This week’s top legislative and policy news from the Mortgage Bankers Association.
Category: News and Trends
Advocacy Update: MBA Warns Against CFPB Reforms on Closing Costs, Title Insurance; FY 2024 Appropriations Update; IRS Suspends Changes to IVES Policy
This week’s top legislative and policy news from the Mortgage Bankers Association.
Quote: March 11, 2024
“After months of hard work, we have good news for the country: Tonight the Senate has reached an agreement avoiding a shutdown on the first six funding bills. We will keep important programs funded for moms and kids, for veterans, for the environment, for housing and so much more.”
–Senate Majority Leader Charles Schumer, discussing a government funding bill signed into law by President Biden on Saturday, defusing fears of a government shutdown
Unemployment Rate Increases But Remains Low
The unemployment rate increased in February for the first time since last summer, the Bureau of Labor Statistics reported Friday. But it remains low by historical standards at 3.9%.
Fannie Mae: Home-Selling Sentiment Moves Higher Ahead of Spring Homebuying Season
Fannie Mae reported its Home Purchase Sentiment Index increased 2.1 points in February to 72.8, inching higher for the third consecutive month.
MBA Warns CFPB Against Unnecessary Reforms to Mortgage Rules
MBA’s President and CEO Bob Broeksmit, CMB, released a statement on the Consumer Financial Protection Bureau’s (CFPB) blog post Friday morning on housing costs.
MBA Chart of the Week: Job Openings for Selected Industries
Last week Fed Chair Jay Powell testified to Congress that as “labor market tightness has eased and progress on inflation has continued, the risks to achieving our employment and inflation goals have been moving into better balance.”
CBRE: North American Data Center Pricing, Supply Remain Strong in Primary Markets
CBRE, Dallas, found the primary market supply for data centers in North America grew 26% year-over-year in 2023.
MBA Statement on the Biden Administration’s Housing Affordability Initiatives Warns Against CFPB Reforms on Closing Costs, Title Insurance
MBA’s President and CEO Bob Broeksmit, CMB, released a statement on the Biden administration’s announcements on housing ahead at the State of the Union address.
Hello Old Friend – Why Assumptions Are Making a Comeback: Diane Jenkins from Asurity
It’s no secret that mortgage lenders have seen a sharp decrease in origination volumes. Higher interest rates coupled with a shortage in housing inventory translate into a market environment where origination volumes are likely to remain depressed for the near future.