The Week Ahead—Dec. 14, 2020
Good morning and happy Monday! Hang in there—we’re almost through 2020!
We’re almost upon the holiday break—which is often the busiest time of the year here in Washington, as Congress attempts to wrap up its business and get out of town and the Mortgage Bankers Association wraps up its calendar-year activities.
The next two weeks will be busy on Capitol Hill. Today, the Electoral College meets, barring any last-minute court challenges, to certify results of the Nov. 3 presidential election. House and Senate negotiators continue to, well, negotiate on a stopgap spending bill to avoid yet another government shutdown, as well as a defense appropriations bill and economic stimulus package. On Friday, House Speaker Nancy Pelosi, D-Calif., said negotiations could continue through the Christmas holidays. Ugh.
MBA releases its Weekly Forbearance and Call Volume Survey (Monday, 4:00 p.m. ET); its monthly Builder Applications Survey this Tuesday, Dec. 15; and its Weekly Applications Survey this Wednesday, Dec. 16 at 7:00 a.m. ET.
The Federal Open Market Committee meets this Tuesday, Dec. 15 and Wednesday, Dec. 16 for its final scheduled policy meeting of the year. The FOMC issues its policy statement at 2:00 p.m. ET on Wednesday; MBA NewsLink will provide coverage with commentary from MBA Chief Economist Mike Fratantoni.
Neither the Senate Banking Committee nor the House Financial Services Committee have hearings scheduled this week. We don’t expect any hearings until the 117th Congress organizes in January.
Looking ahead: MBA offices will close on Thursday, Dec. 24 and remain closed through the holidays. MBA offices will reopen on Monday, Jan. 4.
Here’s the NewsLink publications schedule: MBA NewsLink and MBA Commercial/Multifamily NewsLink will publish on Thursday, Dec. 24; NewsLink then goes dark until Monday, Jan. 4. MBA Servicing NewsLink’s final issue of 2020 will be on Tuesday, Dec. 22; it will resume publishing on Tuesday, Jan. 5. MBA Commercial/Multifamily NewsLink will return on Thursday, Jan. 7.
On behalf of MBA officers and staff, have a safe, healthy and happy holiday season.
Here’s a summary of year-end events/reports of interest for the next two weeks:
Monday, Dec. 14: MBA Forbearance & Call Volume Survey (4:00 p.m. ET).
Tuesday, Dec. 15: MBA Builder Applications Survey; Empire State Manufacturing Survey; Imports/Exports; Industrial Production/Capacity Utilization.
Wednesday, Dec. 16: MBA Weekly Applications Survey; Advance Retail Sales; National Association of Home Builders/Wells Fargo Housing Market Index; Business Inventories.
Thursday, Dec. 17: Initial Claims; New Residential Construction; Philadelphia Fed Non-Manufacturing Survey.
Friday, Dec. 18: No reports.
Monday, Dec. 21: MBA Forbearance & Call Volume Survey; Chicago Fed National Activity Index
Tuesday, Dec. 22: Gross Domestic Product 3rd Release; Existing Home Sales; Richmond Fed Survey.
Wednesday, Dec. 23: MBA Weekly Applications Survey; New Residential Sales; Personal Income & PCE Deflator; University of Michigan Consumer Surveys (final).
Thursday, Dec. 24: Advance Durable Goods; Initial Claims.
Friday, Dec. 25: Christmas Holiday (no reports)
Monday, Dec. 28: Dallas Fed Manufacturing Survey (NOTE: The MBA Forbearance & Call Volume Report that would normally come out on Dec. 28 will be combined into a report going out on Tuesday, Jan. 5)
Tuesday, Dec. 29: S&P CoreLogic Case-Shiller Home Price Indexes; Consumer Confidence.
Wednesday, Dec. 30: (NOTE: MBA Weekly Applications Survey will NOT publish this day—will defer until Wednesday, Jan. 6); Pending Home Sales Index;
Thursday, Dec. 31: Initial Claims
Friday, Jan. 1, 2021: New Year’s Holiday, no reports.
Monday, Jan. 4: Construction; (NOTE: The MBA Forbearance & Call Volume Reports for Dec. 28 and Jan. 4 will be combined and be released on Tuesday, Jan. 5).
For information about upcoming MBA conferences, visit http://www.mba.org/ConferencesEvents/Conferences.aspx. Launched this spring, MBA LIVE brings you dynamic keynotes and informative panel discussions you’ve come to rely on from MBA. We’ll be adding even more opportunities to engage with speakers, industry colleagues, and the many vendors and service providers that help keep your business moving forward. Visit mba.org/MBALIVE for the latest information on these events.
For the latest on how the coronavirus is affecting our industry, our health and our economy, visit the MBA Coronavirus Resource Center. And you can also visit the newly created members-only online network, MBA’s COVID-19 Residential Policy Community, at https://bit.ly/2QEVpUZ. #MBAWorkingForYou #MBACOVIDUpdates
For the most up-to-date information regarding legislative activity at the state and local level, visit the MBA State Legislative Database at http://www.mortgagebankers.org/statelegislativedatabaselogin.htm.
For information about MBA Education events, visit http://www.mbaeducation.org.
For information about the National Association of Minority Mortgage Bankers of America (NAMMBA), visit https://www.nammba.org/.
If your company/association is an MBA member, we are happy to list conferences/events on the MBA NewsLink Upcoming Meetings/Events Calendar. Send your items to Mike Sorohan, editor, at email@example.com; or Michael Tucker, Editorial Manager, at firstname.lastname@example.org.