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Volume 18 | Issue 159 | Monday, August 19, 2019

The Lede


MBA Advocacy Update

HUD last week issued a reproposed draft of FHA's annual lender certification in the Federal Register. FHA also finalized its condominium loan guidelines. And the Federal Housing Finance Agency published its final rule on validation and approval of third-party credit score models eligible for use by Fannie Mae and Freddie Mac. All three issues have been long-standing priorities for MBA, and this progress serves as a reminder of the importance of sustained advocacy.


Top National News

Falling Mortgage Rates Aren't What They Used to Be

Bloomberg, Aug. 16, 2019--Justin Fox
The 30-year Treasury yield has been spending some time below 2% this week, territory it has never before explored. That says scary things about expectations for future inflation and economic growth. But it also means lower mortgage rates, which in turn means refinancings and house purchases and other economically stimulative things. (MBA mention)

MBA Dissects VA Underwriting at Recent Webinar

National Mortgage Professional, Aug. 17, 2019
The Mortgage Bankers Association (MBA) recently hosted a Webinar, "VA Underwriting for Military Veterans." On hand to deliver the presentation was Michael Oursler, chief credit officer at NewDay USA. During the Webinar, Ousler highlighted how the active-duty lifestyle can take a toll on military families and their credit.

HUD Plan to Alter Anti-Discrimination Rule Called 'Deepy Cynical'

American Banker, Aug. 16, 2019--Kate Berry (subscription)
The agency says the "disparate impact" standard needs to be amended to align with a recent Supreme Court ruling. But consumer advocates say the change would make it more difficult for borrowers to allege discrimination under the Fair Housing Act.

American Consumers are Holding Up the Global Economy. But for How Long?

Washington Post, Aug. 18, 2019--Rachel Siegel, Abha Bhattari, Heather Long
As a number of signs point to a possible downturn in the United States, economists are growing more skeptical that consumers will continue to open up their wallets as freely. A failure to do so could hasten the arrival of the first U.S. recession in a decade.

The Doomsday Warnings About the U.S. Mortgage Market Are Getting it Backward

Business Insider, Aug. 18, 2019--Neil Dutta
Everywhere you look, concerns over the housing market appear to be growing. But these concerns are wildly overblown. Contrary to the hand-wringing, the U.S. housing market is in fact normalizing, and that is mostly a positive development for the American economy.

Drop in Mortgage Rates a Boon for Homebuyers and Refinancing

Dallas News, Aug. 16, 2019--Steve Brown
Worries about the world economy and the shaky stock market have given homebuyers a windfall. Home mortgage rates have plunged to near historic lows, making it much cheaper to finance a property purchase.

1st Alliance Suspends Originations Pending State Dispute's Resolution

National Mortgage News, Aug. 16, 2019--Bonnie Sinnock (subscription)
1st Alliance has ceased originating mortgages following the loss of bonding in Connecticut along with financial concerns it links to an unresolved dispute with its state regulator.

American Mortgage Service Co. and Eustis Mortgage Plan to Merge

HousingWire, Aug. 16, 2019--Ben Lane
Eustis Mortgage is headquartered in New Orleans and has been in business since 1956 and its companies include Finance Home America, Verity Mortgage, Legacy Mortgage and Prosperity Mortgage Advisors. American Mortgage Service Co. was founded in Cincinnati in 1975 and has grown into a multi-state lender with more than 40 locations.

Best Time to Show, Best Day to List

UExpress, Aug. 16, 2019--Lew Sichelman
Houses listed for sale on a Thursday tend to sell more quickly, and at higher prices, than those listed on any other day of the week, research shows. But what's the best time of day to show a house?

Residential Finance News

HUD Proposes Revised ‘Disparate Impact' Rule

HUD on Friday published a proposed rule to amend the HUD interpretation of the Fair Housing Act's disparate impact standard.

MBA Chart of the Week: FHA Seriously Delinquent Loans By Origination Year

MBA released its second quarter of 2019 National Delinquency Survey results this week. While overall delinquencies increased over the previous quarter and from a year ago, loans that were seriously delinquent--90 days or more past due or in the process of foreclosure--dropped. In fact, the seriously delinquent rate reached 1.95 percent, its lowest level since second quarter 2006.

July Overall Housing Starts Dip, But Single-Family Starts Solid

HUD and the Census Bureau on Friday said July housing starts fell by 4 percent from June--although not because of single-family activity.

The Week Ahead

Congress remains in recess, returning after Labor Day. But the Mortgage Bankers Association keeps thing busy with a couple of economic reports.

Commercial/Multifamily News

Net Lease Momentum Returns

Momentum is returning to the net lease sector after a slow start to 2019, analysts say.

Dealmaker: Cohen Financial Arranges $50M for Office, Retail, Multifamily

Cohen Financial, Chicago, arranged $50.1 million for properties in Illinois, Georgia and Michigan.

MBA News

MBA Annual19 Comes to Austin, Texas Oct. 27-30

The Mortgage Bankers Association's Annual Convention & Expo takes place Oct. 27-30 at the Austin Convention Center in Austin, Texas. 

MBA Expands Path to Diversity Scholarship Program Eligibility to Select Conferences

The Mortgage Bankers Association announced that scholarships awarded under its popular Path to Diversity (P2D) Scholarship Program can now also be used towards six upcoming MBA conferences where attendees can obtain Continuing Professional Education (CPE), Continuing Legal Education (CLE) or Society of Human Resource Management (SHRM) credits. The scholarships were previously only available for courses offered by MBA Education.

mPact: MBA's Network for Young Professionals

mPact is MBA's network for young professionals in the real estate finance industry. Join a community of your peers, share your experiences with others online, network with industry insiders, hone your skills or have a voice in the future of real estate finance.

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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