While Katrina eroded consumer sentiment and caused large declines in industrial production, its negative impact on consumer spending was modest in September, as retail sales outside of autos continued to be healthy. 

The impact of Katrina on prices was the main reason for the hawkish comments in the Federal Open Market Committee (FOMC) minutes from the September meeting and in several speeches by Federal Reserve officials over the past few weeks. While FOMC members agreed that core inflation was still contained, they noted that Katrina was likely to increase inflationary pressures, largely as a result of higher energy prices. Thus, the Fed increased its forecast for overall inflation in 2005 and core inflation in 2006. Many fed officials have recently commented that core inflation has risen to the high end of a “comfort zone” or “tolerance zone” of price stability.

News of contained underlying inflation failed to calm the financial markets. The fed funds futures market continues to expect an increase in the federal funds rate to 4.00 percent at the next FOMC meeting on November 1st and another increase to 4.25 percent on December 13th. The upward trend in long-term interest rates continued through the end of week. The yield on 10-year Treasuries rose to 4.48 percent by mid-Friday afternoon—the highest rate since early April and 13 basis points higher than the rate on the previous Friday.

This week’s most important economic report will be the Producer Price Index for September (Tuesday), which will shed some light on inflation at various stages of the production process in the aftermath of Katrina. Two reports involving the housing industry include the National Association of Home Builders Housing Market Index for October (Tuesday) and September housing starts (Wednesday). Home builders’ optimism slipped in September to its lowest level since February 2004. Steadily rising mortgage rates over the past month and signs of cooling in the new home market should continue to weigh on builders’ confidence. For housing starts, the impact of Katrina is likely to show up in the September data, with residential construction softening further for the third consecutive month.

(Orawin Velz is director of economic forecasting in the Mortgage Bankers Association’s economics and research department. She provides commentary and analysis on key monthly economic indicators. She can be reached at ovelz@mortgagebankers.org.)
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While HMDA activity in 2004 increased from 2003 by nearly 9 percent, 33.6 million applications, including purchased loans, were reported from 8,853 lenders, a drop from 2003 totals because of the falloff in refinance activity. Slightly more than 15 million applications turned into home loan originations, with 2.1 million originations carrying a reported rate spread at 3 percent or more above the threshold for first-lien transactions and 5 percent or above for second-lien transactions.

But current HMDA data has no credit score information, no credit decisions or pricing information that would “contextualize the results” in the data itself, according to Todd Cooper, chief product manager at PCi, Boston. “The data are the data but I would suggest that all pools are not created equal,” he said.

According to Cooper, a lender in a metropolitan area with strong pricing differentials between protected and unprotected classes will want more data and analysis before drawing any conclusions. “That is the line between what the data shows and what data needs to be brought into the analysis to get the full picture,” he said.

CLC Compliance Technologies (ComplianceTech) , Washington, D.C, provides software, consultation and analysis with the data. “Sometimes even a software client will want an independent third-party opinion or audit,” said Michael Taliefero, co-founder and managing director of ComplianceTech. “In other cases, clients will build their entire fair lending operation around the software and we provide advice on this implementation, data migration and initial risk assessment.”

PCi’s role is to supply the tools and data set to allow others to draw conclusions from it. “The ability to drill in really blows [the data] up for [lenders], even the smaller and mid-size lenders all over the country,” Cooper said. “They can extend their data to include the front and back end ratios and the credit score information. Other information like that can help contextualize the decisions that were made as to whether or not the loan was funded and also the pricing on funded loans.”

PCi focuses its filters on particular geographic locations and details specific lender origination rates within certain areas, protected and unprotected classes, and shows a lender’s range of price thresholds within those areas. Individual neighborhoods, down to the cul-de-sacs, high minority and/or low-income areas and lender types all factor into the equation and lenders can drive down into specific aspects of that data, Cooper said.

There are a variety of factors that can influence the interpretation of aggregate data, especially in regards to calculating racial lending disparities in the context of fair lending analysis,” Taliefero said.

ComplianceTech uses its Shamus software to factor in lender data, including debt ratios, credit scores and loan-to-value information. “Without the drill down you are left with a very misleading impression of what the data says,” Taliefero said.
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Prado Mortgage, and Option One Mortgage Corp., Irvine, Calif., will form a business partnership to expand Option One’s services to the Hispanic community. The business partnership was developed through Option One’s involvement with National Association of Hispanic Real Estate Professionals (NAHREP).

