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Volume 18 | Issue 144 | Friday, July 26, 2019

The Lede

 

CFPB Proposed Rulemaking Would End Qualified Mortgage ‘Patch'

The Consumer Financial Protection Bureau yesterday issued an Advance Notice of Proposed Rulemaking that would end the temporary Qualified Mortgage "Patch" applicable to certain mortgage loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac.

 

Top National News

 
Mortgage Rates Fall, Reaching Nearly Three-Year Low

Washington Post, July 25, 2019--Michele Lerner
Mortgage rates dipped slightly to a nearly three-year low because of concern about a potential global economic slowdown and some weak home sale news. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.75 percent with an average 0.5 point. (MBA mention)

House Revives Effort to Allow Nontraditional Data in Credit Scores

American Banker, July 25, 2019--Neil Haggerty (subscription)
House lawmakers are considering legislation to expand the data included in credit reports, despite warnings that certain types of alternative credit data items could hurt consumers.

FHA Temporarily Pulls Plug on Loan Review System Due to 'Errors and Data Loss'

HousingWire, July 25, 2019--Ben Lane
The Federal Housing Administration's system for quality control on the loans it backs is currently offline after weeks of issues led to the inadvertent deletion of an unknown amount of data and documents.

N.Y. Attorney General Opposes Ditech Sale, Announces Investigation into Reverse Mortgage Business

HousingWire, July 25, 2019--Jessica Guerin
The office of Attorney General Letitia James filed a brief this week to oppose the servicer's attempt to get around statutory protections for homeowners through its bankruptcy plan.

Amazon's New York Office Hunt Includes WeWork-Owned Lord & Taylor Building

Wall Street Journal, July 25, 2019--Eliot Brown, Suzanne Kapner (subscription)
Amazon.com Inc. is scouring New York City for new office space, including the historic building that formerly housed Lord & Taylor's flagship store.
Months after abandoning plans to build a giant campus in New York City, the e-commerce company has held talks with WeWork Cos. to lease as much as the entire 12-story building-big enough to fit several thousand employees.

Altisource Nearly Halves Its Loss with Field Services, Hubzu Gains

National Mortgage News, July 25, 2019--Bonnie Sinnock (subscription)
Altisource Portfolio Solutions cut its previous-quarter net loss by 49% in its most recent fiscal period, when property maintenance revenue and new Hubzu real estate auction site inventory increased.

Fractional Ownership Provides Alternative for Priced-Out Home Shoppers

Whittier Daily News (Calif.), July 25, 2019--Jeff Lazerson
It's sometimes cheaper to buy a partial interest in a home or apartment building than buying a condo house on your own. (MBA mention)

This City Has The No. 1 Most Stable Housing Market in the Country

MarketWatch, July 25, 2019--Jacob Passy
For the fifth year in a row, Boulder, Colo. ranked as the best housing market nationwide based on home price growth and stability, a new report from SmartAsset found.

Residential Finance News

 
MBA, Trade Groups Offer FCC Recommendations on 'Robocalls' Policy

The Mortgage Bankers Association and nearly a dozen disparate trade associations offered the Federal Communications Commission a series of recommendations on curbing unlawful "robocalls" while preserving the ability of businesses to legitimately conduct vital business and customer services by phone.

MISMO Approves New Remote Online Notarization Standards

MISMO®, the mortgage industry's standards organization, announced release of its Remote Online Notarization standards, which include an update to draft standards issued earlier this year.

Homeownership Rate, Homeowner Vacancy Rates See Slight Dip in 2Q

The national homeownership rate fell slightly in the second quarter to 64.1 percent, the Census Bureau reported yesterday.

Commercial/Multifamily News

 
New York City, New Jersey Office Rents at Record Highs

Transwestern Commercial Services, New York, said office rents in the New York City and New Jersey markets reached record levels in the second quarter, with overall Manhattan rents topping $80 per square foot.

Dealmaker: KBS Sells Florida Office to New York Life for $72M

KBS, Newport Beach, Calif., sold Financial Center at the Gardens in West Palm Beach Gardens, Fla., to New York Life Insurance Co. for $71.8 million.

MBA News

 
mPowering You: MBA's Summit For Women in Real Estate Finance in Austin Oct. 26

mPowering You: MBA's Summit For Women in Real Estate Finance, takes place Saturday, Oct. 26 at the Austin Convention Center in Austin, Texas.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III Aug. 13-16 at MBA headquarters in Washington, D.C.

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 jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.