The Week Ahead: June 8, 2020

Good morning! Welcome to Month Four of the Coronapocalypse. This afternoon, the Mortgage Bankers Association releases its weekly Forbearance & Call Volume Report at 4:00 p.m. ET; MBA NewsLink will provide a special afternoon issue with the results.

Also today, MBA releases its monthly Mortgage Credit Availability Index. Later, MBA releases its Weekly Applications Survey this Wednesday, June 10.

The Federal Open Market Committee meets this Tuesday, June 9 and Wednesday, June 10, issuing its policy statement at 2:00 p.m. ET on Wednesday. While the FOMC is not expected to move the federal funds rate (currently at zero), analysts, including MBA Chief Economist Mike Fratantoni, will provide commentary on the June 10 statement. And MBA NewsLink will provide coverage.

On Capitol Hill, Congress attempts to return to some semblance of “normalcy.” On Tuesday, June 9, the Senate Banking Committee welcomes HUD Secretary Ben Carson and Federal Housing Finance Agency Director Mark Calabria for a hearin on “Oversight of Housing Regulators.

The hearing take place in Dirksen Senate Office Building G50 at 10:00 a.m. ET and can be accessed online at https://www.banking.senate.gov/hearings/oversight-of-housing-regulators.

The House Financial Services Committee holds two virtual hearings this week. ON Wednesday, June 10, the Subcommittee on Housing, Community Development and Insurance holds a hearing on The Rent Is Still Due: America’s Renters, COVID-19 and an Unprecedented Eviction Crisis. The hearing begins at noon ET and can be accessed online at https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406611.

On Thursday, June 11, the Committee’s Task Force on Financial Technology holds a virtual hearing on Inclusive Banking During a Pandemic: Using Fed Accounts and Digital Tools to Improve Delivery of Stimulus Payments. The hearing begins at noon ET and can be accessed online at https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406612.

Looking ahead, Federal Reserve Chairman Jerome Powell is scheduled to appear (virtually) before the full Financial Services Committee on Wednesday, June 17 at noon ET. The link to the hearing is https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406614.

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 upcoming MBA conferences, visit http://www.mba.org/ConferencesEvents/Conferences.aspx.

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, a msorohan@mba.org.

Upcoming Meetings/Events/Economic Reports:

Jun. 8: MBA Forbearance & Call Center Report

Jun. 9: MBA Mortgage Credit Availability Index (tentative)

Jun. 9-30: MBA Education Instructor-Guided Online Course—CRE Basics: Underwriting Office and Valuation

Jun. 9-10: Federal Open Market Committee

Jun. 9: Wholesale Trade

Jun. 10: MBA Weekly Applications Survey

Jun. 10: Consumer Price Index

Jun. 11: Initial Claims

Jun. 12: Imports/Exports

Jun. 12: U. of Michigan Consumer Surveys (prelim)

Jun. 15: MBA Forbearance & Call Center Report

Jun. 15: Empire State Manufacturing Survey

Jun. 16: MBA Builder Applications Survey (tentative)

Jun. 16: MBA Education Webinar: Owning the Customer—Keys to Success in Origination

Jun. 16: MBA Education Webinar: LIBOR Transition—Preparations for Legal Professionals

Jun. 16: National Association of Home Builders/Wells Fargo Housing Market Index

Jun. 16: Advance Retail Sales

Jun. 16: Industrial Production/Capacity Utilization

Jun. 16: Business Inventories

Jun. 17: MBA Weekly Applications Survey

Jun. 17: New Residential Construction

Jun. 18: Initial Claims

Jun. 18: Philadelphia Fed Manufacturing Survey

Jun. 22: MBA Forbearance & Call Center Report

Jun. 22: Chicago Fed National Activity Index

Jun. 22: Existing Home Sales

Jun. 23: MBA Education Webinar: The Uniform MBS—One Year Later

Jun. 23: Advance Durable Goods

Jun. 23: Philadelphia Fed Non-Manufacturing Suvey

Jun. 23: New Residential Sales

Jun. 23: Richmond Fed Survey

Jun. 24: MBA Weekly Applications Survey

Jun. 25: MBA Education Webinar: Managing Liquidity for Credit Unions

Jun. 25:Gross Domestic Product

Jun. 25: Initial Claims

Jun. 26: Personal Income/PCE Deflator

Jun. 26: U. of Michigan Consumer Sentiment Survey (final)

Jun. 29: MBA Forbearance & Call Center Survey

Jun. 29: Pending Home Sales Index

Jun. 29: Dallas Fed Manufacturing Survey

Jun. 30: S&P CoreLogic Case-Shiller Home Price Indexes

Jun. 30: Consumer Confidence

Jul. 3: Independence Day Holiday Observed (MBA Offices Closed; MBA NewsLink will not publish)

Jul. 4: Independence Day

Jul. 7-28: MBA Education Instructor-Guided Online Course—CRE Basics: Appraisal and the Three Approaches to Value

Jul. 13-27: MBA Education Introduction to Mortgage Banking

Jul. 13-23: MBA Education School of Mortgage Servicing

Jul. 15-16: MBA Education School of Multifamily Property Inspection, Los Angeles

Jul. 15: MBA Education Webinar: Legacy Pricing Won’t Save You in Lending’ New Normal

Jul. 21-24: MBA Education School of Mortgage Banking I, Washington, D.C.