To help facilitate this, an Option One underwriter will work out of Prado’s Las Vegas office by purchasing loans originated authorized by Option One’s underwriter.

****
LoanPerformance, a subsidiary of Santa Ana, Calif.–based First American Real Estate Solutions (RES) released a beta version of TrueStandings Servicing, a Web-based analysis and reporting product.

TrueStandings provides access to delinquency, prepayment and loan characteristics on more than 40 million active mortgage loans and offers additional access to a historical database of more than 100 million loans.

****
HUD announced a mortgage-financing program that requires no down payment for victims who suffered destroyed or damaged homes because of Hurricanes Katrina or Rita . In addition to requiring no down payment, potential homeowners can live anywhere they choose in the U.S.

Under the mortgage program, Section 203(h), HUD, through the Federal Housing Administration (FHA), will insure mortgages for individuals or families in a Presidentially-declared disaster area whose residences were destroyed or damaged to such an extent that reconstruction or replacement is necessary.

Borrowers must be able to qualify for FHA mortgages, will not have to put any cash down to purchase the property. In addition, the FHA mortgage insurance premiums can be financed into the mortgage amount, so only minimal closing costs would be required.
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Mayor Michael Bloomberg (R), New York City Department of Housing Preservation Commissioner Shaun Donovan and the chief executives of the seven charities announced the New York Acquisition Fund initiative to include $26.5 million from the Ford Foundation, the Rockefeller Foundation and the Starr Foundation; $8 million allocated from the corporate reserves of the New York City Housing Development Corporation (HDC); and $160 million from major banks and financial institutions in New York City.

Local and non-profit developers would go through the fund to acquire private property for the construction and preservation of affordable housing, including rental, homeownership and supportive housing.

Financial institutions will fund the loans to affordable housing developers through non-profit lenders including the Enterprise Foundation LISC, The Corporation for Supportive Housing and the Low Income Investment Fund. A $40 million “guarantee pool” provided by the foundations will secure loans made by the financial institutions and the non-profit lenders if a developer defaulted on a loan.

Industry participants said developers most interested in developing affordable housing are non-profit organizations and smaller local developers who typically do not have the financial resources to compete to acquire property in the private market. “Developers interested in building or acquiring affordable housing will now receive a helping hand when competing for privately-owned land or housing,” Donovan said.

“The limited availability of land for development of affordable housing has become a major issue in many cities,” said Ford Foundation President Susan Berresford. “This unique partnership will provide much-needed capital to build and preserve affordable housing for tens of thousands of New Yorkers who otherwise might lack a secure home.  It shows the power of collaborations that generate public and private investments to improve opportunities for low-income families.”

The Open Society Institute (OSI) will lend its support for startup operations on the fund as it did in a similar program it created in South Africa. “It worked with the post-apartheid government to finance the construction of homes for low-income families,” said Gara La Marche, vice president of U.S. programs at OSI.

Bloomberg said his administration committed to build or rehab 86,500 units of affordable housing for more than 250,000 New Yorkers at the cost of nearly $4 billion. “In the first 18 months of our administration, we invested $750 million into building and rehabbing more than 18,500 units of housing throughout the City,” Bloomberg said.  “About 15,000 of them have already been completed.  We have also launched a $3 billion initiative to build and renovate 68,000 units of affordable housing for 200,000 New Yorkers by the end of 2008.” 

In August, the last citywide Requests for Proposals for 248 vacant Housing Preservation Development Corp. (HPD)-owned sites suitable for residential development were issued.  The redevelopment of the former New York City-owned portfolio of land and buildings produced more than 229,000 apartments and houses since 1987.

“As the HPD develops a new housing pipeline, the Acquisition Fund will create a new set of opportunities for affordable housing using land and buildings in the private market,” Donovan said.
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HFF's Los Angeles office arranged a $50 million refinancing for 555 Ninth Street, a 148,832 square foot, Class A retail center in San Francisco on behalf of SPI Holdings LLC. 555 Ninth Street is located in the South of Market area of San Francisco. The property was built in 1991 and is 100 percent occupied by seven tenants including Bed Bath & Beyond, Nordstrom Rack, Trader Joe's and Pier 1 Imports.

HFF senior managing director Paul Brindley arranged a 10-year, interest-only, fixed-rate, securitized loan through Greenwich Capital Markets, Greenwich, Conn. SPI, a private real estate investor and developer, currently owns and controls a four-million square foot institutional quality portfolio. "The refinancing allowed the borrower to pull out some proceeds, but more importantly, lock in a long-term rate that is very attractive as long-term owners," Brindley said.

