The Lede

Top National News

Weekly Mortgage Refinances Jump 10% as Rates Drop to the Lowest Level Since August
CNBC, Oct. 9, 2019--Diana OlickRefinance demand surged, pushing total mortgage application volume up 5.2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
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Fed Officials Last Month Worried Trade War Could Curb Hiring, Consumer Spending
Wall Street Journal, Oct. 9, 2019--Nick Timiraos (subscription)Federal Reserve officials worried that slowing global growth and rising trade-policy uncertainty could exert a drag on hiring and the U.S. economy when they cut interest rates last month, according to minutes of the Sept. 17-18 policy meeting released Wednesday.
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Altisource to Wind Down FSBO Real Estate Platform
National Mortgage News, Oct. 9, 2019--Bonnie Sinnock (subscription)Altisource Portfolio Solutions is adding its online "for sale by owner" real estate platform to the list of noncore businesses it is shutting.
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Mortgage Costs Outpaced by Drop in Interest Rates
Wall Street Journal, Oct. 10, 2019--Ben Eisen (subscription)Interest rates have been plummeting, but the cost of taking out a mortgage hasn't fallen as fast.
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Agencies Finalize Changes to Volcker Rule
National Mortgage Professional, Oct. 9, 2019--Phil HallFive federal agencies finalized revisions to simplify compliance requirements relating to the "Volcker Rule." By statute, the Volcker Rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.
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FEMA May Have to Buy Milions of Homes Due to Climate Crisis
National Mortgage News, Oct. 9, 2019As the climate crisis worsens, more Americans will be forced from their homes. Many won't be able to afford it, and the U.S. isn't prepared for a massive, government-subsidized migration away from flood-prone areas, according to the first comprehensive analysis of Federal Emergency Management Agency data.
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VA Refunds More than $400 Million in Loan Fees
Housing Wire, Oct. 9, 2019--Kathleen HowleyVeterans who were eligible for a refund were contacted via letters sent in the U.S. mail, according to a statement Wednesday from the VA. Many of the errors were in loans to military veterans whose exemption status changed following the issuance of a disability rating after the closing of their mortgages, the VA said. Disabled veterans are exempt from the VA funding fee, which typically costs between 0.5 percent and 3.3 percent of the loan's balance.
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Residential Finance News

Commercial/Multifamily News

MBA News

CREF 2020 Feb. 9-12 in San Diego
The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2020 takes place Feb. 9-12 at the Manchester Grand Hyatt in San Diego.
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Call for Speakers: MBA Whole Loan Trading Workshop (Deadline Oct. 21)
The Mortgage Bankers Association hosts its annual Whole Loan Trading Workshop on Wednesday, Dec. 4 in Phoenix. MBA invites potential speakers/panelists to submit presentations--deadline is Oct. 21.
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