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Volume 18 | Issue 135 | Monday, July 15, 2019

The Lede


MBA Advocacy Update

Last week, the House passed MBA-supported legislation clarifying seasoning requirements for refinanced mortgage loans to veterans. The House Committee on Financial Services began its planned two-day markup of roughly 20 proposals pertaining to residential appraisals, credit reporting, and corporate board diversity disclosures. And Federal Reserve Chairman Jerome Powell hinted in congressional testimony that an interest rate cut may come later this month.


Top National News

New Home Buyers Shied Away in June Despite Friendly Rates

Mortgage News Daily, July 12, 2019--Jann Swanson
The Mortgage Bankers Association said its Builder Application Survey shows mortgage applications for new home purchases increased 17.9 percent compared from a year ago but were down 14 percent from the previous month.

Financial Services Committee Passes Bills to Reform Credit Reporting

National Mortgage News, July 12, 2019--Hannah Lang (subscription)
The House Financial Services Committee advanced bills to reform the credit bureaus and allow consumers greater access to their credit reports.

Insurance Companies Expand Multifamily Financing Options

Colorado Real Estate Journal, July 13, 2019--Cooper Williams
According to research conducted by the Mortgage Bankers Association, the insurance companies' mortgage debt holdings increased by 9% in 2018, which is higher than the overall market average for multifamily debt holdings.

FHA Postpones Digital Signature Requirement for Appraisals

National Mortgage News, July 12, 2019--Bonnie Sinnock (subscription)
The Federal Housing Administration is delaying a plan to put a hard stop on home loan files that lack digitally signed appraisals. FHA previously planned to make extensible markup language signatures compatible with its electronic appraisal delivery system a requirement on Aug. 5.

Banks Nearly Have REO Monday Off Their Backs a Decade After Crisis

Naitonal Mortgage News, July 14, 2019--Jon Prior (subscription)
Banks have reduced their holdings of foreclosed one- to four-unit family residences to roughly $2.6 billion of homes, down from more than $14 billion during the fallout of the housing market's collapse in 2010, according to Federal Deposit Insurance Corp. data.

Digital Mortgages Could Lead to Higher Paying Positions

HousingWire, July 12, 2019--Kelsey Ramirez
The digital mortgage continues to evolve, but what is the end goal? Will it eliminate human intervention completely? One expert says it won't. In fact, it might create higher-paying jobs.

HUD Policy Adds to Housing Woes

UExpress, July 12, 2019--Lew Sichelman
The housing markets have taken another hit as a result of the Trump administration's immigration policies.

Second-Quarter Earnings to Test Soaring Market

Wall Street Journal, July 14, 2019--Michael Wursthorn, Corrie Driebusch (subscription)
The next test for the highflying stock market begins this week as companies kick off reporting what could be their biggest quarterly profit contraction in three years.

Mid-Year Review: What's Happening in Housing, And More Important, What's Not, July 12, 2019--Natalie Campisi
The first half of 2019 bore promising gifts to eager homebuyers, namely low mortgage rates and slowing home price growth. This comes, however, amid a deepening shortage of affordable housing throughout the country.

Residential Finance News

MBA Chart of the Week: Treasury Yield Spreads

Our chart this week is an update of two closely tracked Treasury spreads, both of which have dropped in recent months.

Fitch Ratings: New U.S. RMBS Products Faring Well So Far; Earthquakes No Problem

Two reports from Fitch Ratings, New York, offer positive news on the status of U.S. residential mortgage-backed securities.

The Week Ahead

With less than two weeks until the August recess, Congress and the Trump Administration are under pressure to get a number of funding bills passed.

Commercial/Multifamily News

Hotel Sector Forecast Downgraded

The hotel sector reported positive results in all three key performance metrics during May, but several analysts downgraded their 12-month forecasts.

Dealmaker: Transwestern Commercial Services Brokers $49M in Sales

Transwestern Commercial Services, Houston, brokered industrial and multifamily sales totaling $49 million in Virginia and California.

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.

MBA Expands Path to Diversity Scholarship Program Eligibility to Select Conferences

The Mortgage Bankers Association announced that scholarships awarded under its popular Path to Diversity (P2D) Scholarship Program can now also be used towards six upcoming MBA conferences where attendees can obtain Continuing Professional Education (CPE), Continuing Legal Education (CLE) or Society of Human Resource Management (SHRM) credits. The scholarships were previously only available for courses offered by MBA Education.

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.

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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