The Houston office of HFF arranged $11.23 million in financing for Parkway Town Center, a 65,840-square-foot, Publix-anchored retail center in Smyrna, Tenn.

HFF director Tucker Knight, working on behalf of Newco-Ridley LLC, secured a $10 million, 10-year, fixed-rate, securitized loan through Principal Global Investors. The loan has a 30-year amortization. In addition, a $1.23 million mezzanine loan was placed with RAIT Investment Trust . The borrower is an affiliate of PGM Properties LLC, which is a Tennessee commercial real estate development company that specializes in grocery anchored retail centers.

Parkway Town Center, completed in May, consists of one main building plus four out parcels that are 95 percent occupied by Publix, Great Clips, Pet Supermarket and Blue Coast Burrito. Phase II is under construction, due for completion in late 2006, and the retail center will add another 8,000 square foot pad site that is not included in this financing. The nearly 14-acre retail center is located at the southeast corner of Sam Ridley Parkway and Jim Parker Drive in Smyrna, a southeast suburb of Nashville.
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The Mortgage Bankers Association's Legal Issues in Mortgage Technology Conference, November 30-December 2 in San Diego, is devoted to current and emerging legal and regulatory issues affecting the technology of mortgage banking, including online mortgage lending and electronic mortgages. This conference features detailed information on how the most recent developments in the legislative, regulatory and compliance landscape will affect your company’s technology strategies and infrastructure.

Learn more about Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA), Electronic Signatures in Global/National Commerce (ESIGN) and Uniform Electronic Transactions Act (UETA), Intellectual Property Rights (IPR), eNotarization and eRecording, ePackaging, identity theft and data security, Home Mortgage Disclosure Act (HMDA) and Fair Lending, Fair Credit Reporting Act (FCRA) and privacy-related issues, RegAB and other relevant legislative and regulatory issues.

Who Should Attend:
• General counsel
• Regulatory compliance professionals
• Senior executives
• Business managers
• Information technology professionals
• Private attorneys who represent mortgage banking companies, depository institutions or secondary market organizations on issues of real estate finance
• Other personnel involved in legal and regulatory issues

Panelists feature staff from the Mortgage Bankers Association; Fannie Mae; Freddie Mac; major law firms such as Weiner, Brodsky, Sideman, Kider PC, Kirkpatrick & Lockhart, Nicholson, Graham LLP, Buckley Kolar LLP and Lotstein Buckman LLP; and major corporations including Countrywide.

The conference will take place at the Sheraton Suites San Diego, where registrants get a discount rate of $169/night (single). Hotel cut-off date is November 8; the hotel phone number is 1-888-627-8067.

To register, go to http://shop.mortgagebankers.org or call 1-800-793-6222. For more information, visit the conference Web site, http://events.mortgagebankers.org/legaltech2005/default.html.
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Congress

The proposal grabbed immediate media attention and could be attractive to some lawmakers because they could to use the savings from reducing the deduction to offset the costs of other proposed policy changes. 
 
MBA is on record with the President's Tax Reform Panel against such a proposal. In the coming weeks, MBA will work with members of Congress and other policymakers to ensure that the arguments against lowering the cap on mortgage interest deduction are heard clearly.
 
In the Executive Order establishing the panel, President Bush clearly asked it to provide options to reform the Federal Internal Revenue Code while bearing in mind the goals of simplification, fairness, economic growth and support for charitable giving and homeownership. MBA believes that a proposal to lower the cap on the mortgage interest deduction runs contrary to the goals set forth by the President, and could cause serious harm to homeownership and the economy, particularly in high cost areas, where the median home price often exceeds the $312,895 FHA limit.
 
GSE Oversight Reform Update
MBA staff this week completed a round of meetings with policymakers in anticipation of H.R. 1461, the House GSE bill, coming to the House floor in the coming weeks. The best estimates anticipate that it will be on the floor during the week of October 24. MBA is working to prevent an amendment that would strike "bright line" language from the House bill.
 
For more information, please contact Erick Gustafson at (202) 557-2913 (egustafson@mortgagebankers.org).
 
MBA Submits Three Comment Letters to FASB
On October 10, MBA submitted three comment letters to the Financial Accounting Standards Board (FASB) on three Exposure Drafts that would amend FAS 140-Accounting for Transfers & Servicing of Financial Assets and Extinguishments of Liabilities. 
 
