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Volume 18 | Issue 173 | Monday, September 09, 2019

The Lede


MBA Advocacy Update

On Thursday the Trump administration released separate plans developed by both the Treasury Department and HUD, which feature steps to address the future of the secondary mortgage market and include many of the reforms MBA has long advocated. MBA will continue to analyze and evaluate these plans in the coming days.


Top National News

US Mortgage Interest Tax Deductions Plummeted in 2018

24/7 Wall Street, Sept. 6, 2019--Paul Ausick
The number of 2018 tax year returns claiming the mortgage interest deduction plunged from nearly 30.1 million in tax year 2017 to around 11.5 million in 2018, a drop of 62%. (MBA mention)

Housing Industry Rallies Around Trump's GSE Reform Plan

HousingWire, Sept. 6, 2019--Kelsey Ramirez
"The reports recognize the need to better coordinate the roles of FHA and the GSEs," Mortgage Bankers Association CEO Robert Broeksmit said. "Such coordination must preserve affordable financing options for a wide range of borrowers and reflect the vital role FHA plays in the larger housing finance system."

Mortgage Rates Fell Again Last Week--And the Fed Could Push Them Even Lower

MarketWatch, Sept. 6, 2019--Jacob Passy
The economy's future may be increasingly uncertain, but the outlook for people looking to take out a home loan is brighter thanks to falling interest rates.

Powell Signals Rate Cut Likely at Meeting This Month

Wall Street Journal, Sept. 6, 2019--Nick Timiraos (subscription)
Federal Reserve Chairman Jerome Powell said the U.S. economy faced a favorable outlook despite significant risks from weaker global growth and rising trade uncertainty, and he cited the central bank's turn toward providing more stimulus this year as an important reason for that outlook.

Hiring by Nonbank Mortgage Companies Picks up and May Keep Climbing

National Mortgage News, Sept. 6, 2019--Bonnie Sinnock (subscription)
Nonbank mortgage companies added 4,600 employees to their payrolls in July and may add more to address rate-driven increases in loan volume.

Apple Cashes in on Boom in Debt Refinancing...

CNBC, Sept. 8, 2019--ERic Rosenbaum
For most homeowners who plan to stay in their residence for the long-term and received a mortgage in the last three years, it is worth looking at a refinance opportunity now, said Mike Fratantoni, chief economist at the Mortgage Bankers Association.

How Fannie and Freddie Have Changed Since the Crisis

Wall Street Journal, Sept. 8, 2019--Ben Eisen, Andrew Ackerman (subscription)
The two mortgage giants have shed some risk, paid back their bailout and now report billions in income.

Judge Dismisses CFPB's Case Against Ocwen, But Will Let it Refile

National Mortgage News, Sept. 6, 2019--Brad Finkelstein (subscription)
A federal judge in Florida dismissed the Consumer Financial Protection Bureau's lawsuit against Ocwen Financial Services, stating the agency improperly asserted an excessive number of claims without specifying the particular count to which they applied.

Here are the Top 10 Mortgage Lenders of 2018

HousingWire, Sept. 6, 2019--Kelsey Ramirez
The Consumer Financial Protection Bureau released its annual data from the Home Mortgage Disclosure Act on Aug. 30 showing which lenders dominated 2018 and which ones fell behind the pack.

Robotics, 3D Printing Taking Off, But Far From Mainstream

UExpress, Sept. 6, 2019--Lew Sichelman
Printers seem to hold more promise for housing. What is said to be the first 3D-printed house in the country was unveiled in Austin, Texas, last year by nonprofit New Story and sustainable-housing startup ICON. Now, the team intends to use the technology to build an entire community in El Salvador, housing more than 400 individuals.

Residential Finance News

MBA Chart of the Week: Vintage Year HELOC Utilization Rates

Home equity loan debt outstanding and borrower utilization rates declined in 2018, according to MBA's newly released Home Equity Lending Study on lending and servicing of open-ended home equity lines of credit and closed-end home equity loans.

August Job Growth Cools

Employers added 130,000 jobs in August, below most economists' expectations, the Bureau of Labor Statistics said on Friday.

The Week Ahead

Traffic picked up a bit this week in Washington, D.C., as Congress returns for what should prove to be a very busy couple of months. It's also a busy week for the Mortgage Bankers Association.

Commercial/Multifamily News

Hotel Performance Seen Decelerating Through 2020

An expected slowdown in the nation's economy has CBRE Hotels Research lowering its outlook for the lodging sector.

Dealmaker: Dwight Capital Closes $87M in Multifamily Loans

Dwight Capital, New York, closed $87 million in HUD 223(f) multifamily loans in several states.

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 Expands Path to Diversity Scholarship Program Eligibility to Select Conferences

The Mortgage Bankers Association announced scholarships awarded under its popular Path to Diversity (P2D) Scholarship Program can now also be used towards six upcoming MBA conferences where attendees can obtain Continuing Professional Education (CPE), Continuing Legal Education (CLE) or Society of Human Resource Management (SHRM) credits. The scholarships were previously only available for courses offered by MBA Education.

MBA Education Advanced Risk Management Concepts Workshop in Chicago Sept. 15

MBA Education presents a special edition of its Advanced Risk Management Concepts Workshop on Sunday, Sept. 15 in conjunction with the MBA Risk Management, Quality Assurance and Fraud Prevention Forum in Chicago.

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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