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Volume 18 | Issue 151 | Tuesday, August 06, 2019

The Lede


New Coastal Homes Raise Flood Risks

An analysis by Climate Central, Princeton, N.J., and Zillow, Seattle, shows nearly 20,000 homes built in the past decade are at significant risk of chronic coastal flooding by 2050.


Top National News

Many Homebuyers Pick Mortgage Lender Before Signing Contract: Fannie

National Mortgage News, Aug. 5, 2019--Brad Finkelstein (subscription)
Before signing a home purchase contract, the vast majority of potential homebuyers already selected their mortgage lender in order to compete with investors, a Fannie Mae survey found.

America Needs an Independent Fed

Wall Street Journal, Aug. 5, 2019--Paul Volcker, Alan Greenspan, Ben Bernanke, Janet Yellen (subscription)
The previous four chairs of the Federal Reserve pen an op-ed saying the Fed must be free of short-term political pressures.

The 55+ Housing Market is Still Going Strong

HousingWire, Aug. 5, 2019--Jessica Guerin
As more Baby Boomers look not just to downsize but to "rightsize" in their retirement years, the 55+ housing market is humming along nicely, showing solid activity despite the faltering state of the overall market.

For the First Time Ever, Mortgage Bonds Are Being Sold at a Negative Rate

Bloomberg, Aug. 5, 2019--Frances Schwartzkopff
In the world's biggest covered-bond market, a Danish bank says it's now ready to sell 10-year mortgage-backed notes at a negative coupon for the first time.

Fed to Launch Real-Time Payments System for Launch in 2023 or 2024

Reuters, Aug. 5, 2019--Pete Schroeder
The Federal Reserve announced on Monday it planned to develop its own round-the-clock real-time payments and settlement service, with an expected launch in 2023 or 2024.

Revenue-Strapped Lenders Take Another Look at Unbanked Customers

American Banker, Aug. 5, 2019--Kevin McCarthy (subscription)
Thinner margins and increased competition could provide a catalyst for more banks to make inroads with the nation's unbanked and underbanked.

Banks Tighten Standards on Commercial Real Estate, Credit Card Loans

Reuters, Aug. 5, 2019--Ann Saphir
U.S. banks left loan standards unchanged on commercial and industrial loans to large and mid-sized firms during the second quarter, even as they eased standards on such loans to smaller firms and eased most terms for all size firms, according to a survey of bank officers published on Monday.

Residential Finance News

Black Knight: July Affordability Improves to 18-Month High

Black Knight, Jacksonville, Fla., said falling interest rates and slowing home price appreciation in June brought housing affordability to its highest level since December 2017.

J.D. Power: Primary Loan Services Have Trust Issues with Customers

J.D. Power, Costa Mesa, Calif., said mortgage servicers havesome of the lowest customer service rankings in 2018 among service industries.

Commercial/Multifamily News

New York Faces Consequences of Rent Control Changes

Multifamily analysts say New York City's new rent control law could have several unintended consequences.

Dealmaker: Passco Cos. Acquires Georgia Apartments for $58M

Passco Cos., Irvine, Calif., acquired Grand Oaks at Crane Creek apartment community in Augusta, Ga., from Southeastern Development Assocs., Augusta, for $58 million.

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.

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.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

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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