“There is a tremendous amount of churn in this job market. The pace of layoffs remains high, and even though many employees are being rehired, net employment gains are slowing.”
–MBA Chief Economist Mike Fratantoni, on Friday’s jobs report.
Category: News and Trends
MBA Advocacy Update
On Wednesday, President Trump and Congress agreed to a Continuing Resolution that funds the federal government through mid-December and reauthorizes the National Flood Insurance Program through September 30, 2021.
MBA Offers Recommendations to CFPB ‘Seasoned QM’ Proposal
The Mortgage Bankers Association, in an Oct. 1 letter to the Consumer Financial Protection Bureau, offered several recommendations in response to the Bureau’s request for comment on its proposed rule creating a new category of “seasoned” Qualified Mortgage loans.
MBA, California MBA Oppose California Props. 15 and 21
On Election Day, Californians will vote for or against two ballot initiatives strongly opposed by the Mortgage Bankers Association, California MBA and other industry partners.
Joe Ludlow of Advantage Systems on the Science of Financial Data
Joe Ludlow is Vice President for Irvine, Calif.-based Advantage Systems, a provider of accounting and financial management tools for the mortgage industry.
State Financial Regulators Seek Comment on ‘Prudential Standards’ for Nonbank Mortgage Servicers
The Conference of State Bank Supervisors seeks public input on proposed regulatory prudential standards for nonbank mortgage servicers, as the state-regulated industry covers an increasing share of this market. The Mortgage Bankers Association issued a statement in support of the proposal.
MBA LIVE: Virtual Annual Convention & Expo Oct. 19-21; Early Registration Deadline Extended to Oct. 7
MBA holds its first-ever virtual Annual Convention & Expo. Taking place October 19-21 via MBA LIVE, attendees can connect whenever they want, from wherever they want. The early registration deadline has been extended to Wednesday, Oct. 7–register early and save up to $350.
Life Insurers Brace for Higher Commercial Mortgage Losses
Fitch Ratings, New York, said life insurance companies could see higher losses on commercial mortgage loans than they saw during the Great Recession.
Little Movement in Unemployment Claims for 2nd Straight Week
Initial claims for unemployment insurance fell just slightly for the second straight week, suggesting recovery from the coronavirus-induced economic slowdown will remain slow and gradual.
Dealmaker: Gantry Secures $13M for Two Industrial Assets
Gantry, San Francisco, secured $12.75 million in financing for industrial properties in California and Washington.