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Volume 18 | Issue 140 | Monday, July 22, 2019

The Lede

 

MBA Advocacy Update

Last week, the House Financial Services Committee completed its two-part markup of appraisal, credit reporting and corporate governance proposals. A bipartisan coalition of coastal senators introduced their version of long-term flood insurance reauthorization legislation.

 

Top National News

 
Homeowners Refuse to Tap into Massive Equity. Is that a Mistake?

The Mortgage Reports, July 19, 2019--Erik J. Martin
A strong housing market and rising home prices have contributed to higher rates of home equity. And home equity can be tapped via a home equity loan, home equity line of credit, or cash-out refi. But new research shows that, while owners are flush with equity, they aren't tapping it as often as they did in the past. Most are choosing to continue building wealth and not borrow against what they've earned.

Fed Officials Signal Quarter-Point Rate Cut Likely at July Meeting

Wall Street Journal, July 19, 2010=9--Nick Timiraos (subscription)
Federal Reserve officials signaled they are ready to cut interest rates by a quarter-percentage point at their coming meeting, while indicating the potential for additional reductions because they are worried about a slowdown in global growth, an increase in trade-policy uncertainty and a pullback in inflation.

Senior House Republican Proposes Credit Reporting Changes

National Mortgage News, July 19, 2019--Neil Haggerty (subscription)
Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, has proposed several reforms to the credit reporting industry aimed at improving consumers' access to credit.

Bank of America Claims Ditech's Sale of RMS 'Threatens to Abandon' Elderly Reverse Mortgage Borrowers

HousingWire, July 19, 2019--Jessica Guerin
Bank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary Reverse Mortgage Solutions, filed a motion in court Thursday objecting to the deal as it currently stands, claiming that it "threatens to abandon the thousands of elderly borrowers" whose reverse mortgages are being serviced by RMS.

Housing Discrimination Lawsuit against Bank of America Gets Green Light

HousingWire, July 19, 2019--Jessica Guerin
A federal judge in Maryland denied a motion Thursday to dismiss a lawsuit brought against Bank of America and Safeguard Properties Management by the National Fair Housing Alliance, 19 fair housing organizations and two homeowners for alleged fair housing violations.

Equifax Is Said to Be Near $650 Million Settlement for Data Breach

New York Times, July 19, 2019--Stacy Coley, Peater Eavis
Credit bureau Equifax is expected to pay around $650 million to settle federal and state investigations and consumer claims relating to a data breach that exposed sensitive information belonging to 145 million people.

As-Is Often Means As-Won't

UEXpress, July 19, 2019--Lew Sichelman
Homeowners who sell their houses "as-is" may end up costing themselves more than they would have spent to make the necessary repairs -- if they are able to sell their homes at all.

Residential Finance News

 
MBA Chart of the Week: Components of Cost to Originate in Retail Production Channel

The cost to originate a loan in the retail production channel (excludes third-party and consumer direct originations) averaged about $10,200 in 2018, based on a cross-section of 78 lenders, including mid-size and large banks and independent mortgage companies. But there are key differences among these lenders in terms of operating model, geography, product mix and sales strategy.

RE/MAX: June Sales Post Unusual Decline

RE/MAX, Denver, said while June is typically the strongest month for home sales, it didn't prove to be the case this year.

The Week Ahead

With about a week until its August recess, the House, Senate and the Trump Administration--in spite of numerous political distractions--are trying to reach agreement on a number of fiscal 2020 budget packages.

Commercial/Multifamily News

 
JLL: Record Dry Powder; Sourcing Deals a Challenge

JLL, Chicago, said private equity real estate fundraising started 2019 strong, registering the highest fundraising figure since the Great Recession.

Dealmaker: Hall Structured Finance Originates $43M Hotel Construction Loan

Hall Structured Finance, Dallas, closed a $43.3 million first lien construction loan to build a Springhill Suites Hotel in Revere, Mass.

MBA News

 
MISMO Elective--Introduction to MISMO's Logical Data Model Webinar July 23

MISMO presents a webinar, Introduction to MISMO's Logical Data Model, this Tuesday, July 23 from noon-1:00 p.m. ET.

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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.