In comments on the first exposure draft, Accounting for Servicing of Financial Assets, which would permit servicers to elect to report their servicing rights at fair value, MBA urged FASB to consider permitting servicers to elect to measure their servicing rights at fair value on a less expansive basis than the proposed "class of servicing rights" (e.g. servicing of mortgages vs. auto loans). MBA also urged FASB to release the guidance in final form as soon as possible, with minor clarifications.
 
The second ED, Accounting for Transfers of Financial Assets, would clarify the derecognition requirements for financial assets.  In its comments, MBA requested clarification on a number of points, including the circumstances in which legal opinions are needed.
 
The final ED, Accounting for Certain Hybrid Financial Instruments, would eliminate a temporary exemption from Statement 133 for certain securitized interests and to simplify the accounting for hybrid instruments.  MBA points out in its letter that it strongly supports the proposed fair value election described in the ED, but notes that the FASB should amend the guidance to permit holders to apply the fair value election to existing hybrid instruments, and that the guidance should be expanded to address how hybrid instruments held at fair value should be reported in holders' financial statements.
 
For more information, please contact Alison Utermohlen at (202) 557-2864 (autermohlen@mortgagebankers.org).
 
Policy Recommendations Submitted to FHA on Hurricane Katrina
Last week, MBA staff met with senior FHA staff, including Commissioner Brian Montgomery, to discuss MBA's response to Hurricane Katrina. FHA is still trying to evaluate the scope of flood losses from Katrina before it decides to insure those losses. At FHA's request, MBA submitted  a number of legislative and regulatory options for FHA to review as it decides the best course of action. A copy of those recommendations is attached.    
 
For more information, please contact Tim Doyle at (202) 557-2860 (tdoyle@mortgagebankers.org).
 
MBA Thanks FHA Commissioner for Recent Program Changes
Regina Lowrie, MBA Chairman-Elect, recently sent a letter on behalf of MBA thanking Federal Housing Administration Commissioner Brian Montgomery for several recently announced program changes at FHA. 

Over the past several months, FHA has announced significant changes to its programs and processes and many lenders have sensed a greater bias towards action from FHA in implementing improvements. Most significantly, just a few weeks ago, FHA announced implementation of electronic endorsement, known as Lender Insurance, which will allow lenders to self-endorse loans for FHA insurance and eliminate the need for sending any paper files into FHA for pre-endorsement reviews.  Last year, more than one million paper loan files were sent to FHA for review prior to endorsement.
 
In response to a letter sent by MBA to FHA in July of this year asking that FHA modify its appraisal requirements in light of the new Uniform Residential Appraisal Report (URAR) forms developed by Fannie Mae and Freddie Mac, FHA announced changes that bring the FHA appraisal process much closer to alignment with conventional mortgages.
 
Earlier this year, FHA announced the Streamline 203(k) program, which will allow borrowers to add up $15,000 into the loan amount for repairs to be completed post-closing with greatly reduced requirements from the regular 203(k) program.  This idea is the product of a working group that MBA developed several years ago in order to find ways to help FHA borrowers address property conditions without having a purchase contract terminated.
 
For more information, please contact Tim Doyle at (202) 557-2860 (tdoyle@mortgagebankers.org). 
 
U.S. District Court Halts NY AG's Investigation into Lending Practices
On October 12, U.S. District Court Judge Sidney Stein permanently barred New York State Attorney General Eliot Spitzer (D) from subpoenaing documents and instituting enforcement actions against national banks as part of a fair lending investigation exploring the possibility of racially discriminatory practices in residential lending.
 
Stein ruled that Spitzer’s office had infringed on the Office of the Comptroller of the Currency's role in supervising national banks. The ruling prevents Spitzer's office from issuing subpoenas or demanding inspection of the books and records of any national banks in connection with the probe. It also orders Spitzer not to institute any enforcement actions to compel compliance with his information requests and prevents his office from instituting court actions against national banks to enforce state fair lending laws.
 
A copy of the decision is attached .
 
For more information, please contact Ken Markison at (202) 557-2930 (kmarkison@mortgagebankers.org). 
 
Louisiana Governor Calls Extraordinary Session
To address the devastation and destruction caused by Hurricane Katrina, Louisiana Gov. Kathleen Blanco (D) has called for an extraordinary session from November 6-18.
 
