was accused of conspiring with Asha Maurya, the law firm's former chief financial officer, to steal $26 million from the attorney escrow accounts and operating accounts of Morris Hardwick Schneider and LandCastle Title.
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One Investment Firm Found a Silver Lining in the Mortgage Industry: Software
New York Times, Feb. 13, 2019--Tom BuerkleInvestment firm Thoma Bravo is paying $3.7 billion to acquire the Pleasanton, Calif.-based Ellie Mae. That's more than 25 times the software company's projected earnings before interest, taxes, depreciation and amortization for this year, according to estimates collated by Refinitiv, and a nearly 50 percent premium to its stock's latest 30-day closing average. (MBA mention)
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Trump Nominee to Face Questions on Future of 30-Year Mortgages
Wall Street Journal, Feb. 14, 2019--Andrew Ackerman (subscription)The Trump administration's pick to help overhaul the way many Americans finance their home purchases, Mark Calabria, is expected to face questions about the future of the popular 30-year-mortgage at his Senate confirmation hearing Thursday. (MBA mention)
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Sierra Pacific Mortgage Fined $3.67 Million for FHA Lending Violations
HousingWire, Feb. 13, 2019--Ben LaneAccording to the U.S. Attorney's Office, Sierra Pacific was accused of violating the False Claims Act by falsely certifying that it complied with FHA mortgage insurance requirements in connection with certain loans made between 2007 and 2009.
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Senators Vor Urgent Reform to Correct ‘Unacceptable’ Military Housing Conditions
Reuters, Feb. 13, 2019--Joshua Schneyer, M.B. PellSenators scolded real estate executives and Pentagon leadership over "unacceptable" conditions in privatized military housing on Wednesday, vowing urgent reform to protect service families from widespread health and safety hazards in base homes.
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Residential Finance News
Commercial/Multifamily News
MBA News
MBA Education Foundational Concepts in Residential Mortgage Servicing in Orlando Feb. 25
MBA Education presents a workshop, MBA Education Foundational Concepts in Residential Mortgage Servicing, in Orlando, Fla., on Feb. 25 in conjunction with the MBA National Mortgage Servicing Conference & Expo.
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