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Volume 18 | Issue 145 | Monday, July 29, 2019

The Lede

 

MBA Advocacy Update

The Consumer Financial Protection Bureau on Thursday released an advance notice of proposed rulemaking (ANPR) to consider the future of the QM Patch. President Trump signed into law the Protecting Affordable Mortgages for Veterans Act of 2019. And the House passed a two-year, $2.7 trillion budget caps and debt ceiling deal that the Senate is likely to vote on this week.

 

Top National News

 
Trump's Ambitious Fannie, Freddie Overhaul Faces Hurdles

Reuters, July 16, 2019--Pete Schroeder
"You're trying to reform what is the financing behind one-sixth of the economy," said Pete Mills, senior vice president at the Mortgage Bankers Association. "You've got to do it in a way that doesn't disrupt the marketplace, and that's the challenge."

6 Questions on the CFPB Plan to End Fannie and Freddie's 'Patch'

American Banker, July 28, 2019--Kate Berry (free article)
"The goal here is to get a version of the patch [so that] QM covers a significant percentage of the borrowers that are currently served, but applies to the market entirely," said Pete Mills, the senior vice president of residential policy at the Mortgage Bankers Association.

Calabria on the QM Patch: Fannie, Freddie Should Be Held to Same Standards as Everyone Else

HousingWire, July 26, 2019--Kelsey Ramirez
Federal Housing Finance Agency Director Mark Calabria told HousingWire this week that he supports the Consumer Financial Protection Bureau's move to kill the Qualified Mortgage patch.

CFPB Seeks Input on QM Patch

National Mortgage Professional, July 26, 2019--Phil Hall
Pete Mills, senior vice president of residential policy and member engagement at the Mortgage Bankers Association, welcomed the ANPR. "We appreciate the bureau beginning the process now to address the future of the QM Patch," he said.

Get Ready for the World Economy's Biggest Week of 2019

Bloomberg, July 27, 2019--Simon Kennedy
There will be no chance of a summer break for investors or policy makers in coming days as they brace for what might be the busiest week for the world economy this year.

Financial Crisis Yields a Generation of Renters

Wall Street Journal, July 27, 2019--Christina Rexrode (subscription)
Many young adults are priced out of the housing market. That could reshape their finances-and the economy-for years to come.

Florida's Financial Regulation Commissioner is Fired

National Mortgage Professional, July 26, 2019--Phil Hall
The Florida Cabinet has fired Financial Regulation Commissioner Ronald Rubin following the issuance of a report stating he misused his public office and subjected women to sexual harassment.

Consumer Groups Turn Up Heat on Warranties, Angie's List

UExpress, July 26, 2019--Lew Sichelman
Many homeowners believe they can't do without these two perks: home warranties that promise to replace appliances that cannot be repaired, and Angie's List, the popular website that recommends contractors and repair specialists. But both have come under fire recently by key consumer organizations, which say neither is as valuable as people think.

Residential Finance News

 
MBA Commends Administration, Congress for Protecting Affordable Mortgages for Veterans Act

The Mortgage Bankers Association applauded President Donald Trump for signing into law the Protecting Affordable Mortgages for Veterans Act of 2019.

MBA Chart of the Week: Cash Share, Home Sales & Purchase Mortgage Applications

Existing home sales declined 2.2 percent in June, and have been consistently weak this year. However, this trend has not always been consistent with other housing market indicators. One candidate for this divergence is that cash buyers have been less active in the housing market this year.

2nd Quarter GDP Slows

U.S. gross domestic product slowed at an annual rate of 2.1 percent in the second quarter, according to the "advance" estimate released Friday by the Bureau of Economic Analysis. In the first quarter, real GDP increased by 3.1 percent.

The Week Ahead

Early registration deadline for the Mortgage Bankers Association's Annual Convention & Expo is fast approaching. You can save up to $200 if you register by this Friday, Aug. 1.

Commercial/Multifamily News

 
Industrial Assets Lead CRE Price Growth

Real Capital Analytics reported commercial property prices rose 6.5 percent in June from a year earlier, led once again by industrial assets, which increased at their fastest rate since early 2015.

Dealmaker: Newmark Knight Frank Brokers $64M in Office Transactions

Newmark Knight Frank, New York, brokered two office sales totaling $63.6 million in California and Minnesota.

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.

MBA Education Advanced Risk Management Concepts Workshop in Chicago Sept. 15

MBA Education presents a special edition of its Advanced Risk Management Concepts Workshop on Sunday, Sept. 15 in conjunction with the MBA Risk Management, Quality Assurance and Fraud Prevention Forum in Chicago.

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.

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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