HousingWire, May 7, 2018–Jeremiah Jensen”Lending terms remain extremely attractive, and we expect another strong year in 2018, although perhaps not quite as strong as 2017,” said MBA Vice President of Commercial Real Estate Research Jamie Woodwell.
Category: Top National News
Blackstone Buys Gramercy Property Trust for $7.6 Billion
HousingWire, May 7, 2018–Jeremiah JensenBlackstone Group announced today that it will buy commercial real estate management group Gramercy Property Trust for $7.6 billion.
Mortgage Lenders are Making it Easier for You to Buy a House. But Are They Repeating Last Decade’s Mistakes?
Philadephia Inquirer, May 4, 2018–Caitlin McCabeDana Wade, the acting Federal Housing Administration commissioner, minced few words in testimony last month before a U.S. House of Representatives committee. The FHA, the federal housing agency that insures mortgages made to first-time and lower-income buyers, has seen “certain trends and indicators of potential defaults,” Wade said.
Drop in Nonbank Mortgage Employment Erases Earlier Gains
National Mortgage News, May 4, 2018–Bonnie Sinnock (subscription)Nondepository origination firms employed 337,200 workers in March, according to the Bureau of Labor Statistics. That’s down from 339,500 jobs from February, revised BLS estimates show. In March 2017, there were 331,500 full-time workers in the nonbank mortgage industry.
Mortgage Compliance is About More than Keeping Regulators Happy
National Mortgage News, May 4, 2018–Brian Fitzpatrick (subscription)The author, CEO of LoanLogics, says lenders just don’t have the luxury of going back in time to fix bad loans after they’ve already closed. Nor can they simply hope that their loan origination systems or staff caught every problem. Today’s loans must be done right the first time. The game has changed, and lenders it need to play differently before it’s too late.
New York’s Storied Plaza Hotel Is Set to Sell for $600 Million
Bloomberg, May 4, 2018–Gillian TanNew York’s iconic Plaza Hotel is about to change hands. Its buyers are Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization. They agreed to pay $600 million for the hotel, at the southeast corner of Central Park, in a deal that is set to be completed on June 25.
U.S. Job Growth Picks Up; Unemployment Rate Drops to 3.9 Percent
Reuters, May 4, 2018–Lucia MutikaniU.S. job growth increased less than expected in April and the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent as some out-of-work Americans left the labor force.
Banks are Working to Woo New Doctors into Home Mortgages
CBNC, May 5, 2018–Helen ZhaoMortgages tailored to doctors have grown more popular in the last few years, according to the lenders who offer them. Bank of America said it has seen the dollar volume of physician mortgages it issued between 2008 and 2017 increase ninefold because of greater awareness from consumers.
Robert Klein, Founder and Chairman of Safeguard Properties, Dies at 65
Cleveland Plain Dealer, May 4, 2018–Michelle JarboeKlein started Safeguard in 1990 and was its chief executive until 2010, when he handed the reins to Alan Jaffa, his son-in-law. The company works for banks, securing and maintaining homes that are in the foreclosure process or that have been taken back by lenders.
Fidelity National’s Earnings Rise as Title Orders Increase
National Mortgage News, May 4, 2018–Brad Finkelstein (subscription)An increase in title orders opened helped Fidelity National Financial improve its first-quarter net income by 59% over the same period last year.