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Volume 18 | Issue 8 | Friday, January 11, 2019

The Lede


CFPB Publishes Assessments of Ability-to-Repay, Mortgage Servicing Rules

The Consumer Financial Protection Bureau yesterday published two reports: one that largely favorably assesses effectiveness of its Ability-to-Repay and Qualified Mortgage Rule; the second that assesses effectiveness of its mortgage servicing rule issued under the Real Estate Settlement Procedures Act.


Top National News

Mortgage Rates Continue Their Six-Week Decline, Falling to Nine-Month Lows

Washington Post, Jan. 10, 2019--Kathy Orton (MBA mention)
The 30-year fixed-rate mortgage rate tumbled to 4.45 percent with an average 0.5 point, Freddie Mac reported.

Milken: FHFA SHould Pave Way for Housing Reform

Scotsman Guide, Jan. 10, 2019--Victor Whitman
The Milken Institute, in a new paper, recommended that the Trump Administration clear a path for the government to end its 10-year control of Fannie Mae and Freddie Mac, but not release control over the government-sponsored enterprises until Congress addresses their "flawed charters." (MBA mention)

Mortgage Rates and Credit Availability Fall

National Mortgage Professional, Jan. 10, 2019--Phil Hall
The Mortgage Bankers Association reported that its Mortgage Credit Availability Index fell by 7.3 percent to 175 in December, its lowest level since February 2017.

CFPB Mortgage Rule Didn't Cost Industry Much, Agency Says

American Banker, Jan. 10, 2019--Kate Berry (subscription)
The industry's worst fears about higher costs and less available credit stemming from the Consumer Financial Protection Bureau's mortgage rules have not materialized in the years since those regulations were written, the bureau said Thursday.

Trump Administration Nears Release of New Overtime Proposal

Wall Street Journal, Jan. 10, 2019--Eric Morath (subscription)
The Labor Department sent its proposed overtime rule to the White House for review, which could allow the regulation determining how many Americans are entitled to extra pay when working more than 40 hours to be finished by late this year.

Government Shutdown Increases Mortgage Lender Credit Risk: Moody's

National Mortgage News, Jan. 10, 2019--Brad Finkelstein (subscription)
The government shutdown could affect mortgage origination credit quality as lenders miss some red flags normally found using data that is not currently available, according to a report from Moody's.

House Passes Bill to Fund Transportation Dept., HUD

The Hill, Jan. 10, 2019--Juliegrace Brufke
The Democratic-led House passed a standalone spending measure Thursday to provide funding for the Departments of Transportation, Housing and Urban Development and other agencies.

Amrock Denied: Judge Won't Grant New Trial in $740 Million Fight with HouseCanary

HousingWire, Jan. 10, 2019--Ben Lane
HouseCanary is one big step closer to collecting one of the largest and most unlikely legal awards in the history of the housing industry after a Texas judge denied Amrock's request for a new trial in the two companies' battle over the alleged theft of trade secrets.

Ginnie's Bright to Leave for Private Sector Post

The Mortgage Leader, Jan. 10, 2019
Michael Bright, executive vice president and COO of Ginnie Mae, has accepted a position in the private sector and will resign from his position on January 16. Bright will serve as CEO of the Structured Finance Industry Group, a trade group.

Lenders Coming to Aid of Workers Affected by Government Shutdown

Orange County Register, Jan. 10, 2019--Jeff Lazerson
Refreshing is the word that comes to mind as the lending industry prepares for a possible wave of unpaid and furloughed federal workers in need of mortgage payment forbearance, late charge waivers and a pass on reporting mortgage late payments to the credit bureaus.

Residential Finance News

Renter, Buyer, Seller Sentiments Shifting

Volatility is the byword of the housing market these days. And home buyers, sellers and renters are adjusting accordingly.

Zillow: Interest Rates Affecting Home Values--But Not Deterring First-Time Buyers

A new survey from Zillow and Pulenomics LLC said the homeownership rate--led by first-time buyers--will climb above the historic norm within five years, despite rising interest rates.

Residential Briefs

Lovell Minnick Partners, Philadelphia, a private equity firm specializing in financial and related business services companies, announced it completed acquisition of ATTOM Data Solutions, Irvine, Calif., a provider of national real estate data and analytics.

Commercial/Multifamily News

Apartment Market Sees Stronger Rent Growth, Tightened Occupancy

U.S. apartment rent growth accelerated to a 3.3 percent annual pace in the fourth quarter, reported RealPage, Richardson, Texas.

Dealmaker: Arizona Republic Office Sells for $38M

ViaWest Group, Phoenix, acquired the 10-story office building 200 E. Van Buren St., presently home to the Arizona Republic newspaper.

MBA News

Call for Nominations for MBA Insights 2019 Tech All-Star Awards; Deadline Today

The Mortgage Bankers Association and MBA Insights are accepting nominations for the MBA Insights 2019 Tech All-Star Awards. Nominations will be accepted through today, Jan. 11.

CREF19 in San Diego Feb. 10-13

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2019 returns to San Diego Feb. 10-13.

MBA Education Compliance Essentials State Mortgage Servicing Rules Deep Dive Workshop Feb. 25

MBA Education and the Compliance Essentials program present State Mortgage Servicing Rules Deep Dive Workshop on Feb 25 at the Hyatt Regency Orlando in conjunction with the MBA National Mortgage Servicing Conference & Expo.

MBA Education Ten Things Your Mortgage Company Must Do in 2019 Webinar Jan. 17

MBA Education presents a webinar, Ten Things Your Mortgage Company Must Do in 2019, on Wednesday, Jan. 17 from 2:00-3:30 p.m. ET.

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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