MBA Newslinks Archive

“While the trend in job growth has slowed over the past year, it remains sufficient in putting downward pressure on the unemployment rate. With the participation rate more stable and average hourly wages strengthening, the Fed can be more assured the labor market is at full employment.”–John Silvia, chief economist with Wells Fargo Securities, Charlotte, N.C.

“Remember, even at the end of How I Met Your Mother, they moved to the suburbs.”–Darin Mellott, director of research & analysis with CBRE, Los Angeles.

“We have concluded that there are a number of unresolved issues related to including the question on the redesigned URLA and that attempting to resolve all of those issues in the timeframe in which we are currently operating would unduly delay the 2016 roll-out of the new URLA and put the 2018 implementation date at risk. Consequently, FHFA has decided not to include a question about language preference on the new URLA at this time.”–Federal Housing Finance Agency Director Melvin Watt, in a letter to MBA and other trade groups saying the agency will not include a controversial proposed question on home buyers’ language preference.

“If sea levels rise as much as climate scientists predict by the year 2100, nearly 300 U.S. cities would lose at least half their homes, and 36 U.S. cities would be completely lost. One in eight Florida homes would be underwater, accounting for nearly half of the lost housing value nationwide.”–From a Zillow Inc. report on the potential impact of Antarctic ice shelf melting.

“There are many conceptualizations of how to measure housing affordability and there are many affordability indexes. All measures are based on judgments of which components of housing costs should be included and judgments about when these costs should be considered excessive.”–Donald Haurin, emeritus professor of economics at the Ohio State University and author of a Research Institute for Housing America study on performance and methodologies of housing affordability indexes.

“MBA appreciates the CFPB’s efforts to update and clarify certain aspects of the ‘Know Before You Owe’ rule. This particular regulation has a big impact on both borrowers and lenders, so it’s important that the Bureau and stakeholders continually reassess the implementation process to ensure its effectiveness. We look forward to commenting on the rule, and continuing to work with the CFPB to gain further clarity in order to improve this and other rules and regulations.”–MBA President and CEO David Stevens, CMB.

“It’s pretty clear that there is a general lack of clarity in the regulations, so we expect there will be revisions. Most of the problems that we have seen with TRID have been caused by different interpretations of the rule, and to date, the CFPB’s guidance on these issues has not been much help. This general lack of clarity hits smaller lenders particularly hard because they are least able to afford attorneys or other resources they need to help them.”–Wade Hamby, national director of sales and marketing with The Stonehill Group, Atlanta.

“Low interest rates combined with strong commercial property market fundamentals to further support lending and to keep overall borrowing levels on pace with last year’s strong level.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“Refinance applications decreased 15 percent last week as rates increased across all product types in our survey.”–MBA Chief Economist Mike Fratantoni

“In lieu of MHA and HAMP, servicers and investors will need to use proprietary loss mitigation programs–either existing or new–and determine the appropriateness of such programs in a more economically stable, post-crisis environment. Such a framework should incorporate–and modify as necessary–the best practices and guiding principles that have led to positive outcomes for all stakeholders, including homeowners, investors and servicers.”–From a federal agencies’ white paper on future foreclosure mitigation programs.