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Volume 18 | Issue 147 | Wednesday, July 31, 2019

The Lede


Mortgage Applications Down Again in MBA Weekly Survey

Mortgage applications fell again last week from one week earlier, although refinance applications ticked up slightly as key interest rates held steady, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending July 26.


Top National News

Fed Readies First Interest-Rate Cut Since 2008

Wall Street Journal, July 31, 2019--Nick Timiraos (subscription)
The Federal Reserve is expected to say Wednesday it will reduce its benchmark interest rate by one quarter percentage point. That would mark just the fifth time in the past 25 years that the central bank switched from raising to lowering rates.

OneWest Bank to Cough Up Cash Over Racial Bias Allegations During Mnuchin's Reign

HousingWire, July 30, 2019--Jessica Guerin
OneWest Bank is finally able to put two-year-old allegations of housing discrimination to rest as HUD approved a settlement Monday that will see the bank hand over a chunk of change to end the ordeal.

OCC's Innovation Pilot Gets Little Love from Banks

American Banker, July 30, 2019--Kate Berry (subscription)
The idea of testing a fintech product while getting direct regulatory feedback should be music to a banker's ears, but the industry appears leery of an Office of the Comptroller of the Currency plan to allow for that very thing.

States Where Residents Have the Highest Levels of Mortgage Loan Debt

Fox Business, July 30, 2019--Brittany De Lea
Outstanding mortgage balances during the first three months of the year rose once again, according to credit reporting agency Experian, to a new record high of $9.5 trillion--"well above" levels reported during the peak of the housing crisis.

America's Housing Affordability Crisis Spreads to the Heartland

Bloomberg, July 30, 2019--Prashant Gopal, Reade Pickert, Noah Buhayar
Low mortgage rates and thriving employment should be the recipe for a strong housing market. Instead, they're deepening America's affordability crisis.

Goldman Tries to Exorcise Ghost of Real Estate Past With New Fund

Wall Street Journal, July 30, 2019--Peter Grant (subscription)
Goldman Sachs's newly reorganized real estate investment unit is reviving a fund business the firm shut down after it suffered steep losses during the financial crisis.

Residential Finance News

Annual Home Price Growth Slows to 3.4%

Home price appreciation continued to slow in May, according to the Standard & Poor's CoreLogic Case-Shiller Home Price Indices.

Pending Home Sales Rise for 2nd Straight Month

Pending home sales rose for the second straight month in June, the National Association of Realtors reported yesterday.

July Consumer Confidence Hits 2019 High

The Conference Board, New York said its Consumer Confidence Index rebounded in July to its highest level this year.

Commercial/Multifamily News

Ten-X: Capital Markets, Labor Market Healthy

Despite concerns about cooling global economic growth and potential trade wars, capital markets and the labor market remain in good shape, said Ten-X Irvine, Calif.

Dealmaker: JLL Closes $485M Sale of Five D.C.-Area Retail Assets

JLL, Chicago, closed a $485 million sale of a portfolio of five grocery-anchored retail properties totaling 798,000 square feet in northern Virginia and Maryland.

MBA News

MBA Human Resources Symposium Sept. 11-12

The Mortgage Bankers Association's annual Human Resources Symposium takes place Sept. 11-12 at the Hyatt Regency in Crystal City, Va.

MISMO Publishes Business Reference Model Published for 60-Day Member Comment Period

MISMO announced release of its Business Reference Model for a 60-day member comment period through Sept. 29.

Upcoming MBA Education School of Mortgage Banking I Courses

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

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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