Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed five loans totaling $116.9 million to finance two multifamily properties, one office portfolio and a mixed-use portfolio.
Category: News and Trends
Supply Constraints, Higher Interest Rates Damper Builder Confidence
Ongoing lumber and building material supply side constraints, rising construction costs and expectations of higher interest rates continue to negatively affect builder sentiment even as buyer demand remains relatively solid, the National Association of Home Builders reported Wednesday.
Tom Lamalfa: 1Q22 Industry Update
The steep run-up in interest rates, especially mortgage rates, since the start of the year prompted the mini survey I conducted in early March. It consisted of 10 questions that were put to 17 senior mortgage banking experts.
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“The Federal Reserve raised its short-term rate target for the first time since 2018 at its March meeting. More importantly, it clearly signaled that additional hikes are coming, with the median FOMC member expecting to raise rates at each of the remaining six meetings in 2022. With the unemployment rate below 4%, inflation nearing 8%, and the war in Ukraine likely to put even more upward pressure on prices, this is what the Fed needs to do to bring inflation under control.”
–MBA Chief Economist Mike Fratantoni.
Fed Approves 1st Rate Hike in 4 Years
The Federal Open Market Committee on Wednesday raised the federal funds rate for the first time since 2018, marking a new approach to rising inflation and other economic pressures.
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“New home purchase activity slowed in February, as for-sale inventories remained tight and mortgage rates increased to their highest levels since 2019. February is typically the start of the spring home buying season, but applications to purchase a new home were down on a monthly and annual basis.”
–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.
MBA Weekly Applications Survey Mar. 16, 2022: Rate Volatility Drives Down Refis
Mortgage rates rose again last week to their highest level since 2019, resulting in a drop in refinance applications—although purchase applications rose slightly—the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending March 11.
People in the News Mar. 17, 2022: Lisa Heitzmann, CMB Named Deephaven Mortgage COO
Deephaven Mortgage, Charlotte, N.C., appointed Lisa Heitzmann, CMB, as Chief Operating Officer. She will oversee operations of Deephaven’s internal underwriting, wholesale and correspondent teams.
Fabio Rivas of LenderClose: Knowledge is Power: Creating Borrower Partnerships with Information
Being a better educator starts with having a full picture of the borrower’s financial situation. By taking a consultative approach, loan officers can ask questions to better understand what goals the potential borrower is trying to achieve. LOs can then provide the appropriate financial education that is relevant to best prepare them for homeownership.
Industry Briefs Mar. 17, 2022: Wolters Kluwer to Acquire IDS
Wolters Kluwer Governance, Risk & Compliance, Minneapolis, signed an agreement with The Reynolds and Reynolds Co. to acquire International Document Services Inc., Draper, Utah, a provider of compliance and document generation software platforms for the mortgage and real estate industry, for $70 million in cash.