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Volume 18 | Issue 193 | Monday, October 07, 2019

The Lede


MBA Advocacy Update

This past Monday, the Federal Housing Finance Agency and the Treasury Department announced agreements to permit the GSEs to begin retaining earnings and building capital. Also, FHFA sent a letter to the 11 Federal Home Loan Banks, instructing them to begin transitioning away from LIBOR in anticipation of its termination. And Rep. Blaine Luetkemeyer, R-Mo., introduced legislation that would apply the Administrative Procedures Act to the adoption of accounting principles.


Top National News

Will Mortgage Rates Stay Low Through 2019? Here's What Experts Predict

Forbes, Oct. 4, 2019--Aly J. Yale
Freddie Mac reported an average 3.65% rate on 30-year, fixed-rate loans-a whopping 1.06% downslide since just one year ago. Looking at forecasts from the company, as well as from economists at Fannie Mae and the Mortgage Bankers Association, it appears low mortgage rates will persist.

The Diversity Imperative

DS News, Oct. 4, 2019--Anita Scott
The Mortgage Bankers Association (MBA) provides resources to help mortgage and real estate finance professionals lean in to D&I. They offer a list of tactics and themes rather than prescriptions because, as MBA says, "There is no single right way to develop your D&I program."

Credit Unions Originated $142.2B in Mortgages in 2018

National Mortgage Professional, Oct. 4, 2019--Phil Hall
Credit unions accounted for 7.1 percent of the nation's total mortgage origination during 2018, according to a new data analysis released by Callahan & Associates.

Nonbank Mortgage Hiring Rises to a High for the Year

National Mortgage News, Oct. 4, 2019--Bonnie Sinnock (subscription)
Nondepositories in the mortgage business added 1,800 employees to their payrolls in August, according to the Bureau of Labor Statistics. That makes August the strongest hiring month this year, even when accounting for upward revisions to the previous two months' numbers.

Fannie and Freddie Get to Keep Their Earnings. Now What?

American Banker, Oct. 4, 2019--Hannah Lang (subscription)
The recent announcement that Fannie Mae and Freddie Mac will be allowed to keep profits for the first time since 2012 was seen as a crucial early step in reforming the mortgage giants. But the news immediately shifted focus to a bigger question about their financial standing.

The Housing Scene

UExpress, Oct. 4, 2019--Lew Sichelman
It's the time of year for good cheer. It's also the time of year when many sellers take their homes off the market, or wait until January to list them. But the smart money says they're wrong to do so.

Residential Finance News

MBA Chart of the Week: Mortgage Application Usage of Technology

MBA recently released the results of its 2019 Technology Profile Survey, completed by Chief Information Officers at mortgage lending institutions. This week's chart compares last year's survey results to this year's for companies that indicated they had at least 50 percent of applicants who use the specified technology in the application process.

Unemployment Rate Hits 50-Year Low

U.S. employers added 136,000 jobs in September-below expectations, but enough to send the unemployment rate to its lowest level in 50 years.

Credit Innovation: The Unsung Hero of the American Dream

If the American Dream is to prevail, it has to evolve with our economy and our society. The 30-year fixed mortgage made sense 50 years ago, but it's not always a fit for the homebuyers today. In a market with rising home costs, stagnating wages, and limited inventory, new answers must come from within our industry.

The Week Ahead

The Mortgage Bankers Association's Annual Convention & Expo is less than three weeks away.

Commercial/Multifamily News

Flexible Office Market Poised for Growth

The flexible office space market should grow significantly over the next decade as flex operators consolidate and forge financial partnerships with building owners, said CBRE, Los Angeles.

Dealmaker: JLL Arranges $428M for Mixed-Use, Multifamily Properties

JLL, Chicago, arranged $428 million to refinance a Manhattan skyscraper and a Texas mixed-use property.

MBA News

MBA Accounting & Financial Management Conference in San Diego Nov. 19-21

The Mortgage Bankers Association's Accounting & Financial Management Conference takes place Nov. 19-21 at the Marriott Marquis San Diego Marina.

MBA Education Webinar: Navigating the LIBOR Transition Within the CRE Industry Oct. 8

MBA Education offers a free webinar, Navigating the LIBOR Transition Within the CRE Industry, on Tuesday, Oct. 8 from 2:00-3:30 p.m. ET.

MBA Expands Path to Diversity Scholarship Program Eligibility to Select Conferences

The Mortgage Bankers Association announced 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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