MBA sent a letter to the FDIC Friday on its climate risk management principles for financial institutions. On Tuesday, MBA and the Housing Policy Council responded to HUD’s proposed 40-year modification, which would increase the maximum allowable term for an FHA-insured loan modification from 360 months to 480 months. And recently, FHFA finalized two rules related to the Enterprise Regulatory Capital Framework for Mac the GSEs.
Category: News and Trends
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“For decades, Frank has been a key voice for the mortgage industry – at Freddie Mac and then at CoreLogic. He was the best housing market analyst in the business, able to clearly and concisely convey information that helped our industry understand the current market and make decisions to prepare for the future. Frank had an inimitable style, both in terms of his presentations and his ever-present bow tie. Our thoughts and prayers are with his family.”
–Mortgage Bankers Association Chief Economist Mike Fratantoni, on the death of Frank Nothaft, Chief Economist with CoreLogic, Irvine, Calif.
MBA Chart of Week June 3, 2022: MBA Purchase Applications Payment Index
In March, MBA released its inaugural monthly Purchase Applications Payment Index (PAPI) – an affordability index that measures how new fixed-rate 30-year purchase mortgage payments vary across time relative to income. The third PAPI release on May 26 – based on April MBA Weekly Applications Survey data – gives us a picture of how affordability has been affected by increasing interest rates and elevated loan application amounts in the first third of 2022.
Mark P. Dangelo: Paradigm Shift: Data is the Material Value—Systems are Just Enablers
Data has always been valuable, but it has taken on new imperatives as an implication of continuous digital transformation. While cloud computing passes $500 billion in 2022, it will pale in comparison to the rise of digital fabrics where applications and platforms are merely a means to innovation adaptability. Digital fabrics may signal the first stage of failure for FinTech silos.
People in the News June 7, 2022: Industry Mourns Loss of CoreLogic Chief Economist Frank Nothaft
Frank Nothaft, who served for the past seven years as Chief Economist with CoreLogic, Irvine, Calif., passed away unexpectedly on June 5. He was 66.
Clint Salisbury of Wolters Kluwer: Improving the Lender Experience with Digital Mortgage Innovation
First impressions are important, but last impressions can have a bigger impact. The closing ceremony is often one of the borrower’s last interactions with the lender, making it one of the most important steps in the mortgage process in relation to the borrower’s experience.
Patrick Gluesing: After Rapids of Refinance, Quality Mortgages Calm the Waters
For the past two years, as rates plummeted to historical lows—due largely to outside factors—originators and servicers have enjoyed the rushing rapids of origination volume. Now that rates are rising and refi volumes have slowed, organizations need to find other areas of growth, such as non-QM loans and mortgage servicing rights.
MBA Advocacy Update June 6 2022
MBA sent a letter to the FDIC Friday on its climate risk management principles for financial institutions. On Tuesday, MBA and the Housing Policy Council responded to HUD’s proposed 40-year modification, which would increase the maximum allowable term for an FHA-insured loan modification from 360 months to 480 months. And recently, FHFA finalized two rules related to the Enterprise Regulatory Capital Framework for Mac the GSEs.
Employers Add 390,000 May Jobs; Unemployment Rate Holds at 3.6%
Employers added nearly 400,000 jobs in May, largely meeting expectations, the Labor Department reported Friday. The unemployment rate held at 3.6 percent for the third straight month.
Dealmaker: Marcus & Millichap Completes $39M in Retail, Industrial Sales
Marcus & Millichap, Calabasas, Calif., closed $38.8 million in retail and industrial transactions.