The Week Ahead—May 17, 2021
Good morning! And welcome to the start of a busy two weeks of important housing reports.
Actually, the reports started this past Friday, when the Mortgage Bankers Association issued its monthly Builder Applications Survey, which showed while mortgage applications for new home purchases decreased by 9 percent from March, they improved by 30.8 percent from a year ago.
This morning, the National Association of Home Builders releases its monthly Housing Market Index, its gauge of home builder sentiment. On Tuesday, HUD and the Census Bureau release the monthly New Residential Construction report on housing starts, permits and completions. On Friday, the National Association of Realtors releases its monthly report on April existing home sales.
The fun continues the following week as well: On Tuesday, May 25, HUD/Census releases its April New Residential Sales report and the S&P CoreLogic Case-Shiller Home Prices Indexes come out. And on Thursday, May 27, NAR releases its monthly Pending Home Sales Index.
Also this week, MBA releases its weekly Forbearance & Call Volume Survey (Monday, 4:00 p.m. ET) and its Weekly Mortgage Applications Survey (Wednesday, 7:00 a.m. ET).
The Path to Compliance is Here: Stay ahead of regulatory changes at the MBA Legal Issues and Regulatory Compliance Conference, May 25-26 via MBA LIVE. Hear timely updates on emerging regulatory priorities resulting from the change in administration, including the delay of the mandatory compliance date of the general qualified mortgage (QM) rule and the future of fair lending. Receive practical advice on navigating the pandemic’s impact on the mortgage market, and its resulting litigation trends and servicing changes. Join us for the key industry event for mortgage industry legal professionals.
For more information and to register, click here.
On Capitol Hill this week, several important hearing of interest, starting with the Senate Banking Committee, which on Tuesday, May 18, holds a hearing on “Reauthorization of the National Flood Insurance Program, Part I.” Slated to testify: Chad Berginnis, Executive Director of the Association of State Floodplain Managers; Velma M. Smith, Senior Officer of Government Relations with the The Pew Charitable Trusts; Rebecca Kagan Sternhell, Director of the New York City Office of Federal Affairs; Stephen Ellis, President of Taxpayers for Common Sense; and R.J. Lehmann, Senior Fellow and Editor-in-Chief with the International Center for Law & Economics.
The remote hearing begins at 10:00 a.m. ET and can be accessed online here.
On Thursday, May 20, HUD Secretary Marcia Fudge and Transportation Secretary Pete Buttigieg visit the Banking Committee (virtually) for a hearing on “21st Century Communities: Expanding Opportunities through Infrastructure Investments.” Fudge and Buttigieg are expected to tout the Biden Administration’s $2.3 trillion American Jobs Plan. The remote hearing begins at 10:00 a.m. ET and can be accessed online here.
On the other side of the Capitol Building, the House Financial Services Committee holds a hearing on Wednesday, May 19, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity and Accountability of Depository Institutions.” The remote hearing begins at 10:00 a.m. ET and can be accessed online here.
Also this week, The Empire State Manufacturing Survey comes out this morning (8:30 a.m. ET; the Labor Department releases its weekly Initial Claims report (Thursday, 8:30 a.m. ET); and the Philadelphia Fed issues its Manufacturing Survey (Thursday, 8:30 a.m. ET).
For information about upcoming MBA conferences, click here. 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 here.
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/.
