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Volume 18 | Issue 143 | Thursday, July 25, 2019

The Lede

 

New Home Sales Rise, But Remain Sluggish

Sales of new single‚Äźfamily houses rose by 7 percent in June, HUD and the Census Bureau reported yesterday.

 

Top National News

 
Wall Street Ready To Close Deals As Mortgages Go Digital

Forbes, July 24, 2019--Yizhu Wang
Digital adoption by mortgage lenders gradually became a theme once the industry stabilized following the financial crisis of 2008, says Rick Hill, vice president of industry technology at the Mortgage Bankers Association.

Mortgage Demand Falls Again, Despite Lower Interest Rates

CNBC, July 24, 2019--Diana Olick
Overall mortgage application volume fell 1.9% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was still 34% higher than a year earlier, thanks to a stronger refinance market this year.

HUD Suspends Down Payment Assistance Rule Change 'Until Further Notice'

HousingWire, July 24, 2019--Jessica Guerin
HUD issued a notice to lenders Tuesday announcing the formal suspension of its rule change to down payment assistance guidelines.

Million-Dollar Neighborhoods Take a Hit from NYC to California

Bloomberg, July 24, 2019--Alexandre Tanzi
The number of areas with a median price of $1 million has fallen to 628 from a peak of 636 in March, based on a Bloomberg analysis of Zillow data from 1996 through June covering single-family homes in almost 7,300 U.S. localities.

Trump's Fed Nominee Supports 50 BPS Rate Cut

National Mortgage Professional, July 24, 2019--Phil Hall
Judy Shelton said she would have voted for a 50 bps cut had she been present at the June meeting of the Federal Open Market Committee.

Socking Away 3 Months of Mortgage Payments Can Reduce Likelihood of Default When Income Drops

Washington Post, July 25, 2019--Michele Lerner
Research from Chase found having cash in the bank to cover three mortgage payments was more important than the amount of home equity, the income level of the homeowners or the size of the mortgage payment in relation to household income to prevent default.

Residential Finance News

 
MBA, Fannie Mae Future Housing Leaders Program Partner to Promote Diversity and Inclusion in Housing, Mortgage Finance Industries

The Mortgage Bankers Association and Fannie Mae's Future Housing Leaders program announced a new partnership to promote diversity and inclusion in the housing finance industry.

First American: Homeownership Rate Remains 'Below Potential'

First American Financial Corp., Santa Ana, Calif., said shifting demographics in the wake of recovery from the Great Recession have kept the U.S. homeownership below its potential.

Ginnie Mae Solicits Feedback on Stress Testing Framework

Ginnie Mae this week published a Request for Input on the analytical framework it is developing to assess Issuer financial performance under a variety of economic environments.

Commercial/Multifamily News

 
Falling Rates Bolster 1Q Apartment Investment Outlook

The apartment investment outlook improved in the first quarter after showing deterioration in late 2018, Freddie Mac reported.

Dealmaker: Bellwether Enterprise Closes $137M

Bellwether Enterprise Real Estate Capital, Cleveland, closed $136.6 million in refinance and acquisition loans secured by apartment and retail space in southern California and Virginia.

MBA News

 
Terry McAuliffe, Chris Christie, Margaret Brennan Keynote MBA Annual19 General Session

It's only summer, but the Mortgage Bankers Association's Annual Convention (Oct. 27-30 in Austin, Texas) is already heating up, with former Virginia Gov. Terry McAuliffe, former New Jersey Gov. Chris Christie and CBS News' Fact the Nation host Margaret Brennan keynoting the Politics Today General Session on Tuesday, Oct. 29.

Upcoming MBA School of Mortgage Banking II Courses

MBA Education presents its popular School of Mortgage Banking Course II in several locations this summer and fall.

MBA Education/Compliance Essentials Managing the Risks of CFPB and State Examinations Sept. 15

MBA Education and Compliance Essentials present a workshop, Managing the Risks of CFPB and State Examinations, on Sunday, Sept. 15 at the Sheraton Grand Chicago, in conjunction with the MBA Risk Management, QA and Fraud Prevention Summit.

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.