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Volume 18 | Issue 154 | Monday, August 12, 2019

The Lede

 

MBA Advocacy Update

On Thursday the GSEs announced changes to the Uniform Residential Loan Application that include removing a language preference question. On Monday, the Mortgage Action Alliance launched "Advocacy in August," an initiative designed to keep MBA members informed and engaged with the industry's advocacy efforts during the August congressional recess.

 

Top National News

 
Millennials Drive Mortgage Refinance Boom, and Lenders are Scrambling

CNBC, Aug. 9, 2019--Diana Olick
Mortgage interest rates have been falling since May, so borrowers, especially millennials, are rushing to refinance. Applications to refinance were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. That has lenders scrambling to keep up.

Why the FHFA's Latest Loan App Revision May Be the One that Sticks

National Mortgage News, Aug. 9, 2019--Bonnie Sinnock (subscription)
The Federal Housing Finance Agency changed its mind again about whether to add a limited English proficiency question to the GSEs' loan application, possibly for the last time.

HUD Expands Section 220 Program to All Opportunity Zones

National Mortgage Professional, Aug. 9, 2019--Phil Hall
FHA's Section 220 Program insures lenders against loss on mortgage default and has been used for urban rental housing in areas targeted for overall revitalization. HUD's announcement expands eligibility of mortgages insured under this program to all 8,764 Opportunity Zone localities, including those in rural areas.

Rates are Low, and Mortgages are Cheap. So Why Aren't Americans Buying More Homes?

CNN, Aug. 9, 2019
Interest rates are dropping and American mortgages are cheaper than they've been in years. The U.S. economy is strong. That's a recipe for a booming housing market--but it isn't booming at all. (MBA mention)

Lower Mortgage Rates Aren't Likely to Reverse Sagging Home Sales

Wall Street Journal, Aug. 9, 2019--Laura Kusisto (subscription)
U.S. mortgage rates have tumbled to their lowest level in nearly three years, but they are unlikely to provide much of a lift to the sluggish home-sales market.

Mortgage Rates Fall Sharply sa Trade Concerns Mount...

MarketWatch, Aug. 10, 2019--Jacob Passy
Some experts are hesitant to say that the declines in mortgage rates throughout 2019 will meaningfully provide a lift to the housing market.

The Slowly Shrinking House

UExpress, Aug. 9, 2019--Lew Sichelman
Over the past decade, homebuilders have all but conceded the first-time buyer market to the resale sector. But evidence is mounting that builders are trying to get back into the game.

Residential Finance News

 
MBA Chart of the Week: Warehouse Lines for Loans Held For Sale

Mortgage banker usage level of warehouse lines for loans held for sale was at 56 percent at the end of the second quarter, rising from the previous quarter and from one year ago, according to MBA's latest quarterly Warehouse Lending Survey.

Recessions, Down Payments and Other Influences on the Housing Market

The current low interest rate environment and the evolution from a seller's market to a buyer's market are certainly driving recent mortgage activity. But what about other factors? Reports from Zillow, First American Financial Corp. and PenFed Credit Union offer unique perspectives.

The Week Ahead

Congress remains in recess, returning after Labor Day. But the Mortgage Bankers Association kicks things up this week with three major reports.

Commercial/Multifamily News

 
Freddie Mac: 'Robust' Multifamily Outlook

Freddie Mac, McLean, Va., predicted a "robust" rental market and strong multifamily volume growth through the end of the year.

Dealmaker: NorthMarq Arranges $257M for Mixed-Use, Multifamily

NorthMarq, Minneapolis, arranged $257 million in construction and acquisition financing for mixed-use and multifamily properties in Missouri and Georgia.

MBA News

 
MBA Regulatory Compliance Conference 2019 in Washington Sept. 22-24

The Mortgage Bankers Association's annual Regulatory Compliance Conference takes place Sept. 22-24 at the Grand Hyatt in Washington, D.C. Early registration deadline is Monday, Aug. 12.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III, with sessions scheduled for this fall and winter.

MISMO Publishes Business Reference Model for 60-Day Member Comment Period

MISMO announced release of its Business Reference Model for a 60-day member comment period through Sept. 29.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.