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Volume 18 | Issue 184 | Tuesday, September 24, 2019

The Lede

 

MBA: 2Q Commercial/Multifamily Mortgage Delinquencies Remain Low

Commercial and multifamily mortgage delinquencies remained low in the second quarter, according to the Mortgage Bankers Association's 2Q Commercial/Multifamily Delinquency Report.

 

Top National News

 
Driving Diversity in the Workplace

MReport, Sept. 23, 2019--Mike Albanese
In a career spanning nearly three decades, MBA's Marcia Davies continues her work to improve diversity and inclusion within the mortgage industry.

Opportunity Awaits Even in a Fluctuating Fix and Flip Market

Mortgage Professional America, Sept. 23, 2019--Ryan Rose
The Mortgage Bankers Association predicts a 2.8% rise in home prices. While this market is becoming more and more challenging, investors must be aware and ready to meet these challenges.

How Supreme Court Could Decide CFPB Constitutionality Question

National Mortgage News, Sept. 23, 2019--Kate Berry (subscription)
A Supreme Court review of the Consumer Financial Protection Bureau's leadership structure looks even more likely now that the Department of Justice and the agency's own director have agreed that that structure is unconstitutional.

Fannie, Freddie Recapitalization Unlikely Before 2020 Election: KBW

National Mortgage News, Sept. 23, 2019--Brad Finkelstein (subscription)
Recapitalization of Fannie Mae and Freddie Mac prior to the 2020 election is unlikely even if the net worth sweep ends, according to a Keefe, Bruyette & Woods report.

Fed Policymakers Say Lower Rates are Helping

Reuters, Sept. 23, 2019--Howard Schneider, Ann Saphir
The Federal Reserve has delivered a boost to the economy this year not only with interest-rate cuts but also because it shifted away from its earlier view that it would need to raise rates in 2019, two Fed policymakers said on Monday.

Mortgage Rates at 18%? That's What We Got the Last Time a President Strong-Armed the Fed

HousingWire, Sept. 23, 2019--Kathleen Howley
The National Bureau of Economic Research has weighed in on one of the most chilling questions to arise in decades on the usually dry topic of monetary policy: If a U.S. president tries to influence the most powerful central bank on the planet with public name-calling and derision, can it work?

Repo-Market Tumult Raises Concerns About New Benchmark Rate

Wall Street Journal, Sept. 23, 2019--Daniel Kruger, Vipal Monga (subscription)
The tumult in the market for short-term cash loans highlights some analysts' concerns about the Secured Overnight Financing Rate, the Federal Reserve's proposed replacement for the troubled London Interbank Offered Rate, or LIBOR.

Residential Finance News

 
MISMO Issues Draft Consent Language to Comply with New Tax Law

MISMO®, the mortgage industry standards organization, issued draft language to help lenders and other parties comply with a new requirement included in the recently passed Taxpayer First Act.

ATTOM: Home Flipping Returns Drop to 8-Year Lows

ATTOM Data Solutions, Irvine, Calif., said home flipping in the second quarter increased by 12.4 percent from the first quarter but fell by 5.2 percent from a year ago.

Black Knight: August Foreclosure Starts at 18-Year Low

Black Knight, Jacksonville, Fla., said its First Look Mortgage Monitor for Augus found foreclosure starts hit an 18-year low, while borrowers took advantage of lower mortgage rates to increase their level of prepayments.

ARMCO QC Trends Report: Loan Quality Corrects with Market's Upturn

ACES Risk Management, Pompano Beach, Fla., released its quarterly Mortgage QC Trends Report, showing critical defect rates fell by 6% in the first quarter from the previous quarter.

Commercial/Multifamily News

 
August CMBS Special Servicing Rate Declines

Trepp, New York, reported the volume of commercial mortgage-backed securities loans and assets in special servicing declined again in August, falling three basis points to 3.22 percent.

Dealmaker: Bascom, Artemis Acquire Calif. Apartment for $35M

A joint venture between Bascom Group, Irvine, Calif., and investment manager Artemis Real Estate Partners, Chevy Chase, Md., acquired Phoenix Townhomes in Fresno, Calif., for $35 million.

MBA News

 
MBA Accounting & Financial Management Conference in San Diego Nov. 19-21

The Mortgage Bankers Association's Accounting & Financial Management Conference takes place Nov. 19-21 at the Marriott Marquis San Diego Marina.

Upcoming MBA Education School of Mortgage Banking I Courses

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

MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

Earn recognition for your mortgage compliance expertise: MBA Education and the MBA Compliance Essentials program offer the only certification and designation program geared exclusively towards compliance professionals in the mortgage finance industry, the Certified Mortgage Compliance Professional (CMCP).

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem jmechem@mba.org

Editor: Mike Sorohan 202/557-2855 msorohan@mba.org 

Editorial Director: Michael Tucker 202/557-2851 mtucker@mba.org 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856 lhall@mba.org

Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com

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One Voice. One Vision. One Resource. The Mortgage Bankers Association  (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org.