Prior to the commencement of this upcoming extraordinary session, the Joint House and Senate Commerce Committee will meet October 18 to discuss draft forbearance legislation that would modify payments and terms on residential loans following a natural disaster, specifically allowing borrowers not to make any payments for 12 months. There is widespread concern about the length of the forbearance and its potential impact on the secondary market.
 
State Sen. James David Cain (R) has circulated the language. However, the latest intelligence indicates that he does not plan to introduce this bill during the special session.  Instead, he plans to hold a press conference, or issue a press release, in which he is expected praise the efforts of lenders to assist their mortgagors.
 
MBA is working closely with the Louisiana Mortgage Lenders Association (LA MLA), preparing a joint letter that will be distributed to Joint Commerce Committee members and providing the LA MLA with talking points for the Committee meeting.

To be completely prepared for this short, fast-paced session MBA and the LA MLA held an additional strategy conference call Friday.
 
Also of note, the Louisiana State Law Institute met on October 7 to discuss emergency legislation during the impending session; during the meeting, an effort to recommend legislation putting a moratorium on mortgage foreclosures was reportedly unsuccessful.
 
For more information, please contact Beth Percynski at (202) 557-2866 (bpercynski@mortgagebankers.org)
 
California Fax Ban Bill Signed into Law
California Gov. Arnold Schwarzenegger (R) signed a fax ban bill  into law last Friday.  The statute creates a ban on unsolicited advertising faxes "if the recipient is located in California," regardless of whether the sender is also in California. The new law does not provide an established business relationship exception to the ban on unsolicited commercial faxes.
 
Similar to the July 2003 FCC regulations, this new law does not appear to provide an established business relationship exception to the ban on unsolicited commercial faxes.  Although the new law permits an exception for non-profit trade groups in certain instances, the exception does not encompass faxing material advertising the availability of third-party services or goods.  Those in violation of the law face a $500 penalty, with treble damages for those who intentionally violate the law.
 
This new law takes effect on January 1.
 
For more information, please contact Beth Percynski at (202) 557-2866 (bpercynski@mortgagebankers.org) or Vicki Vidal at (202) 557-2861 (vvidal@mortgagebankers.org).
 
MBA Holds Member Fly-in Meeting on RMBS and Regulation AB
MBA staff and representatives of 14 member firms met in Chicago this week to discuss issues facing the residential mortgage-backed securities (RMBS) sector in complying with the Securities and Exchange Commission's Regulation AB.  The regulation covers the registration, disclosure and reporting for public asset-backed securities.  Compliance issues face issuers, trustees, servicers, custodians and vendors of all types who sponsor private-label transactions, provide the mortgage collateral for them or support the deals. 
 
At the fly-in meeting, MBA had representatives of firms acting as originators, servicers, trustees and issuers, and the discussion involved identification of unresolved issues and establishment of a list of actions to be taken by MBA staff on behalf of the RMBS sector.  MBA staff members from the MISMO, accounting, servicing, secondary, and economics and research areas were in attendance, reflecting the broad reach of the SEC regulation and the importance of the rapidly developing RMBS business.
 
For more information please contact Kathy Gibbons at (202) 557-2870 (kgibbons@mortgagebankers.org), Alison Utermohlen at (202) 557-2864 (autermohlen@mortgagebankers.org), or Vicki Vidal at (202) 557-2861 (vvidal@mortgagebankers.org). 
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Over the past several years, MBA has held the Residential Town Hall meeting. The purpose of the event has been to encourage dialogue between MBA members and the leadership of MBA in an open forum. This year, several improvements have been made to this event to help it achieve its goal of providing a vital feedback loop for members to their leaders.

This year, the event has been renamed the Residential Member-Only Forum, and non-members, as well as media, will not be permitted to participate.

In addition, the format of the event will change. Instead of having a panel of MBA leaders make presentations, only a very brief presentation from MBA leadership will take place, followed by a discussion period for the rest of the hour-long session. To make this happen, panelists will ask the audience a series of questions top elicity member feedback, such as fraud schemes; RESPA reform; HMDA data; GSE reform; Sarbanes-Oxley compliance; data security; FHA revitialization; predatory lending legislation and fraud against mortgage lenders.

Please plan to attend the event and encourage others in your firm attending the Convention to do so as well. And be prepared to participate in the dialogue.

