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Volume 10 Issue 26

Tuesday, June 30, 2020

Supreme Court Rules Independent CFPB Director Unconstitutional

A divided Supreme Court on Monday ruled the current structure of the Consumer Financial Protection Bureau, with power resting with a single, independent director, is unconstitutional, but stopped short of allowing the Trump Administration to dismantle the agency.

MBA: 1st Quarter Commercial/Multifamily Mortgage Debt Outstanding Up 1.7%

Commercial/multifamily mortgage debt outstanding rose by $61.0 billion (1.7 percent) in the first quarter, according to the Mortgage Bankers Association’s quarterly Commercial/Multifamily Mortgage Debt Outstanding report.

MBA: Share of Mortgage Loans in Forbearance Dips to 8.47%

The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 1 basis point to 8.47%of servicers’ portfolio volume as of June 21, a slight decrease from 8.48% the week before. MBA now estimates 4.2 million homeowners are in forbearance plans.

MBA Urges The FHFA To Diversify FHLB System Membership

National Mortgage Professional, June 24, 2020–Navi PersaudThe Mortgage Bankers Association penned a letter to Federal Housing Finance Agency Director Mark Calabria urging the agency to expand membership in the Federal ...

May Commercial Real Estate Sales Slump

Real Capital Analytics, New York, reported commercial property sales sank again in May as the COVID-19 crisis kept investors on the sidelines.

MBA VIDEOS

MBA Washington Report 6/29/20

MBA Washington Report 6/29/20

MBA's Bob Broeksmit on CNN International 6/22/20

MBA's Bob Broeksmit on CNN International 6/22/20

mPower Moments: Raquel Borras on Personal, Professional Branding

mPower Moments: Raquel Borras on Personal, Professional Branding

MBA Mortgage Market Update 6/24/20

MBA Mortgage Market Update 6/24/20

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TOP NATIONAL NEWS

After Ruling, Stage Set for New Battles over CFPB’s Future
Housing’s Racial Gap will Widen in Coronavirus Recovery: Redfin
MBA Urges The FHFA To Diversify FHLB System Membership
Virus Pummels Commercial Real Estate, Could End Long Boom
Election, Supreme Court Case May Dictate Fate of CFPB’s QM Proposal
The Jumbo Market Shows Signs of Heating Up
Big Savings Available by Refinancing Mortgage at Today’s Historically Low Rates
FDIC Considers Scrapping Quarterly Bank Reports
‘Flying Blind Into a Credit Storm’: Widespread Deferrals Mean Banks Can’t Tell Who’s Creditworthy
Millions of American Homes at Greater Flood Risk Than Government Estimates, New Study Says
Fannie Mae Survey Shows Mortgage Servicers Want Clarity on Post-Forbearance Options for Borrowers
Public Real Estate Companies Are the New Way to Buy Distress
Caliber Home Loans Settles with N.Y. AG over Interest-Only Loan Mods
To Understand a City’s Pace of Gentrification, Look at Its Housing Supply
Ohio Supreme Court Approves Foreclosures that Sell Homes Without Compensating Owners for Equity

MBA NEWS

MBA Education Compliance Essentials: Telephone Consumer Protection Act (TCPA) Resource Guide
MBA Education Offers Residential Certified Mortgage Servicer Designation
MBA Compliance Essentials Offers Certified Mortgage Compliance Professional Designation Level 1

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Quote

“Fewer homeowners in forbearance underscores the continued improvements in the job market, and provides another sign of the fundamental health of the housing market, which has rebounded considerably over the past several weeks.” --Mike Fratantoni, MBA Senior Vice President and Chief Economist.

CFPB Issues Interpretive Rule on Determining Underserved Areas; Final Rule on Loss Mitigation Options for Homeowners with COVID-Related Hardships

The Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to creditors and other persons involved in the mortgage origination process about the way in which the Bureau determines which counties qualify as “underserved” for a given calendar year.

STATLINK

June 24, 2020

21 Years to Save for a Down Payment, Survey Finds

U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.

June 24, 2020

Fitch Ratings: CRE Defaults Likely To Rise After Forbearance Periods

Fitch Ratings, New York, said it anticipates commercial real estate loan defaults will rise at the end of forbearance periods.

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One Voice. One Vision. One Resource. The Mortgage Bankers Association (MBA) is the national association representing the entire real estate finance industry. For more information visit us at mba.org

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem | jmechem@mba.org

Editor: Mike Sorohan | 202/557-2855 | msorohan@mba.org

Editorial Director: Michael Tucker | 202/557-2851 | mtucker@mba.org

Senior Editorial/Advertising Specialist: Lesley Hall | 202/557-2856 | lhall@mba.org

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