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Volume 18 | Issue 92 | Monday, May 13, 2019

The Lede


MBA Advocacy Update

FHA proposed new guidelines on Loan-Level and Annual Certifications, as well as a new Defect Taxonomy. The House Committees on Financial Services and Veterans' Affairs both passed the Protect Affordable Mortgages for Veterans Act of 2019, a technical correction to allow a specific cohort of VA "orphan" loans to be pooled into Ginnie Mae securities.


Top National News

Tech in the CRE Space--a Talk with Bruce Oliver

Mortgage Media, May 10, 2019
Bruce Oliver, MBA associate vice president of commercial real estate finance policy, says the commercial real estate space trails the residential space when it comes to making use of new technology to any large degree--but that's going to change.

HUD Says 55,000 Children Could Be Displaced Under Trump Plan to Evict Undocumented Immigrants

Washington Post, May 10, 2019--Tracy Jan
HUD acknowledged that a Trump administration plan to purge undocumented immigrants from public housing could displace more than 55,000 children, all of whom are legal U.S. residents or citizens.

Fannie and Freddie Back More Mortgages of Those Deeply in Debt

Wall Street Journal, May 13, 2019--Ben Eisen (subscription)
The gatekeepers of the American mortgage market are increasingly backing loans to borrowers who have heavy debt loads, highlighting questions about mortgage risk as policy makers debate ways to change the system.

As CFPB Mulls Privatizing Database, Consumer Complaints Mount

American Banker, May 12, 2019--Kate Berry (subscription)
In the wake of the massive data breach at Equifax, it was not surprising that financial consumer complaints sent to the Consumer Financial Protection Bureau shot up by nearly a quarter in 2017. But last year, complaints kept climbing.

Crapo, Brown Probe Facebook over Financial Data Collection

American Banker, May 10, 2019--Neil Haggerty (subscription)
Leaders of the Senate Banking Committee are probing Facebook on its data collection and how it shares the information with financial firms to market products to consumers.

Ginnie Mae's MBS Issuer Shift Creates 'Greater Risk of Loss:' GAO

National Mortgage News, May 10, 2019--Paul Centopani (subscription)
The Government Accountability Office called on Ginnie Mae to undertake four reforms to its operations, citing concerns regarding the ongoing shift in size and capitalization of mortgage-backed securities issuers.

Home Inventory Was Flat in Q1 as Listings Lingered on Market

HousingWire, May 10, 2019--Kathleen Howley
The U.S. inventory of homes for sale was flat in the first quarter, compared with a year earlier, the first time since 2016 there wasn't a decline, according to a Trulia report.

Equifax Sets Aside Nearly $700 Million for Expected Data Breach Payouts

HousingWire, May 10, 2019--Ben Lane
As part of its first quarter earnings release, Equifax CEO Mark Begor disclosed that the company set aside $690 million during the first quarter that includes the losses it expects to take in connection with a "potential global resolution of the consumer class action cases and the investigations by certain federal and state regulators."

Zillow Mortgage Unit Takes a Loss as Expenses Outweigh Strong Demand

National Mortgage News, May 10, 2019--Brad Finkelstein (subscription)
Zillow's new mortgage division experienced better-than-expected customer demand in the first quarter, but it was outweighed by expenses that led to a pretax loss of $9.6 million for the period.

Today's New Buyers Want Smaller Houses, Closer In

UExpress, May 10, 2019--Lew Sichelman
In something of a throwback to the 1920s, a new minimalist trend, in which less is more, may soon be taking hold in new-home design. At the same time, some builders will be heading deeper into urban and close-in suburban spots where location will be the primary amenity.

Residential Finance News

MBA Chart of the Week: Mortgage Credit Availability Index

The supply of mortgage credit continues to grow, as measured by MBA's Mortgage Credit Availability Index, which is a measure of both the risk and quantity of loan programs that wholesale and broker investors are willing to purchase.

1Q Luxury Home Sales Down 16%

Sale prices for the top 5% of homes in the market fell nationwide for the first time in nearly three years, said Redfin, Seattle.

The Week Ahead

A busy week of conferences and reports from the Mortgage Bankers Association.

Commercial/Multifamily News

Opportunity Zone Activity Likely to Surge

The Treasury Department released its long-awaited Opportunity Zone program guidance last month, which JLL, Chicago, said will make it easier for fund managers to raise capital and for developers to begin construction.

Dealmaker: Greystone Provides $50M for Mixed-use, Multifamily

Greystone, New York, provided $49.9 million in HUD-insured construction financing for assets in Texas and Michigan.

MBA News

MBA Document Custody Workshop June 20

The Mortgage Bankers Association's popular Document Custody Workshop takes place Thursday, June 20 at the Ritz-Carlton Tysons Corner in McLean, Va.

MAA Action Week May 13-17

The Mortgage Action Alliance, MBA's free grassroots lobbying network, will hold its fourth annual Action Week May 13-17.

MBA Education School of Mortgage Banking III in D.C. June 11-14

MBA Education presents its School of Mortgage Banking Course III June 11-14 at MBA headquarters in Washington, D.C.

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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