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Volume 18 | Issue 139 | Friday, July 19, 2019

The Lede


Remodeling, Home Improvement Forecasts Take Downward Turn

Growth in residential remodeling, which until recently had experienced steady if unspectacular growth, is showing signs of a longer-term slowdown, according to several reports.


Top National News

First-Time Homebuyers Could Snag Lower Costs for FHA Loans Under House-Passed Bill

CNBC, July 18, 2019--Sarah O'Brien
"The idea behind the legislation is that counseling should improve loan performance and make people better borrowers," said Pete Mills, senior vice president of residential policy for the Mortgage Bankers Association, which generally supports the bill.

Mortgage Rates Rise on Expectation of Fed's Possible Cut in Short-Term Interest Rates

Washington Post, July 18, 2019--Michele Lerner
Mortgage rates rose this week spurred largely by rising optimism about the Federal Reserve's possible move at the end of the month to cut short-term interest rates. (MBA mention)

FHFA's Calabria: No Trump GSE Plan Until August or September

National Mortgage News, July 18, 2019--Hannah Lang (subscription)
Federal Housing Finance Agency Director Mark Calabria now expects the report that will lay out the administration's goals for releasing Fannie Mae and Freddie Mac from conservatorship to be published in August or September, he said.

Here's Why FHA's Recent Moves to Cut Insurance Premiums Won't Boost Its Market Share

HousingWire, July 18, 2019--Jessica Guerin
While the push for greater financial literacy is a worthy cause, it's unlikely to boost FHA's share of the mortgage market, Capital Economics said in a recent report, calling the premium cuts "too small to halt the downward trend in the FHA market share."

Fed Officials Shake Markets With Rate Cut Comments

Bloomberg, July 18, 2019--Christopher Condon, Rich Miller
Two senior Federal Reserve officials stressed the need to act quickly if the U.S. economy looked likely to stumble, reinforcing bets the central bank could cut interest rates by as much as half a percentage point later this month.

Mortgage Lenders vs. Growing Technology

MReport, July 18, 2019--Mike Albanese
The growing use of technology in the mortgage space is what most lenders call their biggest competitor, according to analysis from Fannie Mae.

Sluggish Loan Growth Hurst Profits at Capital One

American Banker, July 18, 2019--Kevin Wack (subscription)
Profits at Capital One Financial were hampered during the second quarter by loan growth that failed to keep pace with rising expenses.

California Is Divided Over Development Amid Severe Housing Shortage

NPR, July 18, 2019--Darius Rafieyan
California's governor wants cities in his state to build more housing, but some of them don't appear to be moving fast enough. The state has taken Huntington Beach to court.

Residential Finance News

CFPB: 1 in 4 Consumers Have at Least One Debt in Collection

The Consumer Financial Protection Bureau released a report yesterday saying more than one in four consumers with a credit report have at least one debt in collection by third-party debt collectors.

Residential Briefs

State Farm, Bloomington, Ind., and Rocket Mortgage by Quicken Loans, Detroit, announced an alliance that will allow State Farm agents to help more clients in more ways by originating Rocket Mortgage products for their customers.

Commercial/Multifamily News

Tech Job Growth Moving to Smaller Markets

Tightening availability of tech talent in leading markets is spurring hiring momentum in smaller markets as tech employers seek additional labor pools, said CBRE, Los Angeles.

Dealmaker: IMG Pays $35M for Atlanta-Area Multifamily Asset

Investors Management Group, Woodland Hills, Calif., closed on a 264-unit apartment community in Duluth, Ga. for $35.1 million.

MBA News

MBA Risk Management, QA and Fraud Prevention Forum in Chicago Sept. 15-17

The Mortgage Bankers Association's Risk Management, QA and Fraud Prevention Forum takes place Sept. 15-17 at the Sheraton Grand Chicago.

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.

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.

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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