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Volume 18 | Issue 125 | Friday, June 28, 2019

The Lede


Median-Priced Homes Unaffordable for Average Wage Earners in 74 Percent of U.S. Housing Markets

ATTOM Data Solutions, Irvine, Calif., said median home prices in the second quarter of 2019 were not affordable for average wage earners in 74 percent of U.S. housing markets.


Top National News

Mortgage Rates Sink to 31-Month Low...

Washington Post, June 27, 2019--Kathy Orton
Mortgage rates hit their lowest levels since November 2016 on the heels of the Federal Reserve meeting last week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.73 percent with an average 0.5 point. (MBA mention)

How Much Mortgage Debt Does Your State Have? Two States Are Far and Away Above The Rest

USA Today, June 27, 2019--Grant Suneson
Just as home prices vary from state to state, so does the average mortgage debt.

Mortgage Rates Lowest in 3 Years; Fannie, Freddie Lower Loan Requirements for Downpayment Program

Whittier Daily News (Calif.), June 27, 2019--Jeff Lazerson
Starting July 20 for Fannie and July 28 for Freddie, the income cap for these low-down payment loans that offer discounted pricing and discounted mortgage insurance gets cut to 80% of area median income or AMI. Currently, the cap is 100% of AMI. And, there is currently no income cap for properties located in low-income census tracts. (MBA mention)

FASB to Consider Delaying CECL Deadlines for Smaller Firms

American Banker, June 27, 2019--John Heltman, John Reosti (subscription)
The Financial Accounting Standards Board is considering whether to consolidate or delay the deadlines for smaller firms to comply with a contentious new credit loss accounting standard, according to the association's chairman.

Home Flipping's Shadowy Ties to Mortgage Fraud

Forbes, June 27, 2019--Francisco Alvarado
According to real estate research firm Attom Data Solutions, 7.2 % of all U.S. home sales during Q1 2019 were flipped homes, the highest rate in nearly a decade. But it's a cottage industry ripe for mortgage fraud that only gets exposed when an investment goes south, legal experts say.

Why Some Mortgage Lenders are Searching for Ways to Make Small Loans

National Mortgage News, June 27, 2019--Bonnie Sinnock (subscription)
Small loans can be nettlesome for lenders given their lack of economies of scale and how thin mortgage margins have been, but they can pay off in other ways.

OCC: Borrowers Keep Getting Better at Paying Off Their Mortgages

HousingWire, June 27, 2019--Jessica Guerin
The latest report from the Office of the Comptroller of the Currency showed an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter.

White House Considers Capital Gains Tax Break That Would Benefit Wealthy

Bloomberg, June 27, 2019--Saleha Mohsin
The White House is developing a plan to cut taxes by indexing capital gains to inflation, sources said, in a move that would largely benefit the wealthy and may be done in a way that bypasses Congress.

First Quarter GDP Left at 3.1%...

MarketWatch, June 27, 2019--Jeffry Bartash
The pace of growth in the U.S. economy in the first three months of 2019 was left at 3.1%, revised government figures show, as stronger business investment offset a weaker increase in consumer spending.

Residential Finance News

CFPB Extends Comment Period for HMDA Proposed Rulemakings

The Consumer Financial Protection Bureau yesterday extended the comment period on its Advance Notice of Proposed Rulemaking relating to the Home Mortgage Disclosure Act.

May Pending Home Sales Up 1.1%

Pending home sales increased in May, the National Association of Realtors reported yesterday.

Residential Briefs

Black Knight Inc., Jacksonville, Fla., announced enhancements to its MSP servicing system in support of Freddie Mac's new Investor Reporting Change Initiative.

Commercial/Multifamily News

MBA 1Q Commercial/Multifamily DataBook Reports Uptick in Vacancy Rates, Asking Rents

Commercial property vacancy rates generally ticked up in the first quarter, but so did asking rents, the Mortgage Bankers Association's First Quarter 2019 Commercial/Multifamily DataBook reported today.

Dealmaker: Newmark Knight Frank Arranges $295M Construction Loan

Newmark Knight Frank, New York, arranged a $295 million construction loan for The Laurel in Center City Philadelphia.

MBA News

mPowering You: MBA's Summit For Women in Real Estate Finance in Austin Oct. 26

mPowering You: MBA's Summit For Women in Real Estate Finance, takes place Saturday, Oct. 26 at the Austin Convention Center in Austin, Texas.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III Aug. 13-16 at MBA headquarters in Washington, D.C.

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

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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