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Volume 18 | Issue 160 | Tuesday, August 20, 2019

The Lede

 

The 'Amazon Effect:' Northern Virginia Becomes Nation's Most Competitive Housing Market

When Amazon earlier this year announced Crystal City, Va., as the location of its second headquarters (HQ2), analysts said its impact would eventually be felt in housing markets throughout suburban Washington, D.C., all the way to Richmond, Va., 75 miles away.

 

Top National News

 
MBA Lowers Rate Forecast and Boosts Lending Outlook

HousingWire, Aug. 19, 2019--Kathleen Howley
The Mortgage Bankers Association issued a new forecast that predicts the U.S. rate for a 30-year fixed mortgage will average 3.7% in the third and fourth quarters of 2019, down from the 3.9% the group predicted for the same periods a month ago.

Trump Calls on Fed to Cut Rates by 100 Basis Points Amid Recession Fears

Washington Post, Aug. 19, 2019--Felicia Somnez, Damian Paletta
President Trump on Monday sought to play down the risk of a recession while also pinning the blame for a potential economic downturn on the Federal Reserve, chastising the central bank's chairman, Jerome H. Powell, for a "horrendous lack of vision."

HUD Proposal Raises Bar on Housing Discrimination Complaints

Wall Street Journal, Aug. 19, 2019--Lalita Clozel (subscription)
HUD is moving to roll back an Obama-era policy aimed at rooting out racial bias in housing, the latest move by the Trump administration to weaken a legal tool combating unintentional discrimination.

4 Big Questions Ahead of Volcker 2.0 Rollout

American Banker, Aug. 19, 2019--Hannah Lang, Joe Adler, Neil Haggerty (subscription)
The industry is hopeful that changes are near to make the Volcker Rule more tolerable, but it remains to be seen if regulators will give the nation's largest banks all the relief they have sought under the proprietary trading ban.

Digital Mortgage Company Better.com Closes $160 Million in Funding

HousingWire, Aug. 19, 2019--Kathleen Howley
The funding round is the company's second sizable capital raise in 2019 alone. Earlier this year, Better.com raised $75 million from Citi, American Express, and others. The company's backers also include Goldman Sachs.

Will Blockchain Revolutionize Mortgage Lending?

Forbes, Aug. 19, 2019--Breana Patel
What DLT brings to the table is the ability to store all of the myriad paper documents that need be conveyed between players onto a distributed network that is more secure than the status quo. The data would be easier to access, with current steps in the process that take weeks happening in a matter of seconds.

Shareholder Value Is No Longer Everything, Top CEOs Say

New York Times, Aug. 19, 2019--David Gelles, David Yaffe-Bellany
Chief executives from the Business Roundtable, including the leaders of Apple and JPMorgan Chase, argued that companies must also invest in employees and deliver value to customers.

Residential Finance News

 
MISMO Seeks Input on Consent Language for Tax Transcripts to Comply with Taxpayer First Act

MISMO®, the mortgage industry standards organization, seeks industry participants to collaborate on developing standardized language to gain consent for use of tax transcripts by stakeholders throughout the mortgage process.

Zillow: U.S. Home Value Growth Strong, But Slowing--Which Isn't Such a Bad Thing

Zillow Inc., Seattle, said home value appreciation slowed for the seventh consecutive month in July and is now at its lowest level since 2015.

Commercial/Multifamily News

 
Multifamily Bumps Industrial in Contest for CRE's Strongest Outlook

The multifamily market has the strongest outlook among major commercial property types, said Ten-X, Irvine, Calif.

Dealmaker: Bascom Group Refinances $235M Multifamily Portfolio

Bascom Group, Irvine, Calif., refinanced an 11-property multifamily portfolio for $235 million.

MBA News

 
MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

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.

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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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.