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Volume 18 | Issue 197 | Friday, October 11, 2019

The Lede

 

CFPB Issues Final HMDA Rule for Smaller Institutions

The Consumer Financial Protection Bureau yesterday issued a rule that finalizes certain aspects of its May Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act.

 

Top National News

 
Mortgage Rates Hold Steady But Could Be Primed to Move Lower

Washington Post, Oct. 10, 2019--Kathy Orton
Mortgage rates barely budged this week despite downward pressure from lackluster economic news. (MBA mention)

Congress Sparks Veterans' Ire with Mortgage Fee Hike

Politico, Oct. 10, 2019--Katy O'Donnell
Months after Congress passed a bill temporarily raising the fees that veterans pay for home loans, lawmakers are quietly seeking to tap the same pot of money again, a move that's pitting veterans' groups against one another. (MBA mention)

The Salary You Need to Buy a House in 10 of the Largest Cities in the U.S.

CNBC, Oct. 10, 2019--Alicia Adamczyk
If you're in the market for a house, you might want to look outside of California. According to a new report from HSH.com, a site that tracks mortgage rates, the four most expensive metro areas in the country are in the Golden State.

How the Mortgage Market is Opening Up to Brokers

Greenwich Time, Oct. 10, 2019--Eric Weisbrot
Working with a mortgage broker has gotten a bad rap in some markets because of the consumer focus on fees combined with the perception that getting a mortgage is as easy as submitting a brief application online. The reality is that today's mortgage market is more complex than ever, paving the way for prospective and current homeowners to seek out the knowledge and expertise of licensed mortgage brokers.

Federal Reserve Gives Large Banks a Break on Postcrisis Rules

Wall Street Journal, Oct. 10, 2019--Andrew Ackerman (subscription)
The Federal Reserve on Thursday was set to complete rules aimed at easing liquidity and capital rules for large U.S. banks, signing off on a plan in an expected Thursday vote that may lower regulatory costs for regional U.S. lenders with less than $700 billion in assets.

Wells Fargo Beefs Up Mortgage Division to Cope with Higher Volumes

Reuters, Oct. 10, 2019--Imani Moise
Wells Fargo & Co. is boosting its teams that process mortgage loans to prepare for higher mortgage volumes, changing course after it laid off about 1,000 employees here in the division in 2018.

Are Appraisal Waivers Good News or Bad News?

Long Beach Press-Telegram, Oct. 10, 2019--Jeff Lazerson
On the one hand, you save money on appraisal fees. On the other, you could be paying too much to refinance your loan without confirmation of your home's value. If your home is worth more - meaning you have more equity in your property--your rate and costs can be lower.

Residential Finance News

 
MBA's Lisa Haynes Honored as Association CFO of the Year by Association TRENDS

Lisa J. Haynes, Senior Vice President, Chief Financial Officer and Diversity and Inclusion Officer with the Mortgage Bankers Association, was presented with the Association CFO of the Year Award by Association TRENDS.

Ginnie Mae EVP Maren Kasper Announces Resignation

Acting Ginnie Mae President, Executive Vice President and Chief Operations Officer Maren Kasper said she is stepping down, effective Oct. 18, to pursue an opportunity in the private sector.

5 Trends Driving Mortgage Technology in 2020

No bigger piece of evidence for this exists than the fact that, in spite of the many mortgage platforms and software products lenders use every day, loan production costs are continuing to rise. It's a frustrating scenario, to say the least-especially at a time when origination volumes have flattened. But it's also a situation that is driving five significant trends in mortgage technology which, I believe, will start to yield significant results in the coming year.

Quicken: Home Values See Largest Monthly Increase in 5 Years

Quicken Loans, Detroit, said the average home appraisal came in 2.15% higher in September, from August, the largest monthly increase in more than five years.

Commercial/Multifamily News

 
Bigger WareHouses Not Always Better

A new sweet spot is emerging in the industrial and logistics real estate sector: warehouses smaller than 120,000 square feet, reported CBRE, Los Angeles.

Dealmaker: PCCP Provides $76M to Refinance Orlando Multifamily

PCCP LLC, Los Angeles, provided $76 million to refinance Paramount on Lake Eola in downtown Orlando, Fla.

MBA News

 
Terry McAuliffe, Chris Christie, Margaret Brennan Keynote MBA Annual19 General Session

The Mortgage Bankers Association's Annual Convention & Expo, Oct. 27-30 in Austin, Texas, is coming up fast, with former Virginia Gov. Terry McAuliffe, former New Jersey Gov. Chris Christie and CBS News' Fact the Nation host Margaret Brennan keynoting the Politics Today General Session on Tuesday, Oct. 29.

Millennials in Mortgage: Round Table at MBA Annual Convention & Expo

mPact, the Mortgage Bankers Association s network for young professionals in the real estate finance industry, will hold a special Round Table at the MBA Annual Convention & Expo on Monday, Oct. 28 in Austin, Texas.

MBA Education Fundamentals and Best Practices in Mortgage Accounting in San Diego Nov. 19

MBA Education presents a half-day workshop, Fundamentals and Best Practices in Mortgage Accounting, at the Marriott Marquis San Diego Marina on Tuesday, Nov. 19 in conjunction with the MBA Accounting and Financial Management Conference.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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