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Volume 18 | Issue 129 | Friday, July 05, 2019

The Lede


Boomers, Millennials Have Similar Housing Preferences, Uneven Resources

Two reports--one primarily about Baby Boomers, the other primarily about Millennials--suggest they share many common goals in where they prefer to live, but have a marked disparity in resources.


Top National News

Weekly Mortgage Applications Stall as Rates Take a Respite

CNBC, July 3, 2019--Diana Olick
Total mortgage application volume was essentially flat last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume fell 0.1 percent for the week but was 41 percent higher than the same week one year ago.

Mortgage Rates Tick up, But Lower Bond Yields Signal More Declines

Washington Post, July 3, 2019--Kathy Orton
After falling more than a half percentage point the past four months, mortgage rates rebounded this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average moved slightly higher to 3.75 percent with an average 0.6 point. (MBA mention)

New Program Offers Hard Money Mortgages at Half the Rate

Orange County Register, July 3, 2019--Jeff Lazerson
Flippers, borrowers with bad credit or who own lots of rentals tend to pay lenders 10% or more a year for a mortgage. A new program now offers such loans for as little as 5.75%. (MBA mention)

New York Investigating Whether Facebook Allows Housing Discrimination

HousingWire, July 3, 2019--Ben Lane
New York Gov. Andrew Cuomo announced this week that he has asked the New York Department of Financial Services to begin investigating Facebook and whether the site allowed housing providers to discriminate against prospective residents from protected classes.

FHFA Special Advisor Bob Ryan to Leave Agency

National Mortgage Professional, July 3, 2019--Phil Hall
The Federal Housing Finance Agency announced the departure of Bob Ryan as Special Advisor to the Office of the Director.

After Months of Floods and Tornadoes, Midwest Officials Tally Billions in Damage

Wall Street Journal, July 4, 2019--Erin Ailworth (subscription)
As the swollen Mississippi and Missouri rivers slowly recede, communities across the Midwest are starting to add up the damage and make plans for repairs with the help of federal aid.

Debt Collectors Wage Comeback

Wall Street Journal, July 5, 2019--Yuka Hayashi (subscription)
Debt-collection lawsuits have increased in some state and municipal courts, following a decline during a regulatory tightening after the financial crisis. Debt purchases by collectors are also rising, according to data by large publicly traded debt-collection companies.

Let's Make It Easier for Gig Economy Workers to Buy Homes

Forbes, July 3, 2019--Sanjiv Das
The standard mortgage application process isn't optimized for freelancers. Most mortgage providers require W-2 tax forms that disclose an applicant's income and verify their job. Indeed, even for those with a steady job, the documentation process can be difficult to navigate.

Could American 'Heroes' Help Reverse Credit Unions' Mortgage Declines?

Credit Union Journal, July 4, 2019--Palash Ghosh, Aaron Passman
Just in time for the Fourth of July, a handful of credit unions are rolling out programs to honor the military, first responders and teachers, all while hopefully adding a little extra juice to their mortgage portfolios.

Residential Finance News

On 10th Anniversary of Great Recession, Housing Market Still Faces Challenges

Last month marked the 10-year anniversary of the end of the Great Recession. First American Financial Corp., Santa Ana, Calif., said between then and now, housing affordability has improved and borrowers have greater access to credit, which in turn is boosting demand.

ADP: June Private Sector Employment Up by 102,000

Ahead of this morning's jobs report, ADP, Roseland, N.J., said private sector employment increased by 102,000 jobs from May to June, suggesting a jobs slowdown.

Commercial/Multifamily News

Apartment Demand Surges

U.S. apartment demand spiked during the second quarter as occupancy climbed to nearly 96 percent, said RealPage, Richardson, Texas.

Commercial/Multifamily Briefs

A group of New York-based net lease investment professionals based launched a national commercial real estate brokerage firm, SAB Capital.

Dealmaker: MWest Holdings Acquires Two Los Angeles Apartments for $35M

MWest Holdings, Los Angeles, acquired two Los Angeles apartment buildings for $35.2 million.

MBA News

MBA Condominium Lending Workshop in D.C. July 18

The Mortgage Bankers Association's annual Condominium Workshop takes place Thursday, July 18 at the Marriott Marquis in Washington, D.C.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

MBA Education, California MBA Present Fundamentals of Residential Lending & the Secondary Market in San Francisco July 15

MBA Education and the California Mortgage Bankers Association present a special one-day workshop, Fundamentals of Residential Lending and the Secondary Market, on Monday, July 15 at the Westin St. Francis Hotel in San Francisco in conjunction with the California MBA Western Secondary Market Conference.

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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