The Lede

Top National News

Mortgage Rates Sink to their Lowest Levels in 21 Months After Six Weeks of Declines
Washington Post, June 6, 2019--Kathy OrtonIn November, mortgage rates appeared ready to soar across the 5 percent threshold. Seven months later, concerns over trade and global growth have driven them below 4 percent. (MBA mention)
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IMBs Taste Q1 Profitability
National Mortgage Professional, June 6, 2019--Phil HallIndependent mortgage banks and mortgage subsidiaries of chartered banks saw an uptick in their profits during the first quarter, according to new data from the Mortgage Bankers Association.
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MBA Creates Libor Discontinuation Notice for Residential Lenders
National Mortgage News, June 6, 2019--Brad Finkelstein (subscription)The Mortgage Bankers Association created a template for originators to notify new borrowers when their adjustable-rate mortgage switches to a different index once publication of the London interbank offered rate discontinues.
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Lack of Mortgage Savvy May be Stifling Homeownership
Mortgage News Daily, June 6, 2019--Jann SwansonFannie Mae said despite making use of online information more than they did three years ago, many still overestimate the credit score they need and are unfamiliar with low downpayment programs.
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Fed Begins Debate on Whether to Cut Rate as Soon as June
Wall Street Journal, June 6, 2019--Nick Timiraos (subscription)One month ago, Fed Chairman Jerome Powell played down speculation of a rate cut this summer. Now officials face a darker economic outlook, making a rate cut possible-if not at their meeting on June 18-19, then possibly in July or later.
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Homebridge Expands Mortgage Business By Acquiring Retail Loan Centers from HomeStreet Bank
HousingWire, June 6, 2019--Ben LaneHomebridge announced this week it acquired HomeStreet's mortgage loan production branches and fulfillment functions in Washington, Oregon and Idaho, including processing, underwriting and funding, and hired the related personnel.
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Refi Opportunities Revive as 30-Year Mortgage Rate Drops to 3.82%
Orange County Register, June 6, 2019--Jeff LazersonAssuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year's payment was a staggering $204 higher than this week's payment of $2,226. (MBA mention)
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U.S. Household Wealth Hits a Record in First Quarter
Bloomberg, June 6, 2019--Jeff KearnsU.S. household wealth rebounded to a record in the first quarter as the stock market recovered from a plunge in the prior period, supporting consumers after Federal Reserve interest-rate hikes and trade-war shocks rattled investors late last year.
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U.S. Home Values Reach a Record High of $26.1 Trillion in Q1, Fed Says
HousingWire, June 6, 2019--Kathleen HowleyThe value of all U.S. owner-occupied homes increased to a record $26.1 trillion in the first quarter, according to a Federal Reserve report released Thursday known as the Flow of Funds.
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Residential Finance News

Commercial/Multifamily News

MBA News

MBA Virtual Vendor Marketplace June 12
The Mortgage Bankers Association's inaugural Virtual Vendor Marketplace takes place Wednesday, June 12 from 2:00-3:30 p.m. ET.
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Upcoming MBA Education School of Mortgage Banking III Courses
MBA Education presents its School of Mortgage Banking Course III June 11-14 at MBA headquarters in Washington, D.C.
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