For more information, visit the Annual Convention Web site, http://events.mortgagebankers.org/92nd_annual/sessions/default.aspx#INFO.
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Scheduled witnesses include James Newsome, president of the New York Mercantile Exchange; Joseph Bauman, former chairman of the International Swaps and Derivatives Association; Paul Bennett, chief economist with the New York Stock Exchange; and Charles Smithson, managing partner with Rutter Associates.

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit holds a hearing on H.R. 3505, the “Financial Services Regulatory Relief Act of 2005." The hearing takes place on Tuesday, October 18 at 10:00 a.m. EDT in room 2128 of the Rayburn House Office Building.

The Subcommittee on Housing and Community Opportunity holds a hearing on Thursday, October 20 on “Management and Oversight of the National Flood Insurance Program.” That hearing also takes place in 2128 Rayburn at 10:00 a.m. EDT. Panelists for the hearing are expected to be similar to the Senate Banking Committee hearing on October 18.

Preliminary meetings at MBA’s Annual Convention take place beginning on Friday, October 21, including the MBA State/Local Workshops. The Annual Convention officially kicks off on Sunday, October 23.

MBA NewsLink will provide complete coverage, including twice-daily editions on Monday, October 24 and Tuesday, October 25. For more information about the Annual Convention, go to http://events.mortgagebankers.org/92nd_Annual/default.html.

Senate hearings can be accessed live over the Internet at www.capitolhearings.org; House Financial Services Committee hearings can be viewed live over the Web at http://financialservices.house.gov/.

Upcoming Reports/Events:

Oct. 18: Producer Price Index, Labor Department
Oct. 18: Housing Market Index, National Association of Home Builders
Oct. 19: MBA Weekly Application Survey
Oct. 19: New Residential Construction, Commerce Department
Oct. 19: Beige Book, Federal Reserve Board
Oct. 20: Composite Indexes, The Conference Board
Oct. 21-22: MBA State & Local Workshop, Orlando
Oct. 23-26: MBA Annual Convention & Expo, Orlando
Oct. 24: Housing Vacancies and Home Ownership, Commerce Department
Oct. 25: Existing Home Sales, National Association of Realtors
Oct. 25: Consumer Confidence, The Conference Board
Oct. 26: MBA Weekly Application Survey
Oct. 27: Revised Building Permits, Commerce Department
Oct. 27: Advance Durable Goods, Bureau of the Census
Oct. 27: New Residential Sales, Commerce Department/HUD
Oct. 28: Gross Domestic Product, Labor Department
Oct. 28: Employment Cost Index (3rd Quarter), Labor Department
Oct. 31: Personal Income, Labor Department
Nov. 1: Federal Open Market Committee
Nov. 1: Construction in Place, Commerce Department
Nov. 1: ISM Index, Institute for Supply Management
Nov. 1-2:  CampusMBA: Real Estate Appraisal for Mortgage Lenders Workshop, Chicago
Nov. 2: MBA Weekly Application Survey
Nov. 3-4: CampusMBA SPeRS and MISMO Workshop, Washington, D.C.
Nov. 3: Productivity and Costs, Bureau of Labor Statistics
Nov. 3: ISM Services, Institute for Supply Management
Nov. 3: Manufacturer Shipments, Inventories & Orders, Commerce Department
Nov. 4: Employment, Labor Department
Nov. 4: Joint Economic Committee Statement
Nov. 6-11: CampusMBA School of Mortgage Banking Course I, Tampa, Fla.
Nov. 7: Consumer Credit, Federal Reserve
Nov. 7-9: MBA Accounting, Tax & Financial Analysis Conference, Boca Raton, Fla.
Nov. 8-9:  CampusMBA: The Executive Institute: Market Analysis Workshop, Washington, DC
Nov. 8-11: CampusMBA Regulatory Compliance Institute, Denver
Nov. 9: MBA Weekly Application Survey
Nov. 9: Wholesale Trade, Bureau of the Census
Nov. 10: Trade Balance, Commerce Department
Nov. 10: Imports/Exports, Commerce Department
Nov. 10: Treasury Department Monthly Statement
Nov. 10-11: MBA Residential Underwriting Conference, Coronado, Calif.
Nov. 11: Veterans Day Holiday
Nov. 15: Producer Price Index, Bureau of Labor Statistics
Nov. 16: MBA Weekly Application Survey
Nov. 16: Business Inventories, Commerce Department
Nov. 16: Real Earnings, Bureau of Labor Statistics
Nov. 16: Consumer Price Index, Bureau of Labor Statistics
Nov. 16: NAHB Housing Market Index, National Association of Home Builders
Nov. 17: New Residential Construction, Commerce Department
Nov. 17: Industrial Production and Capacity, Federal Reserve
Nov. 17: Composite Indexes, The Conference Board
Nov. 23: MBA Weekly Application Survey
Nov. 24: Thanksgiving Holiday
Nov. 28: Revised Building Permits, Bureau of the Census
Nov. 28: Existing Home Sales, National Association of Realtors
Nov. 29: Advance Durable Goods, Bureau of the Census
Nov. 29: New Residential Sales, Commerce Department/HUD
Nov. 29: Consumer Confidence, The Conference Board
Nov. 30: MBA Weekly Application Survey
Nov. 30: Gross Domestic Product, Bureau of Labor Statistics
Nov. 30: Corporate Profits, Bureau of Economic Analysis
Nov. 30: MBA Legal Issues in Mortgage Technology Conference, San Diego
Dec. 4-9:  CampusMBA School of Mortgage Banking Course II, Las Vegas
Dec. 7-9: CampusMBA eMortgage Workshop, Las Vegas
Dec. 7-9:  CampusMBA Underwriting University, Miami
Dec. 13: Federal Open Market Committee
Dec. 25: Christmas Holiday (official)
Dec. 26: Christmas Holiday (observed)

