The Week Ahead, Sept. 19, 2022: The Fed, Housing Reports and What You Need to Know

Good morning and happy Monday! Time to gear up for a busy, busy week. Here’s what’s happening:

First, The Fed. The Federal Open Market Committee convenes this Tuesday, Sept. 20 and Wednesday, Sept. 21 for its regularly scheduled policy meeting. And if you’re not sure if the FOMC will raise the federal funds rate by 50, 75 or 100 basis points this week, you’re in good company; the only consensus economists and pundits share at the moment is that the funds rate is going up again.

The FOMC issues its policy statement at 2:00 p.m. ET on Wednesday. MBA NewsLink will have full coverage in the Thursday, Sept. 22 edition, with analysis and commentary from MBA Chief Economist Mike Fratantoni.

Second, MBA Reports. The monthly round of housing reports kicks into gear this week, led by MBA’s own monthly Loan Monitoring Survey, with commentary and analysis from MBA Vice President of Industry Analysis Marina Walsh, CMB.

On Tuesday, Sept. 20, MBA releases its monthly Builder Applications Survey, with commentary and analysis from MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

The MBA Weekly Applications Survey comes out on Wednesday, Sept. 21, with Kan again providing commentary and analysis.

And on Thursday, Sept. 22, MBA releases its monthly Purchase Application Payment Index—known as PAPI—with commentary and analysis from Edward Seiler, MBA Associate Vice President of Housing Economics.

Additionally, the National Association of Home Builders issues its monthly Housing Market Index gauging home builder sentiment this morning (10:00 a.m. ET); HUD and the Census Bureau release the monthly New Residential Construction report on Tuesday; and the National Association of Realtors issues its monthly Existing Home Sales report this Wednesday, Sept. 21.

Third, Other Economic Reports. Here is this week’s economic/housing report schedule; those that MBA NewsLink will cover are in italics:

Monday: MBA Loan Monitoring Survey; National Association of Home Builders/Wells Fargo Housing Market Index

Tuesday: MBA Builder Applications Survey; New Residential Construction; Philadelphia Fed Non-Manufacturing Survey

Wednesday: MBA Weekly Applications Survey; Existing Home Sales

Thursday: Initial Claims

Friday: (No reports)

Fourth, Congress. The House Financial Services Committee and Senate Banking Committee hold several hearings of interest this week—including one with testimony from MBA.

David Battany, Vice President of Capital Markets with Guild Mortgage Co., San Diego, and a member of the MBA Residential Board of Governors, testifies this Tuesday, Sept. 20 before the Senate Banking Subcommittee on Housing, Transportation and Community Development for a hearing on Examining the U.S. Department of Agriculture’s Rural Housing Service: Stakeholder Perspectives.

Battany, who also serves as co-chair of the MBA 2022 Affordable Homeownership Advisory Council, will appear before the Subcommittee with Elizabeth Glidden, Deputy Executive Director of the Minnesota Housing Partnership; Marcia Erickson, CEO of GROW South Dakota; and Tonya Plummer, Director of Native American Housing Programs with Enterprise Community Partners.

The hearing begins at 2:30 p.m. ET in Dirksen Senate Office Building room 538 and can be accessed online here.

The Senate Banking Committee also holds a hearing this Thursday, Sept. 22, on Annual Oversight of the Nation’s Largest Banks.

Slated to testify: Charles W. Scharf, CEO and President of Wells Fargo & Co.; Brian Thomas Moynihan, Chairman and CEO of Bank of America; Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.; Jane Fraser, CEO of Citigroup; William H. Rogers Jr., Chairman and CEO of Truist Financial Corp.;. Andy Cecere, Chairman, President, and CEO of U.S. Bancorp; and William S. Demchak, Chairman, President, and CEO of The PNC Financial Services Group.

The hearing begins at 9:30 a.m. ET in Hart Senate Office Building room 216 and can be accessed online here.

The House Financial Services Committee is even busier this week. On Tuesday, Sept. 20, the Subcommittee on National Security, International Development and Monetary Policy holds a hearing on Under the Radar: Alternative Payment Systems and the National Security Impacts of Their Growth. The hearing begins at 10:00 a.m. ET in 2128 Rayburn House Office Building and can be accessed online here.

Also on Tuesday, Sept. 20, the Financial Services Subcommittee on Diversity and Inclusion holds a hearing on A Review of Diversity and Inclusion at America’s Largest Insurance Companies. The hearing begins at 2:00 p.m. ET in 2128 Rayburn and can be accessed online here.

On Wednesday, Sept. 21, the full Committee holds a hearing on Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks. This companion hearing to Thursday’s Senate Banking Committee hearing (above) begins at 10:00 a.m. ET in 2128 Rayburn and can be accessed online here.

On Thursday, Sept. 22, the Financial Services Subcommittee on Housing, Community Development and Insurance holds a hearing on State of Emergency: Examining the Impact of Growing Wildfire Risk on the Insurance Market. The hearing begins at 9:00 a.m. ET in 2128 Rayburn and can be accessed online here.

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.

Fifth, MBA Conferences. The MBA Regulatory Compliance Conference is underway here at the Grand Hyatt Washington, D.C., running through Tuesday, Sept. 20. For more information, click here.

The MBA Annual Convention & Expo—the biggest real estate finance industry event of the year—is little more than a month away, taking place Oct. 23-26 at the Music City Center in Nashville.

Academy Award-winning actress, singer and dancer Rita Moreno; former House Speaker Paul Ryan, R-Wis.; and legendary basketball coach Mike Krzyzewski will deliver keynote remarks. And Concert MBA this year features Darius Rucker.

Don’t delay: For more information and to register, click here.

Here’s a list of upcoming MBA conferences:

Oct. 5-6: MBA Commercial/Multifamily Marketing Officer Roundtable, Washington, D.C. For more information, click here.

Oct. 10-11: MBA 2022 Insurance Conclave, Fort Worth, Texas. For more information, click here.

Oct. 22: mPowering You: MBA’s Summit for Women in Real Estate Finance, Music City Center Nashville. For more information click here.

Oct. 23-26: MBA Annual Convention and Expo, Music City Center Nashville. For more information, click here.

Nov. 2-3: MBA Commercial/Multifamily Technology Officer Roundtable, Washington, D.C. For more information, click here.

Nov. 8-10: MBA Accounting and Financial Management Conference, JW Marriott Phoenix Desert Ridge Resort & Spa. For more information, click here.

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: MBA National Advocacy Conference, Washington, D.C. Fore more information, click here.

May 9-12: MBA Commercial/Multifamily Housing Servicing and Technology Conference, Chicago. For more information, click here.

May 21-24: 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!