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Volume 18 | Issue 148 | Thursday, August 01, 2019

The Lede


MBA Offers FTC Recommendations on Safeguarding Customer Information

In the wake of yet another high-profile data security breach, this time involving Capital One, the Mortgage Bankers Association this week sent a letter to the Federal Trade Commission offering recommendations on a proposed rulemaking on standards for safeguarding customer information.


Top National News

Mortgage Applications Fall for the Third Straight Week, Despite Lower Interest Rates

CNBC, July 31, 2019--Diana Olick
Overall volume for mortgage applications fell 1.4% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was still 35% higher than a year ago, when interest rates were significantly higher.

HUD Plan Would Raise Bar for Claims of Fair Lending Abuse

National Mortgage News, July 31, 2019--Hannah Lang (subscription)
Under a HUD proposal that circulated Wednesday but has not officially been unveiled, a consumer would have to follow a more rigorous five-step framework to demonstrate that discrimination occurred. The "disparate impact" doctrine can be used to punish lenders for discriminatory effects even if none were intended.

Tapping Homes for Cash to Get Tougher Under New FHA Limits

Wall Street Journal, Aug. 1, 2019--Ben Eisen (subscription)
The Federal Housing Administration, which insures loans for mostly first-time buyers, plans to announce Thursday it will limit cash-out refinancings in its program. Borrowers will be able to pull cash out only when the new loan amounts to 80% of the value of the home or less, down from 85%.

'Continuity and Consistency' Fortify Freddie Mac's 2Q Earnings

National Mortgage News, July 31, 2019--Paul Centopani (subscription)
Freddie Mac continues to churn out steady financial returns, with the growth in first-time home buyers and credit risk transfers providing the GSE stable footing when a recession comes, according to new CEO David Brickman.

Fiserv Completes Purchase of First Data

HousingWire, July 31, 2019--Jessica Guerin
First Data is now Fiserv, the company announced Wednesday, revealing that it has officially completed its $22 billion acquisition of the payments giant to create what will no doubt be a fintech monolith.

2019 Woman of Influence: ​​​​​​​Susan Stewart

HousingWire, Aug. 1, 2019
An industry veteran with nearly 30 years in the mortgage business, Susan Stewart is the CEO of SWBC Mortgage, a Texas-based mortgage lender.

CMBS Issuance Focuses on 'Bulletproof' Retail Loans

National Real Estate Investor, July 31, 2019--Beth Mattson-Teig
Investors are getting increasingly concerned about the outlook for retail-backed commercial mortgage-backed securities 2.0 loans.

Residential Finance News

MBA Opens Doors Foundation's Deborah Dubois Presented with Alyse Childers-Wiley Memorial Award by CMG Financial

Deborah Dubois, President of MBA Opens Doors Foundation, was presented with the Alyse Childers-Wiley Memorial Award by CMG Financial at the CMG Foundation's 9th Annual Wine Tasting and Auction on July 15 in San Francisco.

Fed Lowers Funds Rate

The Federal Open Market Committee yesterday lowered the federal funds rate for the first time since the Great Recession, citing a desire to protect the U.S. economy amid weakening global conditions.

Racial Gaps in Homeownership, Home Equity, Wealth Widened During Economic Expansion; Student Debt Weighs Down Potential Homeowners

Redfin, Seattle, said homeowners in primarily white neighborhoods gained an average of $70,000 more in home equity than homeowners in primarily black neighborhoods from 2012 to 2018.

Commercial/Multifamily News

Hotels Returns Mostly Positive

The hotel sector reported mostly positive metrics but decreased occupancy during the second quarter, STR and CBRE Hotels reported.

Commercial/Multifamily Briefs

The National Credit Union Administration is changing the regulation requiring real estate appraisals for certain commercial real estate transactions.

Dealmaker: Greystone Arranges $178M Multifamily Refi in Brooklyn

Greystone, New York, closed a $178 million permanent loan to refinance Hoyt & Horn, a new 26-story mixed-income apartment property in Brooklyn, N.Y.

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 School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II in several locations this summer and fall.

MBA Education/Compliance Essentials Managing the Risks of CFPB and State Examinations Sept. 15

MBA Education and Compliance Essentials present a workshop, Managing the Risks of CFPB and State Examinations, on Sunday, Sept. 15 at the Sheraton Grand Chicago, in conjunction with the MBA Risk Management, QA and Fraud Prevention Summit.

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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