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Volume 18 | Issue 178 | Monday, September 16, 2019

The Lede


MBA Advocacy Update

On Tuesday, the Senate Banking Committee held a hearing, Housing Finance Reform: Next Steps, where both the recently released Treasury and HUD housing finance plans were discussed in depth. Treasury Secretary Steve Mnuchin, HUD Secretary Ben Carson, and FHFA Director Mark Calabria all testified.


Top National News

This Was The Worst Week for Mortgage Rates in 3 Years--And it May Be Just The Beginning

CBNC, Sept. 13, 2019--Diana Olick
Bad news for borrowers--the average 30-year fixed-rate mortgage is now 20 basis points higher than it was on Monday and 36 basis points higher than its last low on Sept. 4. Mortgage applications to refinance a home loan were essentially flat last week, despite the low rates, according to the Mortgage Bankers Association.

Banks Warm to Mortgage Bonds That Burned Them in 2008

Wall Street Journal, Sept. 16, 2019--Ben Eisen, Telis Demos (subscription)
Banks are getting back into the business of building mortgage bonds, laying the groundwork for a market that stands to grow as the Trump administration tries to reduce the government's role in housing finance.

How Once-Doomed Mortgage Giants Gained New Lease on Life

Wall Street Journal, Sept. 13, 2019--Andrew Ackerman, Nick Timiraos (subscription)
For years after the 2008 mortgage-market meltdown, Republicans and Democrats agreed on little about what to do with Fannie Mae and Freddie Mac except one thing: Get rid of them. A Trump administration housing-finance roadmap released last week would do the opposite.

White House to Roll Out Tax Cut Plan Mid-2020

Reuters, Sept. 13, 2019--Richard Cowan
The Trump administration plans to unveil a tax cut plan in mid-2020, a top White House adviser said on Friday, saying it would be targeted to giving significant relief to the middle class.

Trends in Vacation Homes

UExpress, Sept. 13, 2019--Lew Sichelman
Four longtime friends from the Kansas City, Missouri, area don't know it, but they are on the leading edge of a growing phenomenon in vacation homes. They are buying places collectively.

One in Four of New York's New Luxury Apartments Is Unsold

New York Times, Sept. 13, 2019--Stefanos Chen
Among the more than 16,200 condo units across 682 new buildings completed in New York City since 2013, one in four remain unsold, or roughly 4,100 apartments - most of them in luxury buildings, according to a new analysis by the listing website StreetEasy.

Autonomous Cars on a Crash Course with the Real Estate Industry

RE Journals, Sept. 13, 2019--Michael Zaransky
Moving to a future where people don't own cars may be hard to imagine, but many experts believe a transportation revolution is coming and real estate may be the industry most affected by these advances.

Residential Finance News

MBA, Trade Groups Urge FHA to Move Forward on Certification Statements

The Mortgage Bankers Association and three other industry trade groups sent a letter to HUD, urging it to move forward with proposed amendments to FHA lender annual certification statements.

ATTOM: August Foreclosure Activity Down 24%, 14th Consecutive Monthly Decline

ATTOM Data Solutions, Irvine, Calif., reported 53,007 U.S. properties with foreclosure filings in August, up by 4 percent from July but down 24 percent from a year ago.

The Week Ahead

CHICAGO--MBA NewsLink comes to you this week from the Mortgage Bankers Association's Risk Management, Quality Assurance and Fraud Prevention Forum.

Commercial/Multifamily News

MBA Chart of the Week: Commercial/Multifamily Originations Forecast

The Mortgage Bankers Association forecasts commercial and multifamily mortgage bankers will close a record $652 billion of loans backed by income-producing properties this year, 14 percent higher than last year's record volume ($574 billion).

FHFA Increases Fannie Mae, Freddie Mac Multifamily Caps

The Federal Housing Finance Agency on Friday revised its cap structure on Fannie Mae and Freddie Mac's multifamily businesses.

Dealmaker: Deutsche Bank Lends $60M for Calif. Resort

Passport Resorts, Sausalito, Calif., refinanced luxury resort Post Ranch Inn in Big Sur, Calif., in a $60 million transaction.

MBA News

MBA Regulatory Compliance Conference 2019 in Washington Sept. 22-24

The Mortgage Bankers Association's annual Regulatory Compliance Conference takes place Sept. 22-24 at the Grand Hyatt in Washington, D.C. Early registration deadline is Monday, Aug. 12.

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.

Upcoming MBA Education School of Mortgage Banking I Courses

MBA Education presents its popular School of Mortgage Banking Course I.

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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