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Volume 18 | Issue 157 | Thursday, August 15, 2019

The Lede

 

FHA Issues New Condo Approval Rule

The Federal Housing Administration yesterday published a new final regulation aimed at relaxing requirements for condominium projects seeking approval for FHA eligibility.

 

Top National News

 
Weekly Mortgage Refinance Spike 37% in One Week as Rates Fall Further

CNBC, Aug. 14, 2019--Diana Olick
Mortgage application volume jumped 21.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume zoomed 81% from a year ago.

Removal of URLA Language-Preference Question Sparks Controversy

Scotsman Guide, Aug. 14, 2019--Arnie Aurellano
Implementation of the redesigned Uniform Residential Loan Application has been delayed due to changes to questions regarding the applicant's language preferences. Some industry organizations, including the Mortgage Bankers Association, asked FHFA to reconsider, claiming that it would subject lenders to practical issues related to communicating in an applicant's preferred language, as well as legal risks if they are unable to do so.

Department Stores See Worst Drop Since Macy's Last Cut Its Outlook

Bloomberg, Aug. 14, 2019--Janet Freund
U.S. department store stocks cratered Wednesday after Macy's cut its annual outlook, fueling the worst trading day for the index since the last time the Bloomingdale's parent slashed its forecasts in January.

Wall Street Tumbles on Growing Recession Fears

Retuers, Aug. 14, 2019--Medha Singh, Arjun Panchadar
Wall Street main indexes slumped more than 2.5% on Wednesday, as a closely watched U.S. bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

FHA's Distressed Asset Stabilization Program Should Be Improved, Not Abandoned

Urban Institute, Aug. 14, 2019--Laurie Goodman, Edward Golding, Jim Parrott
The authors argue that the DASP program is not fatally flawed; rather, DASP is a powerful tool that has helped thousands of families avoid foreclosure and has reduced stress on the FHA's insurance fund, making it easier for FHA to keep premiums low to ensure broad access to homeownership.

The Strength Of Workforce Housing As An Investment Class

Forbes, Aug. 14, 2019--Elie Reider
As the real estate cycle lengthens and property prices continue to rise, many commercial real estate professionals across the country are finding it challenging to identify value-add acquisition opportunities. One of the few exceptions to this rule is workforce housing.

Self-Employed Buyers Don't Have to Miss Out on Homeownership

HousingWire, Aug. 14, 2019--Jessica Davis
As participation in the gig economy grows, so will the number of self-employed people looking to buy a home. It's a great opportunity for real estate professionals to expand their business--but it's not as straightforward as it may seem.

Residential Finance News

 
MBA: July New Home Purchase Applications Up 11% from June; Up 31% from Year Ago

The Mortgage Bankers Association's Builder Applications Survey data for July show mortgage applications for new home purchases increased by 11 percent from June and by 31.2 percent from a year ago.

ATTOM: Foreclosures Down by Half from 2016

ATTOM Data Solutions, Irvine, Calif., said properties in foreclosure in the second quarter fell by nearly in half from three years ago.

New Home Supply Shows Sharpest Decline in 6 Years

Redfin, Seattle, said the supply of new homes fell by 1% in the second quarter, the biggest decline in six years.

Commercial/Multifamily News

 
U.S. Hotel Pipeline Up 8.3%

The U.S. hotel pipeline continues its steady growth, reported STR, Hendersonville, Tenn.

Dealmaker: Regions Bank Lends $73M in Construction Financing

Regions Bank, Birmingham, Ala., financed $73 million in construction projects in Georgia and Florida.

MBA News

 
Terry McAuliffe, Chris Christie, Margaret Brennan Keynote MBA Annual19 General Session

It's only summer, but the Mortgage Bankers Association's Annual Convention (Oct. 27-30 in Austin, Texas) is already heating up, with former Virginia Gov. Terry McAuliffe, former New Jersey Gov. Chris Christie and CBS News' Fact the Nation host Margaret Brennan keynoting the Politics Today General Session on Tuesday, Oct. 29.

Upcoming MBA Education School of Mortgage Banking I Courses

MBA Education presents its popular School of Mortgage Banking Course I 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 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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