MBA Newslinks Archive

“The [Telephone Consumer Protection Act] landscape is dysfunctional and in need of clarity from the FCC. The statute, originally intended to target a specific abusive telemarketing practice, has been expanded by courts and the FCC, turning it into a breeding ground for frivolous lawsuits against legitimate businesses trying to communicate with their customers. As a result, TCPA litigation has skyrocketed, harming businesses large and small, with no clear benefit to consumers.”–From a petition signed by 17 business and trade groups (including the Mortgage Bankers Association) urging changes to the Telephone Consumer Protection Act.

“Millennials reflect the choices made by those with lower annual household income and those living in urban areas, and show that they are a generation still grappling with the effects of the recession while trying to enter the housing market.”–Trulia Data Analyst Alexandra Lee.

“Despite a strong economy and job market, the decrease in April was likely due to a combination of rising mortgage rates and slow new construction activity, as builders still face a shortage of skilled labor and increasing materials costs, among other challenges.” –Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“The [CFPB’s] authority to conduct administrative adjudications is one of the Bureau’s most important authorities…While the current adjudication process facilitates a speedy resolution, it does so by sacrificing important due process protections. Given the significant stakes and complex issues often involved in contested matters, this sacrifice is not appropriate. It’s true that both speed and fairness are worthy objectives for administrative adjudications, however they are not of equal value. Fairness must be the primary objective.”–MBA President and CEO David Stevens, CMB, in a letter to the Consumer Financial Protection Bureau on its administrative adjudication process.

“Credit availability in April was unchanged overall, but the components told different stories. Government credit tightened slightly as investors continued to pull back on streamline refinance products, while conventional credit availability increased, driven mainly by an expansion in jumbo credit.”–MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“In terms of brick-and-mortar stores and the real estate that supports it, the phrase ‘retail apocalypse’ is no hyperbole. Store footprints are continuing to shrink and we are seeing droves of traditional retail assets being repurposed or simply demolished.”–Ten-X Chief Economist Peter Muoio.

“As more Millennials reach the prime home buying age of 29 to 32 years old, they are finding a mortgage experience leveraging technology that is fast and engaging in ways that their parents couldn’t imagine when they were buying their first home.” –Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae, Pleasanton, Calif.

“Last year was a record for commercial and multifamily borrowing and lending. Lending terms remain extremely attractive, and we expect another strong year in 2018, although perhaps not quite as strong as 2017.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“The consensus among economists is that the 30-year, fixed-rate mortgage will approach 5 percent by the end of this year. All else held equal, this will make housing more expensive. However, some perspective is important. The historical average for the 30-year, fixed-rate mortgage is about 8 percent so, even with the expected increase, mortgage rates will still be low by historical standards.”–First American Chief Economist Mark Fleming.

“Receipt of a CID can cause lasting reputational harm to the recipient and frequently requires significant resources to respond. For these reasons, the Bureau’s CIDs should be targeted and limited, with a clearly defined process to challenge them if necessary. Such a process will allow the Bureau to investigate specific allegations to their satisfaction without requiring CID recipients to answer broad and vague requests for information under very tight timelines.”–MBA President and CEO David H. Stevens, CMB, in a letter to the Consumer Financial Protection Bureau on its Civil Investigative Demands process.