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Volume 18 | Issue 177 | Friday, September 13, 2019

The Lede


MBA Joins Trade Groups in Push for Affordable Housing Near Transit

With affordability playing an increasing role in the future of housing, the Mortgage Bankers Association joined more than a dozen industry and consumer trade groups this week in a letter to members of Congress in support of legislation that would promote federal investment in public transportation projects.


Top National News

Optimism About U.S.-China Trade Discussions Sends Mortgage Rates Higher

Washington Post, Sept. 12, 2019--Kathy Orton
After sinking to their lowest levels in nearly three years, mortgage rates popped back up this week. Meanwhile, mortgage applications rebounded slightly on the strength of purchasers, Mortgage Bankers Association data said.

Mortgage Credit Availability Declines

National Mortgage Professional, Sept. 12, 2019--Phil Hall
The MBA Mortgage Credit Availability Index (MCAI) dropped by 3.9 percent to 181.7 in August. The Conventional MCAI decreased 3.6 percent, and its component indices also fell: the Jumbo MCAI was 3.2 percent lower and the Conforming MCAI was 4.3 percent lower. The Government MCAI took a 4.1 percent slide.

Would a Democratic President Fire CFPB's Kraninger?

National Mortgage News, Sept. 12, 2019--Kate Berry (subscription)
Republicans have long tried to defang the Consumer Financial Protection Bureau, but a Democratic victor in the presidential race could actually be the first to mount a constitutional challenge to the agency's leadership.

Ben Carson Cleared of Misconduct in Ordering $31,000 Dining Room Set...

Washington Post, Sept. 12, 2019--Tracy Jan
The Inspector General for the Department of Housing and Urban Development found no evidence of misconduct against Secretary Ben Carson in a $31,000 furniture order to replace a dining room set in his secretarial suite.

Trump Administration Working to End Fannie/Freddie Profit Sweep in September

HousingWire, Sept. 12, 2019--Kelsey Ramirez
Department of the Treasury Secretary Steven Mnuchin said the administration is currently looking to end the profit sweep of Fannie Mae and Freddie Mac.

Mortgage Rates Have Jumped This Week--But Could They One Day Fall to Zero?

MarketWatch, Sept. 12, 2019--Jacob Passy
Mortgage rates rose on a weekly basis, even as President Trump called for the Federal Reserve to take its target interest rates negative.

Need Cash? Companies Are Considering Magazine Subscriptions and Phone Bills When Making Loans

Wall Street Journal, Sept. 12, 2019--AnnaMaria Andriotis (subscription)
For decades, banks and other financiers have relied primarily on consumers' borrowing history to make lending decisions. Now revenue-hungry companies are considering metrics both mundane and peculiar, like whether applicants shop at discount stores, subscribe to magazines or pay their phone bills on time.

Economists Don't See Path to 3% Growth in 2019

Wall Street Journal, Sept. 12, 2019--Harriet Torry (subscription)
The Trump administration's goal of achieving economic growth of 3% or better is looking increasingly remote this year, according to forecasters surveyed by the Wall Street Journal.

Deal Allows Risky Home Loans for 'Business Purposes'

Riverside Press-Enterprise (Calif.), Sept. 12, 2019--Jeff Lazerson
Now there is a bright line lifting consumer protections against unlimited points, high rates, balloon payments and prepayment penalties for every financially desperate borrower who can't get a mortgage through institutional channels. Such loans now are possible so long as he or she provides a business purpose.

Residential Finance News

Mortgage X Podcast Features MBA COO Marcia Davies

The current episode of Mortgage X, a podcast featuring mortgage veterans and national speakers Christine Beckwith and Jason Frazier, features Mortgage Bankers Association COO Marcia Davies.

MBA Education Path to Diversity Scholar Profile: Alvin Shah

Alvin Shah is Managing Partner with First Option Mortgage, Atlanta.

As Demographics Shift, More U.S. Counties Become Majority Non-White

For years, the white share of the U.S. population has declined, as Hispanic, Asian and black populations grow; some demographers predict the U.S. could become a majority-minority nation by as early as 2050. But the shift to a more diverse nation is happening more quickly in some places than in others, according to the Pew Research Center.

Commercial/Multifamily News

Overseas Investors Turn Net Sellers of U.S. Real Estate

Real Capital Analytics, New York, reported overseas investors became net sellers of U.S. commercial real estate in first-half 2019 for the first time since 2012.

Dealmaker: NorthMarq Arranges $87M for Multifamily, Office

NorthMarq Capital, Minneapolis, secured $87.3 million to build an apartment property and refinance an office building.

MBA News

Keith Urban Highlights Concert MBA at Annual 19

Keith Urban, 2018 Country Music Association and Academy of Country Music Entertainer of the Year and four-time Grammy Award winner, highlights Concert MBA at Annual19, the Mortgage Bankers Association's Annual Convention & Expo, Oct. 27-30 in Austin, Texas.

MBA Education Free Webinar: Mortgage Accounting II: Loan Level Accounting Sept. 18

MBA Education presents a free webinar, Mortgage Accounting II: Loan Level Accounting Register Now, on Wednesday, Sept. 18 from 2:00-3:30 p.m. ET.

MISMO Seeks Nominations for Standards Governance Committee Members

MISMO seeks nominations for qualified industry professionals to serve on MISMO's Standards Governance Committees for a two-year term beginning in January. Positions are available on both the Residential and Commercial Standards Governance Committees.

Apply Now for MBA Path to Diversity Scholarship Program

The Path to Diversity Scholarship Program recognizes existing industry professionals who are seeking to advance their careers through continuing education. Recipients receive a voucher to cover course registration fees, up to a maximum of $2,000, for popular MBA Education courses and designation programs.

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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