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Volume 18 | Issue 115 | Friday, June 14, 2019

The Lede

 

30% Of Americans Still Living Week-to-Week; 47 Million 'Worse Off' Now Than Before Recession

Despite a broad economic expansion following the Great Recession, lack of savings paints a disconcerting picture about financial preparedness in America, said Northwestern Mutual, Milwaukee, with nearly a third of U.S. adults within three paychecks of needing to either borrow money or skip paying one or more bills.

 

Top National News

 
Mortgage Rates Level Off After Six-Week Slide

Washington Post, June 13, 2019--Kathy Orton
After more than a month of declines, mortgage rates paused their descent ahead of next week's Federal Reserve meeting. (MBA mention)

U.S. Commercial, Multifamily Mortgage Debt Reaches $3.5 Trillion

World Property Journal, June 13, 2019--Monsef Rachid
According to the Mortgage Bankers Association's latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, the level of commercial/multifamily mortgage debt outstanding in the U.S. rose by $45.4 billion (1.3 percent) in the first quarter.

Housing Coalition Addresses CFPB's Proposed Regulation Change on Data Collection

Mortgage Media, June 13, 2019
A coalition of housing groups came together to comment jointly to the Consumer Financial Protection Bureau (CFPB) regarding its plans to change regulations about data collection under the Home Mortgage Disclosure Act, including on its impact to commercial and multifamily loans. (MBA mention)

MBA Launches Affordable Housing Initiative

National Mortgage Professional, June 13, 2019--Phil Hall
The Mortgage Bankers Association announced a strategic initiative aimed at creating affordable housing partnerships in the policy and business arenas, with the goal of promoting more sustainable, affordable homes for purchase and rental by underserved people and communities.

House Committee Passes Bill to Make FHA Loans Less Expensive

HousingWire, June 13, 2019--Jessica Guerin
The bill - H.R. 3141, "The FHA Loan Affordability Act of 2019" - would repeal FHA's policy that requires borrowers to pay mortgage insurance for the life of the loan. Instead, payments would cease when the outstanding loan balance reaches 78% of the home's original value.

DACA Recipients Ineligible for FHA Loans, Housing Official Says

National Mortgage News, June 13, 2019--Hannah Lang (subscription)
HUD issued an opinion that borrowers in the Deferred Action for Childhood Arrivals program are ineligible for Federal Housing Administration loans. The ruling, conveyed in a letter by HUD Assistant Secretary Len Wolfson, appeared to contradict recent comments by Secretary Ben Carson, who reportedly told lawmakers at a House hearing, "I'm sure we have plenty of DACA recipients who have FHA-backed loans."

WSJ Survey: Most Economists Say Fed's Next Move Is Rate Cut

Wall Street Journal, June 13, 2019--Kate Davidson (subscription)
More than three quarters of economists surveyed by The Wall Street Journal expect the Federal Reserve's next move will be to lower interest rates, which most expect to happen by the fall.

Fed Publishes Report on what Bankers Want from CRA Reform

American Banker, June 13, 2019--Kate Berry (subscription)
The Fed's 24-page summary delves into the major concerns about reforming the Community Reinvestment Act, including updating assessment boundaries, evaluating how banks are tested, and clarifying which activities are eligible for CRA credit.

Warren Asks If Kushner Got Special Treatment on Freddie Mac Loan

Bloomberg, June 13, 2019--Caleb Melby
Presidential candidate Elizabeth Warren and another Democratic senator are asking whether Kushner Cos. "may have received special treatment" on a U.S.-government-backed loan of about $800 million.

Dark Side of Reverse Mortgage Industry: Predatory Lending Hits Seniors

USA Today, June 13, 2019 (Editorial)
The editorial asserts while the concept of allowing seniors to unlock the wealth they have in their homes is sound, the reality is that reverse mortgages add complexity and risk at a time in people's lives when they should be reducing both. "When so many such loans are going into default, it's a clear sign that something is amiss."

Residential Finance News

 
Quicken: Owner Perceptions of Home Values Improve After Six Months of Declines

Quicken Loans, Detroit, said the average home appraisal in May came in 0.79% lower than what the owner estimated, the first improvement following six months of growing gaps between the two data points.

ClosingCorp: 2018 Closing Costs Hold Steady

ClosingCorp, San Diego, said its most recent closing cost data showed in 2018 national average closing costs for a single-family property held steady at $5,779 including taxes, and $3,344 excluding taxes.

Residential Briefs

Ginnie Mae, Washington, D.C., said issuance of its mortgage-backed securities totaled $39.829 billion in May.

Commercial/Multifamily News

 
MBA, Trade Groups Voice Opposition to California Rent Cap Bill

Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, joined leaders of nearly a dozen industry trade associations in a letter opposing a controversial California bill that would impose rent caps on property owners.

Institutional Investors Lower Their Expectations

Institutional investors lowered their expectation for commercial real estate returns, the Pension Real Estate Association's Consensus Forecast Survey reported yesterday.

Dealmaker: Toronto's Atrium Changes Hands for C$640M

H&R Real Estate Investment Trust, Toronto, sold 1.1 million-square-foot office and retail complex The Atrium for C$640 million, or just over $480 million U.S.

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.

Apply Now for MBA Education Commercial/Multifamily Future Leaders Program

The MBA Education Future Leaders Program is an executive leadership development program that delivers a comprehensive curriculum for selected managers who have shown leadership interests and abilities. Participants enhance their skills through three hands-on sessions geared toward political activism; business analysis and problem-solving; and experiential learning through collaboration, networking and peer group interaction.

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

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.