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Volume 17 | Issue 146 | Monday, July 30, 2018

The Lede


MBA Advocacy Update

The House last week passed a four-month extension to the National Flood Insurance Program. Also last week, the Senate Banking Committee held a hearing on nominations of Michael Bright to be President of Ginnie Mae and Rae Oliver to be Inspector General of HUD.


Top National News

'If I Kissed That One, Would It Lead to More?' Federal Housing Chief Investigated for Sexual Harassment

Politico, July 27, 2018--Victoria Guida, Katy O'Donnell, Lorraine Woellert
A Federal Housing Finance Agency staffer accused FHFA Director Melvin Watt of repeatedly making inappropriate sexual advances when she tried to discuss career and salary concerns.

Leak of Harassment Probe is Politically Motivated: FHFA's Watt

National Mortgage News, July 27, 2018--Hannah Long (subscription)
Mel Watt, the head of the Federal Housing Finance Agency, on Friday decried the disclosure of an investigation of sexual harassment allegations made by an agency employee, and suggested the leak was politically motivated.

The Crisis Isn't Over

American Banker, July 30, 2018--Victoria Finkle (subscription)
Ten years after the financial crisis, the regulatory pendulum appears to have swung firmly in banks' direction. But scratch beneath the surface and the crisis remains surprisingly relevant in the national political debate today--and the memory of the damage it did poses a greater threat than many bankers would like to admit.

Mortgage Trade Volume May Increase Regardless of FHFA Reform

Bloomberg, July 27, 2018--Christopher Maloney
The primary goal of the Federal Housing Finance Agency's impending introduction of a Uniform MBS in June of 2019 is to boost mortgage trade liquidity, but that's probably going to happen anyway.

Legal Industry Scores Victory over CFPB in Debt Collection Battle

National Mortgage News, July 27, 2018--Kate Berry (subscription)
A recent court ruling has dealt a blow to efforts by the Consumer Financial Protection Bureau to limit law firms' involvement in the debt collection process.

How Some Young People are Getting Mortgages Despite Student Loan Debt

Newsday (N.Y.), July 29, 2018--Sheryl Nance-Nash
There's much buzz about how young people are graduating with so much student loan debt that they are foregoing rites of passage like moving out and buying cars. But some are marching forward with mortgages.

32% Of Applicants With Less Than Perfect Credit Were Denied Mortgages In 2017

Forbes, July 27, 2018--Camilo Maldonado
New research by the Urban Institute shows that unless you have a high-credit-profile, the chance of being rejected for a mortgage is nearly one in three.

Thinking of Implementing New Mortgage Tech? Here's How Long it Takes

HousingWire, July 27, 2018--Kelsey Ramirez
A joint survey conducted by HousingWire and Maxwell, showed that nearly 57% of lenders said implementing their technology went slower than expected. Another 32% said it went faster than they expected while 11% said it went as expected.

On Zillow, Some Listings are MIA

UExpress, July 27, 2018--Lew Sichelman
Zillow bills itself as "the largest, most trusted and vibrant home-related marketplace in the world." But in early 2016, the Seattle-based company quietly stopped publishing listings from some of the country's largest builders unless it was paid by the builders to add them.

U.S. Treasury's Mnuchin Says He Sees at Least 3 Percent Growth for Next 4-5 Years

Reuters, July 29, 2018--Lindsay Dunsmuir
U.S. Treasury Secretary Steven Mnuchin said on Sunday that he believes the quickening pace of growth in the nation's economy in the second quarter will persist for the next few years.

Consumers, Soybeans Lift U.S. Economic Growth to 4.1 Percent

Reuters, July 27, 2018--Lucia Mutikani
The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.

Residential Finance News

In Some Metros, Soaring Home Values Make Renting More Enticing

Nearly two-thirds of American adults own homes. But in some metro areas, renters may have an incentive to stay renters.

ValueInsured: Americans Tour 7.4 Homes Before Buying

Robert Aronheim, a Fairfax, Va.-based realtor, once offered this advice on buying a home: "Take your time--but be prepared to act quickly."

The Week Ahead

The early registration deadline for the Mortgage Bankers Association's Annual Convention & Expo is this Wednesday, Aug. 1.

Commercial/Multifamily News

MBA Chart of the Week: Commercial/Multifamily Mortgages Intermediated to 'Non-Traditional' Lenders

The role of "non-traditional" lenders in commercial real estate finance increased significantly in 2017, but there is far more discussion about this than there is actual data.

Institutional-Quality CRE Returns Grow in 2Q

Institutional-quality commercial real estate returned 1.81 percent between April and June, up from 1.70 percent in early 2018, the National Council of Real Estate Investment Fiduciaries reported.

Dealmaker: Sonnenblick-Eichner Secures $50M for Seattle Hotel

Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $50 million of interim first mortgage financing to refinance Hotel Theodore in downtown Seattle.

MBA News

MBA Risk Management/QA/Fraud Prevention Forum Sept. 23-25

The Mortgage Bankers Association's annual Risk Management, QA and Fraud Prevention Forum takes place Sept. 23-25 in Los Angeles.

MISMO Fall Summit Sept. 24-28

The MISMO Fall Summit takes place Sept. 24-28 at the Ritz-Carlton in Tyson's Corner, Va., just outside of Washington, D.C.

MBA Compliance Essentials UDAAP & FTC MAP Rule Resource Guide Available

The MBA Compliance Essentials program offers a new Resource Guide: Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) & FTC Mortgage Acts and Practices Advertising (MAP) Rule.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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