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Volume 18 | Issue 134 | Friday, July 12, 2019

The Lede


House Committee Begins Markup of Industry Legislation; MBA Sends Letter

The House Financial Services Committee yesterday began a markup session on a number of housing finance-related bills. Ahead of the first votes, the Mortgage Bankers Association sent a letter to Committee leadership offering views of several bills of interest to MBA membership.


Top National News

Fixed Mortgage Rates End up Back Where They Started After an Up-and-Down Week

Washington Post, July 11, 2019--Kathy Orton
Meanwhile, mortgage applications dwindled during the holiday week. According to the latest data from the Mortgage Bankers Association, the market composite index decreased 2.4 percent from a week earlier.

30-Year Mortgages Hovering Near 2-1/2 Year Lows

Pasadena Star-News, July 11, 2010--Jeff Lazerson
Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year's payment was a whopping $220 higher than this week's payment of $2,243. (MBA mention)

Financial Watchdog Shifts From Enforcer to Educator

Wall Street Journal, July 12, 2019--Yuka Hayashi (subscription)
Critics say the Consumer Financial Protection Bureuau's push shifts the burden of consumer protection from financial companies to ordinary citizens.

Trump Team Grows Wary of Fannie-Freddie Fix Before 2020 Election

Bloomberg, July 12, 2019--Saleha Mohsin, Jennifer Jacobs, Austin Weinstein
The Trump administration is growing wary of taking bold steps toward freeing Fannie Mae and Freddie Mac from federal control before the 2020 election, said people familiar with the matter, in part because of the political risk of potentially upending the U.S. mortgage market.

New Report Addresses Affordable Housing Concerns

National Mortgage Professional, July 11, 2019--Phil Hall
The cost of housing is the greatest factor impacting the economic mobility of Americans, according to the new report "Homeward Bound: The Road to Affordable Housing," published by the National League of Cities

Mortgage Industry Should Prepare for New Interest-Rate Index, Fed Working Group Says

MarketWatch, July 11, 2019--Andrea Riquier
The proposed replacement, which is called the Secured Overnight Financing Rate, has been under consideration by the Federal Reserve working group since it convened 2014. The Alternative Reference Rates Committee includes professionals from mortgage guarantors Fannie Mae and Freddie Mac, as well as regulators.

Powell Says Fed Has Room to Cut, May Have Kept Policy Too Tight

Bloomberg, July 11, 2019--Craig Torres, Reade Pickert
Federal Reserve Chairman Jerome Powell told the Senate Banking Committee the central bank has room to ease monetary policy as the tie between the inflation and jobless rates has broken down.

Compass, Zillow Reach Settlement in Poaching Lawsuits

HousingWire, July 11, 2019--Jessica Guerin
On the same day Compass was slapped with a bombshell lawsuit from rival Realogy accusing it of unfair business practices and illegal scheming, the real estate heavyweight settled a pair of lawsuits with another competitor, Zillow Group.

Residential Finance News

Loan Defects on the Increase

ACES Risk Management, Pompano Beach, Fla., released its Mortgage QC Trends Report, showing the overall critical defect rate increased on a quarterly and yearly basis.

Redfin: Bidding Wars Continue to Ease

Redfin, Seattle, said just 12 percent of Redfin offers faced a bidding war in June, down from 52 percent a year earlier.

Residential Briefs

ClosingCorp, San Diego, said it will provide Natural Disaster Alerts to SmartFees users.

Commercial/Multifamily News

RCLCO: Real Estate Cycle Planning as Important as Ever

The current economic expansion became the longest in U.S. history last week as GDP grew for the 121st consecutive month. That makes this a good time to plan for a downturn, said RCLCO, Washington, D.C.

Dealmaker: Newmark Realty Capital Secures $48M

Newmark Realty Capital, San Francisco, arranged $47.85 million for Arizona and California office, mixed-use and hotel assets.

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.

MBA Diversity and Inclusion Residential Leadership Awards Deadline July 19

The Mortgage Bankers Association is accepting applications and nominations for its annual Diversity and Inclusion Leadership Awards. Application deadline is Friday, July 19.

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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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