Following concerns expressed in a May 13 letter, the Federal Housing Finance Agency assured the Mortgage Bankers Association and other industry trade groups that industry stakeholders such as themselves would have sufficient time to implement necessary system and process changes that any updates to Fannie Mae and Freddie Mac’s credit score requirements would entail.
Category: News and Trends
Existing Home Sales Fall 4th Straight Month; Median Sales Price Breaks $400,000
May existing home sales fell by 3.4 percent from April, marking the fourth consecutive monthly decline, the National Association of Realtors reported Tuesday.
CMBS Delinquency Rate Falls Sharply
Trepp LLC, New York, said the commercial mortgage-backed securities delinquency rate posted another large decline in May.
Dealmaker: D2 Capital Advisors Arranges $18M in Construction Financing
D2 Capital Advisors, Philadelphia, arranged $18.2 million in construction financing for a 47-unit affordable housing property in Aurora, Ill.
MBA, NFHA Launch Online Toolkit for Special Purpose Credit Programs in Underserved Communities
The Mortgage Bankers Association and National Fair Housing Alliance announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs, which permit lenders to offer mortgage credit to economically and socially disadvantaged borrowers and are an important tool for ensuring financial institutions can meet the needs of their consumers.
Sponsored Content from WFG: When it Comes to Operational Efficiency, Don’t Let ‘Perfect’ Get in the Way of ‘Better’
With refinances plummeting, it’s more important than ever for lenders to optimize profitability by finding ways to take time and cost out of the origination process.
MBA Chair Marks Black Homeownership Collaborative Anniversary
MBA Chair Kristy Fercho joined national and local leaders in Atlanta on Monday to mark the one-year anniversary of the Black Homeownership Collaborative.
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“Servicers are whittling away at the remaining loans in forbearance, even as the pace of monthly forbearance exits slowed in May to a new survey low. Most borrowers exiting forbearance are moving into either a loan modification, payment deferral or a combination of the two workout options.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
MBA Selects Philadelphia as its Third CONVERGENCE City
The Mortgage Bankers Association selected Philadelphia as the site for its next CONVERGENCE initiative, a place-based partnership focused on narrowing the racial homeownership gap. CONVERGENCE Philadelphia will launch in early 2023, joining CONVERGENCE initiatives in Memphis, Tenn., and Columbus, Ohio.
Sponsored Content from SWBC: 2022 Property Appraisal Challenges; an Interview with Chuck Mureddu
Mortgage lenders are having a hard time sourcing affordable, prompt property appraisals. We discuss this challenge with SWBC’s Chief Valuation Officer, Chuck Mureddu.