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Volume 18 | Issue 149 | Friday, August 02, 2019

The Lede


GOP Senators Press Agencies to Loosen Regulations

A group of Republican senators, mostly from the Senate Banking Committee, sent a letter this week to federal agencies urging them to continue to relax banking regulations.


Top National News

Q&A: Lisa J. Haynes

Scotsman Guide, August 1, 2019--Victor Whitman
Lisa J. Haynes is Chief financial officer and diversity and inclusion officer with the Mortgage Bankers Association.

Mortgage Rates Pause as Markets Digest Impact of Federal Reserve Meeting

Washington Post, Aug. 1, 2019--Kathy Orton
While waiting to see what the Federal Reserve would do at its meeting this week, mortgage rates held steady. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average was unchanged at 3.75 percent with an average 0.6 point. (MBA mention)

HUD to Allow Private Investment in Senior Housing Portfolio

Wall Street Journal, Aug. 1, 2019--Will Parker (subscription)
HUD is close to finalizing a major reform of its extensive senior housing portfolio, allowing nonprofit owners of 125,000 apartments to tap private sources of financing for the first time.

Ginnie Mae Takes Steps to Squash VA Loan Churning

HousingWIre, Aug. 1, 2019--Jessica Guerin
Ginnie Mae is taking yet another step to squash abuses, announcing Thursday it is moving forward with a proposal to remove VA-backed cash-out refinances with high loan-to-value ratios from its flagship securities.

Mortgage Rates Are Already Lower. They're Not Helping Much

New York Times, Aug. 1, 2019--Matt Phillips
Despite a drop in mortgage rates, sales of existing homes in the first half of 2019 were down 2 percent from a year earlier.

GSEs Release Q2 Earnings

National Mortgage Professional, Aug. 1, 2019--Phil Hall
The government-sponsored enterprises released their respective second quarter earnings reports this morning, with both recording increased revenue from the previous quarter.

Fannie Mae Preparing to Handle Transitions in QM, Mortgage Rates

National Mortgage News, Aug. 1, 2019--Bonnie Sinnock (subscription)
Fannie Mae's current tack could help it weather some of the new challenges confronting it, including the planned expiration of its qualified mortgage rule exemption and rate-driven earnings volatility.

Families Go Deep in Debt to Stay in the Middle Class

Wall Street Journal, Aug. 1, 2019--AnnaMaria Andriotis, Ken Brown, Shane Shifflett (subscription)
Wages stalled but costs haven't, so people increasingly rent or finance what their parents might have owned outright.

Mortgage Servicing Rights Hit Results in 2Q Loss at Mr. Cooper

National Mortgage News, Aug. 1, 2019--Brad Finkelstein (subscription)
Mr. Cooper Group reported a second-quarter net loss of $87 million as the company took a $231 million fair value hit to its mortgage servicing rights portfolio.

Tax Credits Could Help Foreclosure Victims Buy Homes Again

San Bernardino Sun, Aug. 1, 2019--Jeff Lazerson
Tax credits would be new for mortgage victims, but it's not unprecedented.  CPA Jeff Hipshman of HMWC CPA's and Advisors points to employment-related tax credits.

Residential Finance News

Susan Stewart Honored with HousingWire's 2019 Women of Influence Award

Susan Stewart, 2019 Vice Chairman of the Mortgage Bankers Association and CEO of SWBC Mortgage, San Antonio, Texas, was honored as one of HousingWire's 2019 Women of Influence.

First American: June Application Defects Drop 7%

First American Financial Corp., Santa Ana, Calif., said frequency of defects, fraudulence and misrepresentation in information submitted in mortgage loan applications decreased by 7.0 percent in June from May. From a year ago, the index increased by nearly 4 percent.

Commercial/Multifamily News

Apartment Rent Growth Accelerates Despite Slow Deliveries

Multifamily rents grew for the ninth straight month and are now up 3 percent year-over-year, reported Zillow, Seattle. 

Dealmaker: IPA Brokers $135M in Multifamily Sales

Institutional Property Advisors, Calabasas, Calif., brokered three Arizona multifamily property sales totaling $135.3 million.

MBA News

Keith Urban Highlights Concert MBA at Annual 19

Keith Urban, 2018 Country Music Association and Academy of Country Music Entertainer of the Year and four-time Grammy Award winner, highlights Concert MBA at Annual19, the Mortgage Bankers Association's Annual Convention & Expo, Oct. 27-30 in Austin, Texas.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III Aug. 13-16 at MBA headquarters in Washington, D.C.

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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