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Volume 18 | Issue 121 | Monday, June 24, 2019

The Lede


MBA Advocacy Update

The House last week began consideration on a "minibus" spending bill that provides HUD with $50.1 billion for FY 2020. The Senate Banking Committee held its first in a planned series of hearings on terrorism risk insurance reauthorization. And the New York State Legislature passed legislation that amends current law and establishes required Dodd-Frank minimum standards for appraisal management companies.


Top National News

Banks Sail Through Year's First Round of Stress Tests

American Banker, June 21, 2019--John Heltman (subscription)
Despite facing tougher scenarios, the 18 banks undergoing the Fed's stress testing program this year easily passed the first examination, known as the Dodd-Frank Act Stress test, posting similar capital losses as in previous years.

The GSEs' Distressed Mortgage volume Remains High in Five States

National Mortgage News, June 21, 2019--Bonnie Sinnock (subscription)
Although the performance of the government-sponsored enterprises' single-family loans continues to improve, the deeply delinquent totals remain significant in states with court-processed foreclosures.

Ginnie Mae Removes loanDepot's VA Loan Restrictions

HousingWire, June 21, 2019--Ben Lane
After nearly six months of being restricted from participating in some of Ginnie Mae's mortgage bond programs as part of the agency's crackdown on lenders for Department of Veterans Affairs loan churning, loanDepot is back in the game.

Prominent Senate Democrats Want Reversal of HUD Policy on FHA Mortgages for Dreamers

HousingWire, June 21, 2019--Ben Lane
A number of prominent Senate Democrats, including several who are running for president, want HUD to reverse its new policy of the Federal Housing Administration refusing to back mortgages for Deferred Action for Childhood Arrivals recipients.

New Loan Aimed at Older Houses

UExpress, June 21, 2019--Lew Sichelman
A new mortgage product is about to hit the market that could make it easier for owners to repair or rebuild homes that have been damaged or destroyed in floods, tornadoes, hurricanes and other natural disasters.

How JPMorgan's Plan to Send Customers to Arbitration Wound Up in Court

American Banker, June 21, 2019--Andy Peters (subscription)
Since Congress and President Trump killed a Consumer Financial Protection Bureau rule banning mandatory arbitration, many banks have reintroduced the practice. Unless customers contact their bank to opt out of arbitration, they cannot dispute issues through a lawsuit. Consumer advocacy groups have criticized arbitration as unfair to consumers.

Residential Finance News

May Existing Home Sales Up 2.5%

Existing home sales, buoyed by falling interest rates, rose for the first time in two months in May, the National Association of Realtors reported Friday.

Redfin: May Home Prices Post Largest Year-Over-Year Increase in 7 Months

Redfin, Seattle, said U.S. home-sale prices edged up again in May, growing by 3.6 percent from a year ago to a median of $315,700, the largest annual home price increase in seven months.

The Week Ahead

Another busy week on Capitol Hill, as the Senate Banking Committee takes aim once again at GSE reform.

Commercial/Multifamily News

MBA Chart of the Week: Housing Market Vacancy Rates

According to Census statistics, the U.S. added 1.5 million households during 2018 but built fewer than 1.2 million new housing units. The result is a tightening inventory--not just of homes for sale, but of homes available to occupy.

Commercial/Multifamily Briefs

Private equity firm Welsh, Carson, Anderson & Stowe agreed to acquire data provider Green Street Advisors from Golden Gate Capital.

Dealmaker: Berkadia Arranges $43M for Arizona, Washington Multifamily

Berkadia, Irvine, Calif., arranged sale and financing of La Costa at Dobson Ranch, a 194-unit garden-style multifamily property in Mesa, Ariz.

MBA News

MBA Condominium Lending Workshop in D.C. July 18

The Mortgage Bankers Association's annual Condominium Workshop takes place Thursday, July 18 at the Marriott Marquis in Washington, D.C.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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