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Volume 18 | Issue 196 | Thursday, October 10, 2019

The Lede

 

MBA White Paper Examines Impact of Davis-Bacon Wage Rates, Offers Recommendations

The Mortgage Bankers Association yesterday released a White Paper outlining the nature of practical impact of the current application of Davis-Bacon Act requirements that unnecessarily impede the creation of affordable rental housing and housing preservation under HUD/FHA-financed construction and rehabilitation projects.

 

Top National News

 
Weekly Mortgage Refinances Jump 10% as Rates Drop to the Lowest Level Since August

CNBC, Oct. 9, 2019--Diana Olick
Refinance demand surged, pushing total mortgage application volume up 5.2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

Altisource to Wind Down FSBO Real Estate Platform Owners.com

National Mortgage News, Oct. 9, 2019--Bonnie Sinnock (subscription)
Altisource Portfolio Solutions is adding its online "for sale by owner" real estate platform to the list of noncore businesses it is shutting.

Mortgage Costs Outpaced by Drop in Interest Rates

Wall Street Journal, Oct. 10, 2019--Ben Eisen (subscription)
Interest rates have been plummeting, but the cost of taking out a mortgage hasn't fallen as fast.

Agencies Finalize Changes to Volcker Rule

National Mortgage Professional, Oct. 9, 2019--Phil Hall
Five federal agencies finalized revisions to simplify compliance requirements relating to the "Volcker Rule." By statute, the Volcker Rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.

FEMA May Have to Buy Milions of Homes Due to Climate Crisis

National Mortgage News, Oct. 9, 2019
As the climate crisis worsens, more Americans will be forced from their homes. Many won't be able to afford it, and the U.S. isn't prepared for a massive, government-subsidized migration away from flood-prone areas, according to the first comprehensive analysis of Federal Emergency Management Agency data.

VA Refunds More than $400 Million in Loan Fees

Housing Wire, Oct. 9, 2019--Kathleen Howley
Veterans who were eligible for a refund were contacted via letters sent in the U.S. mail, according to a statement Wednesday from the VA. Many of the errors were in loans to military veterans whose exemption status changed following the issuance of a disability rating after the closing of their mortgages, the VA said. Disabled veterans are exempt from the VA funding fee, which typically costs between 0.5 percent and 3.3 percent of the loan's balance.

Fed Officials Last Month Worried Trade War Could Curb Hiring, Consumer Spending

Wall Street Journal, Oct. 9, 2019--Nick Timiraos (subscription)
Federal Reserve officials worried that slowing global growth and rising trade-policy uncertainty could exert a drag on hiring and the U.S. economy when they cut interest rates last month, according to minutes of the Sept. 17-18 policy meeting released Wednesday.

Residential Finance News

 
mPower Moments: Chris Boyle of Freddie Mac on Inclusive Environments

In this installment of mPower Moments, mPower Founder Marcia M. Davies sits down with Chris Boyle, Freddie Mac Chief Client Officer, to discuss the importance of creating an inclusive environment in the financial services industry, and how Freddie Mac is championing women's rights and leadership opportunities through its #LeadingtheWay initiative.

MBA Mortgage Market Update

MBA Vice President of Public Affairs Rob Van Raaphorst breaks down the MBA Weekly Applications Survey for the week ending Oct. 4.

Jon Forrester of Valuation Partners on Appraisal Industry Innovations

Jon Forrester of Valuation Partners on Appraisal Industry Innovations.

Zillow: Latinx Homeownership Rate 'Decades Away' From Catching Up With Whites

The nation's Latinx population is buying homes are a higher rate than the overall U.S. population, beginning to close a gap between the Hispanic and white homeownership rate that has tripled since the start of last century. But despite these recent gains, the homeownership gap between Latinx and whites will take "decades" to close at the current pace, said Zillow Inc., Seattle.

Commercial/Multifamily News

 
Slow But Steady Retail Sector Growth

The retail sector is "shrugging off" bad news and slowly growing, reported Reis, New York.

Dealmaker: CIT Arranges $174M for Multifamily, Assisted Living

CIT Group, New York, provided a $56 million senior secured mortgage loan on Bel Air Las Colinas Apartments, a 515-unit Irving, Texas multifamily property.

MBA News

 
CREF 2020 Feb. 9-12 in San Diego

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2020 takes place Feb. 9-12 at the Manchester Grand Hyatt in San Diego.

Call for Speakers: MBA Whole Loan Trading Workshop (Deadline Oct. 21)

The Mortgage Bankers Association hosts its annual Whole Loan Trading Workshop on Wednesday, Dec. 4 in Phoenix. MBA invites potential speakers/panelists to submit presentations--deadline is Oct. 21.

Upcoming MBA Education School of Mortgage Banking III Courses

MBA Education presents its School of Mortgage Banking Course III, with sessions scheduled for this fall and winter.

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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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.