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Volume 18 | Issue 120 | Friday, June 21, 2019

Top National News

Mortgage Rates Poised to Drop after Federal Reserve Announcement

Washington Post, June 20, 2019--Kathy Orton
Mortgage rates showed little change heading into the Federal Reserve meeting. But now that the central bank has revised its stance, they could be headed lower. (MBA mention)

Low Mortgage Rates Trigger More Loan Applicatins--And Longer Delays

Pasadena Star-News, June 20, 2019--Jeff Lazerson
Missing pages, missing documents and failure to respond to questions are among the biggest holdups for getting a loan approved. (MBA mention)

10-Year Treasury Yield Falls Below 2%, Defying Expectations

Wall Street Journal, June 20, 2019--Steven Russolillo, Daniel Kruger (subscription)
A fresh scramble for U.S. government debt has driven the benchmark 10-year yield back below 2%, a situation few economists or investors foresaw a few months ago.

Big Banks Face Less Stress in This Year's Fed Tests

Wall Street Journal, June 20, 2019--Lalita Clozel (subscription)
The Federal Reserve is releasing results of annual stress tests for big banks in two parts, on Friday, June 21, and Thursday, June 27. The firms could have an easier time with the exams because the Fed for this year overhauled several components, including a test of how firms would fare under a hypothetical doomsday scenario.

Senators Seek to Reassure Small Businesses about AML Bill

American Banker, June 20, 2019--Kate Berry (subscription)
Members of the Senate Banking Committee sought to allay the concerns of small businesses at a hearing Thursday on a bill to require firms to identify their true owners when incorporating by providing four basic pieces of information.

Situs Group Merges with American Mortgage Consultants

HousingWire, June 20, 2019--Jessica Guerin
The merged enterprise will rebrand as SitusAMC and offer services and tech services to commercial and residential real estate firms.

U.S. Labor Market on Solid Ground; Manufacturing Struggling

Reuters, June 20, 2019--Lucia Mutikani
Americans filing applications for unemployment benefits fell more than expected last week, pointing to underlying labor market strength despite a sharp slowdown in job growth in May.

Residential Finance News

Remodeling Forecast Say Spending Growth to Slow

The Joint Center for Housing Studies of Harvard University, Cambridge, Mass., said annual gains in homeowner spending on improvements are expected to moderate across more than half of the nation's largest metropolitan areas in 2019.

Falling Rates Creates 'Tailwind,' Set Stage for ‘Robust' Summer

Ellie Mae, Pleasanton, Calif., released its May Originations Insight Report, noting 30-year fixed rates dropped for the fifth straight month to 4.52 percent, down from 4.61 percent in April.

Residential Briefs

Freddie Mac, McLean, Va., announced its CHOICERenovation loan offering, which provides home buyers a choice to purchase a home and finance the cost of renovations with a single-close mortgage.

Commercial/Multifamily News

April Single-Family Rents Up 3%

CoreLogic, Irvine, Calif., said low rental home inventory relative to demand fueled growth of single-family rent prices in April.

Dealmaker: Northmarq Arranges $93M for San Francisco Office

Northmarq's San Francisco office secured $93 million in construction financing for One De Haro in San Francisco.

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.

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.

mPact: MBA's Network for Young Professionals

mPact is MBA's network for young professionals in the real estate finance industry. Join a community of your peers, share your experiences with others online, network with industry insiders, hone your skills or have a voice in the future of real estate finance.

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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