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Volume 18 | Issue 187 | Friday, September 27, 2019

The Lede


MBA, Trade Groups Offer Support for 'YIMBY' Bill

You've heard, of NIMBY, of course--Not In My Back Yard. Turns out, there's also YIMBY--Yes, In My Back Yard. And in this case, YIMBY is something the Mortgage Bankers Association and other industry trade groups like.


Top National News

Mortgage Rates Fall Back as Consumer Confidence Wavers

Washington Post, Sept. 26, 2019--Kathy Orton
Volatility of mortgage rates this month has caused plenty of angst for home buyers and owners wanting to refinance. But this week's retreat comes as welcome news. (MBA mention)

Multifamily Lending Hit Record High in 2018

HousingWire, Sept. 26, 2019--Kelsey Ramirez
Multifamily continues to soar, rising to an all-time high in 2018 in terms of dollar volume, according the Mortgage Bankers Association's annual report of the multifamily lending market.

Robots Could Replace Loan Officers in the Future

Riverside Press-Enterprise (Calif.), Sept. 26, 2019--Jeff Lazerson
Lenders are choking on the largely human expenses to fund and book new mortgages. Twenty percent of lenders are using BOTS (robotic process automation) for various loan production processes, and 50% are already seeing a positive ROI (return on investment), according to STRATMOR research. (MBA mention)

House Lawmakers Spar over CFPB Debt Collection Rule

American Banker, Sept. 26, 2019--Neil Haggerty (subscription)
A House hearing on the future of regulating debt collectors showcased a sharp divide between Democrats and Republicans over a pending proposal by the Consumer Financial Protection Bureau.

Millennials Continue to Leave Big Cities

Wall Street Journal, Sept. 26, 2019--Janet Adamy, Paul Overberg (subscription)
Large U.S. cities lost tens of thousands of millennial and younger Gen X residents last year, according to Census figures released Thursday that offer fresh signs of cooling urban growth.

U.S. Business Investment Downturn Could Pressure Slowing Economy

Reuters, Sept. 26, 2019--Lucia Mutikani
U.S. business investment contracted more sharply than previously estimated in the second quarter and corporate profit growth was tepid, casting a shadow on an economy that is being stalked by financial market fears of a recession.

A Sound Mortgage Business Strategy

DS News, Sept. 26, 2019--Radhika Ojha
Explaining the basis of mPower (MBA Promoting Opportunities for Women to Extend their Reach) a networking group for female mortgage professionals, Lisa J. Haynes, SVP, CFO, and Chief Diversity & Inclusion Officer, Mortgage Bankers Association said that the group is meant to create a safe environment "where women professionals can feel comfortable sharing their honest experiences alongside their colleagues."

Court Approves Ditech's Sell-Off of Forward and Reverse Mortgage Businesses

HousingWire, Sept. 26, 2019--Ben Lane
Ditech Holding is one giant step closer to selling off its forward and reverse mortgage businesses after a federal bankruptcy court judge approved the company's plan to sell to New Residential Investment and Mortgage Assets Management.

GAO Calls for More Scrutiny of Reverse Mortgage Servicing

National Mortgage News, Sept. 26, 2019--Bonnie Sinnock (subscription)
The Federal Housing Administration should more closely monitor reverse mortgage servicers and track related data that would shed light on a rise in defaults, according to a Government Accountability Office report.

Residential Finance News

August Pending Home Sales Rise 1.6%

Pending home sales increased in August, which the National Association of Realtors called a welcome rebound after previous declines. Each of the four major regions reported both month-over-month growth and year-over-year gains in contract activity.

Redfin: People Who Bought Homes in 2012 Have Earned $203 Billion in Equity

Redfin, Seattle, said people who bought a home at the bottom of the market in 2012 have earned a median $141,000, or 261%, in home equity since then.

Fitch: High Loan-to-Values to Drive US RMBS Losses With 'QM Patch' End

Fitch Ratings, New York, said high debt-to-income loans no longer eligible for purchase by Fannie Mae and Freddie Mac are likely to have higher loss levels if the loans also have high loan-to-values.

Commercial/Multifamily News

CRE Executives 'Cautiously Optimistic'

Commercial real estate executives remain cautiously optimistic about the U.S. CRE market despite concerns about a possible recession and global trade conflict, DLA Piper's Global Real Estate State of the Market survey reported.

Dealmaker: Madison Realty Capital Provides $116M in Dallas, New York

Madison Realty Capital, New York, provided two loans totaling $115.5 million in Dallas and Midtown Manhattan.

MBA News

MBA Annual19 Comes to Austin, Texas Oct. 27-30

The Mortgage Bankers Association's Annual Convention & Expo takes place Oct. 27-30 at the Austin Convention Center in Austin, Texas. 

MISMO Seeks Nominations for Standards Governance Committee Members; Nomination Deadline Today

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. The nomination period ends today, Sept. 27.

Save on FedEx Shipping through MBA Member Advantage Program

Through the MBA Member Advantage Program, you can save up to 29 percent on small package shipping with FedEx.

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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