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Volume 18 | Issue 166 | Wednesday, August 28, 2019

The Lede


Mortgage Applications Down in MBA Weekly Survey

Mortgage applications fell last week as key interest rates ticked up higher, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending August 23.


Top National News

Connect Episode 6--Krystal Thomas

California Mortgage Bankers Association, Aug. 27, 2019
Podcast features Krystal Thomas, Government Program Specialist with Residential Policy and Member Engagement at the Mortgage Bankers Association.

Consumer Groups, Lenders Find Common Cause Against CFPB Mortgage Provision

American Banker, Aug. 28, 2019--Kate Berry (subscription)
Though advocates and industry are rarely aligned, they are starting to coalesce around a plan that would call for the elimination of the CFPB's 43% debt-to-income limit as part of its qualified mortgage rule.

Consumer Watchdog Starts Hiring After 15% Staff Drop Under Trump

Wall Street Journal, Aug. 27, 2019--Yuka Hayashi (subscription)
The Consumer Financial Protection Bureau is looking for workers again, following departures during a hiring freeze and budget cuts by Trump administration officials that took over the agency in late 2017.

Fed Rejects Call to Consider Politics in Policy Decisions

Wall Street Journal, Aug. 27, 2019--Nick Timiraos (subscription)
The Federal Reserve said it rejected political considerations in its policy-making after one of its former top officials called for the central bank to consider the economic risks of President Trump's re-election when setting interest rates.

Ex-Fed Official Dudley's Call to Block Trump Draws Criticism

Bloomberg, Aug. 27, 2019--Steve Matthews
A former top Federal Reserve official suggested the central bank reject interest-rate cuts that would help Donald Trump's 2020 reelection prospects, drawing swift criticism that such an approach would jeopardize the independence of a Fed already under fierce attack from the U.S. president.

Homeowners Tapping Retirement Funds to Cover Debt Needs

National Mortgage Professional, Aug. 27, 2019--Phil Hall
A new survey conducted by MagnifyMoney has found more than half of homeowners are making an early withdrawal into their retirement savings funds to pay down housing and personal debt.

How a 20-Year Home Mortgage Can Save You a Ton of Money

Washington Post, Aug. 28, 2019--Michele Lerner
The 30-year fixed-rate home mortgage dominates the housing market, but many lenders also offer loan terms of 10 or 20 years. Sometimes lenders even offer a personalized term chosen by the borrower.

PMI Gains as Fewer First-Time Homebuyers Use FHA

HousingWire, Aug. 27, 2019--Kathleen Howley
The share of first-time homebuyers using conventional mortgages that require private mortgage insurance, or PMI, to compensate for low down payments increased in the second quarter while the use of FHA loans fell, said Genworth.

U.S. Yield Inversion Deepens, Stokes Recession Fears

Reuters, Aug. 27, 2019--Richard Leong
The U.S. yield curve inversion deepened on Tuesday to levels not seen since 2007, rekindling fears of a looming recession that spurred a sell-off on Wall Street and stoked even more safe-haven demand for government bonds.

Residential Finance News

Housing Market Cooldown Reaches Longest Streak Since 2009

Home prices rose by 3.1% annually in June, the 15th consecutive month of annual slowing growth, according to the Standard & Poor's CoreLogic Case-Shiller National Home Price Indices.

August Consumer Confidence Eases

The Conference Board, New York, said its Consumer Confidence Index declined marginally in August, following July's rebound.

Commercial/Multifamily News

Special Servicing Volume Declines Again

Fitch Ratings, New York, reported the volume of commercial mortgage-backed securities loans and assets in special servicing declined nearly 10 percent between April and July to $9.8 billion.

Dealmaker: Phillips Realty Capital Structures $67M for Data Center

Phillips Realty Capital, Bethesda, Md., arranged $67 million to refinance and improve a 199,000-square-foot Tier III data center and office building in Vienna, Va.

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 Education Fundamentals and Best Practices in Mortgage Accounting in San Diego Nov. 19

MBA Education presents a half-day workshop, Fundamentals and Best Practices in Mortgage Accounting, at the Marriott Marquis San Diego Marina on Tuesday, Nov. 19 in conjunction with the MBA Accounting and Financial Management Conference.

MBA Expands Path to Diversity Scholarship Program Eligibility to Select Conferences

The Mortgage Bankers Association announced 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.

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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