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Volume 18 | Issue 126 | Monday, July 01, 2019

The Lede


MBA Advocacy Update

President Trump signed an Executive Order establishing a council on affordable housing. The House passed a minibus bill that included $300 million for HUD's Cybersecurity and Information Technology Fund and $20 million for FHA's single-family IT infrastructure. And the Office of the Comptroller of the Currency released guidelines for banks interested in making higher-loan-to-value loans in communities targeted for revitalization.


Top National News

White House Predicts Deregulation Will Boost Household Incomes

Wall Street Journal, June 28--Josh Mitchell (subscription)
The report issued Friday by the Council of Economic Advisers looked in isolation at 20 rules in the Trump administration's broader economic agenda, which has also included new tariffs that economists and industries say have driven up some consumer prices.

Lower Housing Costs, Better Employment Craft Sustainable Market Outlook

National Mortgage News, June 28, 2019--Paul Centopani (subscription)
A cocktail of simmering home price appreciation, declining mortgage rates and stronger employment shot the country's housing market outlook to a three-year peak, according to Nationwide.

FASB Chair Defencs CECL: 'The Benefits Justify the Cost'

American Banker, June 30, 2019--John Heltman (subscription)
Russ Golden, chairman of the Financial Accounting Standards Board, is defending the board's decision to require all publicly traded firms to proactively report and set aside reserves for credit losses, saying the move would make the financial system safer and is worth the cost.

JLL's $2 Billion Acquisition of HFF to Close on July 1

HousingWire, June 28, 2019--Ben Lane
Under the terms of the deal, which was originally announced in March, JLL will acquire all the outstanding shares of HFF in a cash and stock transaction that carries an equity value of $2 billion.

Situs and AMC Complete Merger

National Mortgage Professional, June 28, 2019--Phil Hall
The combined business will operate as SitusAMC and have more than $175 billion of commercial assets under management and provide fair value assessment on more than $290 billion of commercial real estate assets quarterly.

Former Equifax Executive Jailed for Profiting Off Data Breach

HousingWire, June 28, 2019--Ben Lane
Jun Ying, the former chief information officer of Equifax's U.S. Information Solutions business, was accused of using non-public information to make trades on Equifax stock and profiting off of the breach.

Win a ‘Dream' House? Take the Money and Run

UExpress, June 28, 2019--Lew Sichelman
According to HGTV, only one of the first 10 Dream House winners has been able to hang on to their winnings. And just six of the first 21 winners--there have been 23 contests so far--actually lived in their new digs for more than a year.

Residential Finance News

MBA Chart of the Week: Monthly Productivity in Retail Production Channel

Average monthly productivity for the retail production channel (excluding third-party and consumer direct originations) reached study-lows in 2018 for both retail loan officers and the non-producing employees directly supporting them.

Black Knight: May ARM Prepayments Highest Since 2007

Black Knight, Jacksonville, Fla., said lower interest rates and the spring home buying seasons have led to overall prepayment activity more than doubling over the past four months to the highest level seen since late 2016.

The Week Ahead

With the Independence Day holiday this week, Capitol Hill is quiet. Congress is in recess this week. The House and Senate return on Monday, July 8.

Commercial/Multifamily News

Fastest-Growing Metros Losing Affordable Housing at Rapid Rate

The fastest-growing cities in the United States saw substantial declines in affordable housing units between 2010 and 2017, said Freddie Mac, McLean, Va.

Commercial/Multifamily Briefs

Civic Financial Services, Redondo Beach, Calif., launched a new rental program designed for real estate investors focused on aggregating rental properties. The program includes 5/1, 7/1 and 10/1 interest-only ARM products for either a single asset or a portfolio of properties.

Dealmaker: Norris, Beggs & Simpson Arranges $11M for Apartments, Mixed-Use

Norris, Beggs & Simpson Financial Services, Seattle, secured $10.5 million for Seattle multifamily and mixed-use assets.

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.

Upcoming MBA Education School of Mortgage Banking I Courses

MBA Education presents its popular School of Mortgage Banking Course I this summer and fall.

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

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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