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Volume 18 | Issue 183 | Monday, September 23, 2019

The Lede


MBA Advocacy Update

MBA last week submitted recommendations to the Consumer Financial Protection Bureau on how best to replace the GSE Patch and reform the Qualified Mortgage standard. Additionally, MBA submitted comments to Ginnie Mae on a new stress-testing framework designed to assess the financial performance of non-depository Issuers across varying economic scenarios.


Top National News

U.S. Housing Supply a 'Major Challenge' Says Former Fannie Mae CEO

Bloomberg News, Sept. 20, 2019
Blend President and former Fannie Mae CEO Tim Mayopoulos called the U.S housing supply a "major challenge."

Fed Officials Explain Dissents From Rate Cut

Wall Street Journal, Sept. 20, 2019--Paul Kiernan, Michael S. Derby (subscription)
James Bullard, president of the Federal Reserve Bank of St. Louis, said Friday he wanted a bigger rate cut than the quarter percentage-point move the central bank delivered. In a separate statement, Boston Fed leader Eric Rosengren said lower rates are unwarranted now and could bring on financial instability.

Zillow Partners with Homebuilders to Marry iBuying and Newly Built Home Buying

HousingWire, Sept. 20, 2019--Ben Lane
Homeowners who want to sell their existing home and buy a newly built home can now do so all in one transaction and wait as long as eight months to move out, thanks to a partnership between Zillow and nearly a dozen homebuilders.

More Baby Boomers Are Living in Multigenerational Housing

Bloomberg, Sept. 20, 2019--Arianne Cohen
A 2018 Columbia University study found that healthy adults who reside in multigenerational housing live longer. And a Pew Research Center analysis last year found that Americans are increasingly residing multigenerationally-20% of Americans live in a home that includes adults from two or more generations, up from 12% in 1980. Developers have taken note.

The Housing Scene

UExpress, Sept. 20, 2019--Lew Sichelman
A recent advisory from a federal consumer watchdog agency is shining new light on the growing problem of elder abuse. The Consumer Financial Protection Bureau is urging financial institutions to report situations in which they suspect seniors are being exploited financially.

Fannie, Freddie Poised to Keep Profits in an Initial Privatization Move

Wall Street Journal, Sept. 22, 2019--Andrew Ackerman (subscription)
Mortgage-finance companies Fannie Mae and Freddie Mac are expected to start keeping their earnings as early as this week, pausing a yearslong arrangement in which they handed nearly all of their profits to the Treasury Department.

The Future of Digital Mortgages: 'It's a Little Bit Like Burger King'

National Mortgage News, Sept. 20, 2019--Paul Centopani (subscription)
With the mortgage industry inching closer to full digitization, lenders need to strike the right balance of man-versus-machine as borrowers still look to leverage human interaction during the origination process.

Trump's Fed Tweets Shown to Have ‘Significant' Effect on Trading

Bloomberg, Sept. 23, 2019--Simon Kennedy
President Donald Trump's Twitter attacks on the Federal Reserve are prompting investors to bet the central bank will bow to political pressure and lower interest rates, according to a new study.

Residential Finance News

MBA Chart of the Week: New Home Purchase Applications

MBA's Builder Application Survey tracks mortgage applications taken by lenders affiliated with, or who work in cooperation with, home builders on the purchase of new single family homes. This week's chart highlights the strength we have seen in the homebuilding sector thus far in 2019.

Housing Market Reports: RE/MAX, Zillow, Redfin, Fitch

Here's a summary of some housing market reports that came over the wire in the past few days, from RE/MAX, Zillow, Redfin and Fitch Ratings.

The Week Ahead

The Mortgage Bankers Association releases three reports this week. This morning, the MBA 2nd Quarter Commercial/Multifamily Delinquency Report comes out. On Wednesday, Sept. 25, MBA releases its Weekly Applications Survey. And on Thursday, Sept. 26 MBA releases its 2018 Multifamily Lending Report. MBA NewsLink will provide coverage.  

Commercial/Multifamily News

Emerging Trends in Real Estate: Investors Still Favor U.S. CRE

U.S. commercial real estate remains a favored asset class even as economic uncertainty looms, said the Urban Land Institute and PwC.

Commercial/Multifamily Briefs

Greystone, New York, closed a $600 million commercial real estate collateralized loan obligation backed exclusively by bridge loans on primarily multifamily properties.

Dealmaker: New York Life Real Estate Investors Originates $484M

New York Life Real Estate Investors, New York, originated $484.2 million to finance a large industrial portfolio and an Atlanta office property.

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.

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.

Make Your Voice Heard through MBA Mortgage Action Alliance

The Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.

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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