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Volume 18 | Issue 119 | Thursday, June 20, 2019

The Lede


With Votes Looming, MBA Presses House on T-HUD Appropriations, Tax Extenders

As the House this week prepares to vote on a HUD appropriations bill and the House Ways and Means Committee considers "tax extenders" legislation, the Mortgage Bankers Association sent letters supporting the measures.


Top National News

Weekly Mortgage Applications Fall as Rates Rise...

CNBC, June 19, 2019--Diana Olick
Total mortgage applications were down 3.4% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. But volume was up 31.6% from the same week a year ago.

Mortgage Refinancings Poised to Speed Up, Challenging Traders

Bloomberg, June 19, 2019--Christopher Maloney
Though June speeds should come in flat or even slightly lower due to a reduced day count compared to May, the August report should show prepayments to be about 20% higher than current levels, according to a recent report by JPMorgan MBS strategists.

Where GSE Reform Could Be Headed and What It Could Mean for Lenders

National Mortgage News, June 19, 2019--Bonnie Sinnock (subscription)
Since becoming Federal Housing Finance Agency director, Mark Calabria has sent ever clearer signals that the White House is prepared to take unilateral action that would at least start Fannie Mae and Freddie Mac back on the path to private-sector ownership.

Anti-Trust Lawsuits Contesting Buyer Broker Compensation Rules Heat Up

HousingWire, June 19, 2019--Jessica Guerin
In recent months, the National Association of Realtors and four leading multiple listings service providers have been hit with two class-action lawsuits taking aim at buyer broker compensation rules. Now, things are heating up as the two plaintiffs have teamed together, filing an amended complaint in Chicago federal court.

Studying the Gender Gap in Mortgage Knowledge

MReport, June 19, 2019--Mike Albanese
While prior reports by LendingTree have found single women own homes at higher rates than men, the Consumer Finance Protection Bureau reports that women have less knowledge on mortgages than men, possibly leading to higher costs.

Fannie and Freddie's Latest Push: Factory-Built Homes

Wall Street Journal, June 19, 2019--Ben Eisen, Nicole Friedman (subscription)
Mortgage giants hope to help low- and middle-class Americans buy homes but programs' narrow reach and consumer bias impede progress.

Former CFPB Official Criticized or Blog Posts Joins Ginnie Mae

National Mortgage News, June 19, 2019--Kate Berry (subscription)
Ginnie Mae has hired Eric Blankenstein, a former political appointee at the Consumer Financial Protection Bureau who sparked controversy over writings more than a decade ago in which he used a racial slur, sources said.

Exploring Racial Discrimination in Mortgage Lending: A Call for Greater Transparency, June 2019--Eylul Tekin
The author's analysis of Home Mortgage Disclosure Act data show racial disparities persist in mortgage lending, with African-Americans twice as likely to be denied a mortgage when controlling for income.

Residential Finance News

Federal Reserve Holds Rates Amid Economic Uncertainties

The Federal Open Market Committee wasn't expected to cut the federal funds rate at yesterday's meeting, and it didn't. But it indicated a wait-and-see approach to future actions.

Black Knight: Delinquency Rates Down 3rd Straight Month; Prepayments Double

Black Knight, Jacksonville, Fla., said mortgage delinquencies fell for the third straight month in May as prepayment activity doubled over the past four months.

Fannie Mae: Mortgage Lenders' Profit Margin Outlook Turns Positive on Surge in Consumer Demand

Fannie Mae, Washington, D.C., said the net profit margin outlook for mortgage lenders turned positive for the first time in nearly three years, due primarily to strong demand expectations for both purchase and refinance mortgages.

Commercial/Multifamily News

U.S. Hotel Forecast Downgraded

U.S. hotel sector growth is likely to slow this year and next, STR and Tourism Economics said.

Dealmaker: Washington Trust Provides $32M for Multifamily, Retail

Washington Trust, Westerly, R.I, provided $31.5 million in financing for a 14-property multifamily portfolio and a retail center in Connecticut.

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 I Courses

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

MBA Education, California MBA Present Fundamentals of Residential Lending & the Secondary Market in San Francisco July 15

MBA Education and the California Mortgage Bankers Association present a special one-day workshop, Fundamentals of Residential Lending and the Secondary Market, on Monday, July 15 at the Westin St. Francis Hotel in San Francisco in conjunction with the California MBA Western Secondary Market Conference.

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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