2006
Jan. 1: New Years Holiday (official)
Jan. 2: New Years Holiday (observed)
Jan. 8-13: CampusMBA School of Mortgage Banking I, Dallas
Jan. 22-27: CampusMBA School of Mortgage Banking III, San Francisco
Jan. 23-24: CampusMBA Commercial Loan Origination 101, San Francisco
Jan. 24-26: CampusMBA Quality Assurance Principles, San Francisco
Jan. 29-Feb. 3: CampusMBA School of Mortgage Banking II, Phoenix
Jan. 31: Federal Open Market Committee
Jan. 31-Feb. 1: CampusMBA Best Practices/Financial Control and Investor Administration Workshop, Phoenix
Feb. 5-8: MBA Commercial Real Estate Finance/Multifamily Housing Convention & Expo, Orlando
Feb. 7-8: CampusMBA Executive Institute--Valuation Issues Workshop, Miami
Feb. 9: CampusMBA Detecting and Avoiding Mortgage Fraud Workshop, Miami
Feb: 14-17: Servicing Management Workshop, Phoenix
Feb: 14-17: MBA National Mortgage Servicing Conference & Expo, Phoenix
Feb. 26-March 3: CampusMBA School of Mortgage Banking Course I, location TBD
March 6-8: CampusMBA Multifamily Property Inspection Training, Washington, D.C.
March 12-17: CampusMBA Commercial School of Mortgage Banking, Miami
March 13-14: CampusMBA Commercial Loan Origination 201, Miami
March 21-22: MBA National Policy Conference, Washington, D.C.
March 27-29: CampusMBA Multifamily Property Inspection Training, Las Vegas
March 29-April 1:  MBA National Technology in Mortgage Banking Conference, San Diego
April 23-28: CampusMBA School of Mortgage Banking Course II, Seattle
April 30-May 3: MBA Legal Issues/Regulatory Compliance Conference, Palm Desert, Calif.
April 30-May 5: CampusMBA School of Mortgage Banking Course II, Long Beach, Calif.
May 2-3: CampusMBA, The Next Step in Combating Mortgage Fraud, Long Beach, Calif.
May 7-10:  MBA National Secondary Market Conference, Chicago
May 16-17: CampusMBA Best Practices-Default Administration Workshop, St. Louis
May 16-19:  MBA Commercial Asset Administration Conference, New Orleans
June 4-9: CampusMBA School of Mortgage Banking Course III, Oak Brook, Ill.
June 11-14: MBA Presidents Conference, Half Moon Bay, Calif.
June 11-16: CampusMBA School of Mortgage Banking Course II, Las Vegas
June 20-21: CampusMBA Executive Institute--Mortgage Business Professional Issues, TBD
Aug. 7-8: CampusMBA Commercial Loan Origination 301, San Francisco
Sept. 17-19: MBA Document Custody Conference, Seattle
Sept. 26-27: MBA Quality Assurance Conference, Coronado, Calif.

Information about MBA Events can be found at the MBA Web site, www.mortgagebankers.org ; and at the CampusMBA Web site, www.campusmba.org.
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