Jul. 21-24: MBA Education School of Mortgage Banking II, Washington, D.C.

Jul. 22: MBA Education Webinar: Mortgage Servicing and Subservicing Part I

Jul. 23-Aug. 13: MBA Education Instructor-Guided Online Course—CRE Basics: Intro to Commercial/Multifamily Loan Servicing

Jul. 28-29: Federal Open Market Committee

Jul. 29: MBA Education Webinar: Mortgage Servicing and Subservicing Part II

Aug. 3-27: MBA Education School of Loan Origination

Aug. 11-12: MBA/ALTA Digital Closing & eMortgage Boot Camp, Minneapolis

Aug. 11-14: MBA Education School of Mortgage Banking III, Washington, D.C.

Aug. 11: MBA Education Webinar: Understand Alternative Documentation & Win More Business

Aug. 12: MBA & ALTA Digital Closing & eMortgage Boot Camp: Virtual

Aug. 18-21: MBA Education School of Mortgage Banking I, Philadelphia

Aug. 24-Sep. 14: MBA Education CRE Basics—Property Inspection & Environmental Analysis

Aug. 25: MBA Education Webinar: Bank-Owned Mortgage Divisions—What Bankers Need to Know

Sep. 3: MBA Document Custody Workshop, McLean, Va. (reschedule from June)

Sep. 8-22: MBA Education Introduction to Mortgage Banking

Sep. 10: MBA Education Webinar: Budgeting and Financial Planning for Non-Believers

Sep. 11-Oct. 23: MBA Education Instructor-Guided Online Course—Commercial CMS Exam Prep Course

Sep. 13-15: MBA Risk Management, Q/A & Fraud Prevention Forum, San Diego

Sep 15-18: MBA Education School of Mortgage Banking I, Dallas

Sep. 15-18: MBA Education School of Mortgage Banking II, Dallas

Sep. 15-18: MBA Education School of Mortgage Banking III, Washington, D.C.

Sep. 15-16: Federal Open Market Committee

Sep. 17: MBA Education Webinar: CMF Policy Review & Boiler/Machinery Coverage Overview

Sep. 16-Oct. 7: MBA Education CRE Basics: Underwriting Retail & Valuation

Sep. 23-24: MBA Education School of Multifamily Property Inspection, Washington, D.C.

Sep. 30-Oct. 2: MBA Education Advanced Risk Management for Mortgage Professionals Classroom Course, Washington, D.C.

Oct. 5-16: MBA Education School of Mortgage Servicing

Oct. 7: MBA Education Webinar: Mortgage Accounting I—Drilling into Mortgage Accounting

Oct. 14: MBA Education Webinar: Mortgage Accounting II—Loan Level Accounting

Oct. 17: mPowering You: MBA’s Summit for Women in Real Estate Finance, Chicago

Oct. 18-21: MBA Annual Convention & Expo, Chicago

Oct. 21: MBA Education Webinar: Mortgage Accounting III—Hedging for Accountants

Oct. 26-Nov. 19: MBA Education School of Loan Origination

Nov. 3-6: MBA Education Management Essentials for the Mortgage Professional Classroom course, Washington, D.C.

Nov. 4-5: MBA Education School of Multifamily Property Inspection, Dallas

Nov. 4: MBA Education Webinar: Mortgage Accounting IV—Hedge Accounting and GAAP Reporting

Nov. 4-5: Federal Open Market Committee

Nov. 10: MBA Education Webinar: CMF—Lender Placed Insurance

Nov. 12: MBA Education Webinar: Mortgage Accounting V—Cash Flow, MBS Prices & IRLC Value

Nov. 15-16: MBA/ALTA Digital Closing & eMortgage Boot Camp: Georgia

Dec. 1-4: MBA Educations School of Mortgage Banking III, Dallas

Dec. 15-16: Federal Open Market Committee

2021

Jan. 8-Feb. 19: MBA Education CMB Prep Course

Jan. 19-Feb. 11: MBA Education School of Loan Origination

Jan. 26-29: MBA Education School of Mortgage Banking III, Nashville

Feb. 16-19: MBA Education School of Mortgage Banking I, Washington, D.C.

Mar. 8-18: MBA Education School of Mortgage Servicing

Mar. 9-12: MBA Education School of Mortgage Banking II, Washington, D.C.

Mar. 23-26: MBA Education School of Mortgage Banking III, Orange County, Calif.

May 11-14: MBA Education School of Mortgage Banking I, Kansas City

May 11-14: MBA Education School of Mortgage Banking II, Kansas City