The Week Ahead, Jan. 3, 2023: Happy New Year!
Good morning; happy Tuesday; and Happy New Year! We hope you had a wonderful holiday season. But now, it’s back to work; here’s what you need to know this week:
First MBA. The Mortgage Bankers Association is back open for business. And MBA is jumping right into it, with a couple of key reports this week.
On Wednesday, Jan. 4, MBA issues its final Weekly Applications Survey of the year, with Kan providing commentary and analysis.
And on Thursday, Jan. 5, MBA has tentatively scheduled release of its monthly Mortgage Credit Availability Index, Kan again providing commentary and analysis. However, there’s a chance the report could be bumped to next Tuesday, Jan. 10.
Second, the MBA State of the Association. MBA released its annual State of the Association, featuring a look back at key issues affecting the real estate finance industry in 2022 and the economic and policy outlook for 2023.
The video includes discussions and interviews with:
–MBA President & CEO Bob Broeksmit, CMB (keynote address)
–MBA COO Marcia Davies
—Mike Fratantoni, SVP and Chief Economist on the 2023 Single-Family and Commercial/Multifamily Forecast
—Bill Killmer, SVP, Legislative and Political Affairs on the 2022 Legislative Recap and 2023 Outlook
—Mike Flood, SVP, Commercial/Multifamily Policy and Member Engagement on the 2022 Commercial/Multifamily Advocacy Recap and 2023 Outlook
—Pete Mills, SVP, Residential Policy and Strategic Industry Engagement on the 2022 Residential Policy and Regulatory Recap and 2023 Outlook
—Tamara King, VP, Strategic Industry Engagement on Member Engagement in 2023
—Steve O’Connor, SVP, Affordable Housing Initiatives on Affordable Housing Initiative Update
—Lisa Haynes, SVP, Senior Vice President, Chief Financial Officer, and Chief Diversity and Inclusion Officer on Diversity, Equity and Inclusion Highlights and Initiatives.
Third, the MISMO Winter Summit. The MISMO Winter Summit is coming up fast, taking place Jan. 9-12 at the Opal Grand Oceanfront Resort & Spa in Delray Beach, Fla.
MISMO Summits allow you to network and collaborate with your industry colleagues while learning the latest updates on mortgage industry standards. Your participation helps make the digital future possible. Join us at the upcoming MISMO Summit and learn what’s hot in mortgage standards. For more information, visit the MISMO Winter Summit page.
Fourth, Other Economic Reports. The first week of the month means one thing: employment data, with no fewer than four major employment reports coming out this week. Here’s this week’s reports; those MBA NewsLink will cover are in italics:
—Tuesday: CoreLogic Home Price Index; Construction
—Wednesday: MBA Weekly Applications Survey; JOLTS (Job Openings & Labor Turnover Survey); Institute for Supply Management Manufacturing Report
—Thursday: ADP National Employment Report; Initial Claims; Trade Balance
—Friday: Employment Situation; Institute for Supply Management Non-Manufacturing Index; Manufacturing, Shipments and Orders
Fifth, Congress. The 118th Congress convenes this morning, Jan. 3, with lots of new faces in leadership positions—some still to be determined. Forty-eight new Republicans and 38 new Democrats, many under age 40, give the new Congress a decidedly younger look.
The 2022 mid-terms left Democrats in control of the Senate (barely), and Republicans regaining control of the House (barely). While the Democrats quickly sorted out their leadership slots—Sen. Chuck Schumer, D-N.Y., easily retained his role as Majority Leader and Rep. Hakeem Jeffries, D-N.Y., was readily elected as the Democrats’ leader in the House—the Republicans have yet to sort out who will become House Speaker.
Rep. Kevin McCarthy, R-Calif., was long presumed to ascend to Speaker, before things got weird. As of this writing, he does not have the 218 votes needed to claim the role, and while he is still the favorite, things could get hairier for him before they get better. Stay tuned.
One leadership role in which the Republicans did not waste time: Rep. Patrick McHenry, R-N.C., was elected chairman of the House Financial Services Committee. Expect a flow of hearings to follow once the Committee becomes organized this month. On the Senate side, Sen. Sherrod Brown, D-Ohio, retains his role as chairman of the Senate Banking Committee.
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.
Sixth, MBA Conferences. Here’s a list of upcoming MBA conferences:
Jan. 23-26, 2023: MBA Independent Mortgage Bankers Conference, Coronado, Calif. For more information, click here.
Feb. 12-15, 2023: CREF 2023, San Diego. For more information, click here.
Feb. 21-24, 2023: MBA Servicing Solutions Conference & Expo, Orlando. For more information, click here.
Apr. 17-18, 2023: MBA State & Local Workshop, Washington, D.C. For more information, click here.
Apr. 18-19, 2023: MBA National Advocacy Conference, Washington, D.C. Fore more information, click here.
May 9-12, 2023: MBA Commercial/Multifamily Housing Servicing and Technology Conference, Chicago. For more information, click here.
May 21-24, 2023: MBA Secondary and Capital Markets Conference & Expo, New York. For more information, click here.
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!
