The Consumer Financial Protection Bureau on Thursday issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.
Category: News and Trends
MBA Chart of the Week: Monthly Payroll Growth and Unemployment Rate
The economy added a record 4.8 million jobs to nonfarm payrolls in June, bringing the cumulative increase in May and June to one-third of the sharp decreases in March and April. Similarly, the June unemployment rate, at 11.1%, was down 3.6% from its high in April, and labor force participation jumped by 0.7% to 61.5% (1.9% below its pre-coronavirus level in February). However, we are not yet out of the woods.
Michael Steer & Erin Harris: Accelerated Digital Mortgage Tech Strategies Must Also Include Sound Vendor Management
Adherence to vendor management best practices needs to remain top of mind for lenders even when accelerating their digital mortgage tech selection and deployment process. Compliance with regulatory requirements and proper risk mitigation are not steps to be overlooked.
2Q Single-Tenant Net Lease Cap Rates Diverge
Single-tenant net lease cap rates diverged by sector in the second quarter, reported Boulder Group, Wilmette, Ill.
MBA Education Path to Diversity Scholar Profile: Candace Hargrave
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
The Week Ahead
Good morning—welcome back from the holiday weekend; and congratulations! You’ve made it halfway through 2020!
Dealmaker: Bellwether Enterprise Closes $392M
Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed $391.9 million in financing for industrial and manufactured housing assets across the country.
June Jobs Up Nearly 5 Million; Unemployment Rate Drops; New Claims at 1.4 Million
The Bureau of Labor Statistics reported total nonfarm payroll employment jumped by 4.8 million in June, as easing of coronavirus restrictions brought back more workers who had been laid off earlier this spring.
Quote
“This report is nothing but positive for the housing and mortgage markets. The stronger job market will support new home purchases, as well as helping homeowners make their mortgage payments. MBA continues to believe that Congress needs to extend enhanced unemployment insurance benefits to support those households that remain unemployed.”
–MBA Chief Economist Mike Fratantoni, on Thursday’s government employment report.
MBA Advocacy Update
On Monday, the U.S. Supreme Court issued its decision in Seila Law LLC v. Consumer Financial Protection Bureau, holding that the Consumer Financial Protection Bureau’s single-director structure violates the Constitution’s separation of powers scheme while also ruling that the CFPB can continue to operate.