The Week Ahead Nov. 8, 2021: Four Things to Watch—and Two Things Not to Watch
Good morning! Here are a few things to look for this week, as well as a couple of things not to look for:
First, the MBA Accounting and Financial Management Conference, starting this Wednesday, Nov. 10 and running through Friday, Nov.12 at the Grand Hyatt Nashville.
Get the latest guidance on what’s ahead for mortgage finance professionals. Attendees will hear an analysis on the current state of the market and insights into accounting implications caused by several COVID-related regulatory changes. Hear a timely FASB update and attend strategy sessions to get the “nuts and bolts” needed to manage change and move forward.
Second, Congress. After weeks of protracted and intense negotiations between progressive and moderate Democrats, the House passed a $1 trillion-plus bipartisan infrastructure bill (H.R. 3684) by a 228-206 vote Friday. Earlier, the House stopped short of taking any final action on a new version of President Biden’s Build Back Better Act legislation (H.R. 5376), but rather passed a procedural rule along party lines to allow debate on the tax and spending package in the coming weeks.
Here’s a quick summary, courtesy of MBA Senior Vice President of Legislative and Political Affairs Bill Killmer:
“The infrastructure measure, which now heads to the President for enactment, authorizes long-term investments in surface transportation, broadband, the power grid, and climate-related initiatives, and is partially paid for through a ten-year extension of a 10 bps GSE guarantee fee strip opposed by MBA that had expired in September 2021 – and was first authorized in 2011 to finance a temporary payroll tax cut.
“The vote on the rule (221 to 213) governing eventual debate on the BBBA took place only after certain lawmakers forced leaders to postpone a final vote so the House Democratic caucus can review a full CBO budgetary analysis of the current legislative text. Those CBO determinations will be measured against prior work performed by the Congress’ Joint Committee on Taxation (and other outside groups) to determine – with greater finality – whether the roughly $2 trillion BBBA package is deficit-neutral or not.”
And so, this week: nothing. The House and Senate are “off” this week (officially, “District Work Periods”) and are expected to take up the debate yet again next week.
For more information about the House and Senate, visit www.house.gov and www.senate.gov, respectively. For more information about upcoming hearings in the Senate Banking Committee, click https://www.banking.senate.gov/hearings. For more information about upcoming hearings in the House Financial Services Committee, click https://financialservices.house.gov/calendar/?EventTypeID=577&Congress=117.
Third, MBA kicks off another busy week of reports. The (final) MBA weekly Forbearance & Call Volume Survey comes out this afternoon at 4:00 p.m. ET. MBA Chief Economist Mike Fratantoni will provide analysis and commentary in Tuesday’s MBA NewsLink.
Please note this is the final weekly edition of this survey; beginning next month, it becomes the MBA Monthly Loan Monitoring Survey and will come out on Monday, Dec. 20, covering November data.
On Tuesday, Nov. 9, MBA releases its monthly Mortgage Credit Availability Index, with commentary and analysis from MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.
On Wednesday, Nov. 10, MBA will release its Weekly Mortgage Applications Survey, with commentary and analysis from Kan.
Also on Wednesday, Nov. 1, MBA releases its Third Quarter National Delinquency Survey, which covers 38 million loans on one- to four- unit residential properties. Loans surveyed are reported by more than 100 servicers, including independent mortgage companies and depositories such as large banks, community banks and credit unions. MBA Vice President of Industry Analysis Marina Walsh, CMB, will provide commentary and analysis. Look for a special edition of MBA NewsLink on Wednesday to cover NDS results.
Fourth, Economic Reports. Other economic reports of interest this week:
Wednesday: Consumer Price Index; JOLTS (Job Openings & Labor Turnover Survey); Wholesale Trade
Thursday: Initial Claims
Friday: University of Michigan Consumer Surveys (Preliminary)
Fifth, Other MBA Conferences. Here is a list of upcoming MBA Conferences:
· Jan 10 – 13, 2022— MISMO Winter Summit 2022
Hyatt Regency Clearwater Beach Resort and Spa
· Jan 10 – 13, 2022— MISMO Winter Summit 2022 – Monday Livestream and Virtual Access to Workgroup Meetings
· Jan 24 – 27, 2022— Independent Mortgage Bankers Conference
Grand Hyatt Nashville
· Feb 13 – 16, 2022— Commercial/Multifamily Finance Convention and Expo
Manchester Grand Hyatt, San Diego
· Feb 22 – 25, 2022— Servicing Solutions Conference and Expo
Hyatt Regency Orlando
· Mar 6 – 9, 2022— Mid-Winter Housing Finance Conference 2022
Ritz-Carlton, Bachelor Gulch, Avon, CO
· Apr 11 – 14, 2022— Technology Solutions Conference and Expo 2022
The Bellagio Las Vegas,
· Apr 25 – 26, 2022— State and Local Workshop 2022
Renaissance Washington, DC
· Apr 26 – 27, 2022— National Advocacy Conference 2022
Renaissance Washington, DC
· May 15 – 18, 2022— Secondary and Capital Markets Conference and Expo 2022
Marriott Marquis New York
· May 15 – 18, 2022— Commercial/Multifamily Housing Servicing and Technology Conference
JW Marriott Los Angeles L.A. LIVE
· May 22 – 25, 2022— Legal Issues and Regulatory Compliance Conference 2022
Intercontinental Miami
And Sixth: Veteran’s Day. MBA offices will be closed on Thursday, Nov. 11 in observance of the Veterans Day holiday, as we honor those who have served our country.
MBA NewsLink and MBA Commercial/Multifamily NewsLink will not publish on Thursday. MBA NewsLink will resume publishing on Friday, Nov. 12; MBA Commercial/Multifamily NewsLink will return on Thursday, Nov. 18.
On behalf of MBA Chair Kristy Fercho; MBA Vice Chair Matt Rocco; MBA Vice Chair-Elect Mark Jones; and MBA staff, have a safe holiday.
For more information, click the links above or visit https://www.mba.org/conferences-and-education/conferences-and-meetings.
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/.
Enjoy the week!
