Here is a summary of housing/economic stories that recently came across the MBA NewsLink desk:
Category: News and Trends
FHA Adds 40-Year Loan Modification with Partial Claim to COVID-19 Recovery Loss Mitigation Options
The Federal Housing Administration this week published Mortgagee Letter 2022-07, Update to the COVID-19 Recovery Loss Mitigation Options, which adds to FHA’s COVID-19 Recovery Loss Mitigation Options, a loan modification with a 40-year term used together with a partial claim.
March Existing Home Sales Drop Nearly 3%
Existing home sales fell for the second straight month in March, the National Association of Realtors reported Wednesday, as buying conditions worsened from inadequate housing supply, elevated home prices and rising mortgage interest rates.
Dealmaker: Dwight Capital Finances $89M
Dwight Capital, New York, closed $88.6 million in financings for assets in South Carolina, Missouri and Texas.
Kebra Rhedrick of Wipro Opus Risk Solutions: Learning from the Best–The Notification Rule
The Notification Rule establishes notice requirements for banking organizations and certain bank service providers when they experience computer-security incidents that rise to the level of notification incidents. Since notification is required before the organization may fully assess the incident, the notification requirement mainly focuses on what is affected. A prudent institution would identify systems and information that trigger the rule in advance.
MBA Weekly Applications Survey April 20, 2022: Rising Mortgage Rates Push Down Applications
The highest mortgage rates in more than a decade pushed mortgage application activity down, the the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending April 15.
Quote
“The recent pullback in sales has occurred against a backdrop of increasingly challenging buying conditions. In addition to historically low inventory levels and fast-rising home prices, mortgage rates have moved sharply higher, although most buyers who closed in March likely locked in mortgage rates well below current levels.”
–Mark Vitner, Senior Economist with Wells Fargo Economics, Charlotte, N.C.
MISMO Seeks Public Comment on Commercial Green Borrower Questionnaire
MISMO®, the real estate finance industry standards organization, seeks public comment on a standardized questionnaire for borrowers to answer when applying for a commercial mortgage loan.
Industry Briefs Apr. 21, 2022: Optimal Blue Launches Investor Pricing Insight
Optimal Blue, Jacksonville, Fla., released Investor Pricing Insight, a benchmarking tool that makes real-time pricing available to wholesale and correspondent mortgage investors on demand.
Scott Roller: A New Technology for Enterprise, Loan Officer Pipeline Building
Traditionally, when this market flip occurs, intense pressure is bestowed upon lender sales and marketing teams. Everyone looks for them to become the ‘rainmakers.’ Pressures are often proportionate to the size of the lender, because few big banks invest in local purchase market referral relationships year-round. There is a fresh new approach to supplement the lender playbook, both at the enterprise and loan officer level.