In early October I surveyed 34 senior executives from 34 separate mortgage companies about an array of issues and topics both relevant and consequential to the mortgage banking industry. It was the 26th time since 2008 that this survey has been conducted and published by the MBA.
Category: News and Trends
Industry Briefs Nov. 4, 2021: Pretium Acquires Anchor Loans
Pretium, New York, a specialized investment management firm with $30 billion in assets, acquired Anchor Loans LP, a provider of financing to residential real estate investors and entrepreneurs
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“With the job market looking strong, and inflation well above target and likely to stay there for some time, the Federal Reserve moved to begin to taper their asset purchases and signaled that they are beginning to think about raising short-term rates. The timing and amount of tapering are in line with market expectations and as previously communicated by the Fed.”
–MBA Chief Economist Mike Fratantoni.
MBA Weekly Applications Survey Nov. 3, 2021: Refis Fall to Nearly 2-Year Low
Mortgage rates fell last week—but so did mortgage applications, refinance applications in particular, the Mortgage Bankers Association reported in its Weekly Mortgage Applications Survey for the week ending October 29.
MBA, Trade Groups Urge Senate Banking Committee to Approve LIBOR ‘Tough Legacy’ Legislation
The Mortgage Bankers Association and nearly two dozen industry trade groups urged members of the Senate Banking Committee to support federal legislation to address “tough legacy” contracts that currently reference LIBOR.
Waning Refi Volumes Spur Decline in LO Commissions
SimpleNexus, Lehi, Utah, said declining loan volumes in the third quarter pushed quarterly loan originator commission earnings by 17%.
MBA Accounting & Financial Management Conference in Nashville Nov. 10-12
The Mortgage Bankers Association’s Accounting & Financial Management Conference takes place Nov. 10-12 at the Grand Hyatt Nashville.
Timothy Raty of Mortgage Cadence: USDA and the GSEs’ New Uniform Security Instruments
While Rural Development’s requirements lack details specific to the content of the security instruments used, they do have plenty of other requirements regarding the servicing of a loan which may not be completely compatible with the covenants within the SIs. The following summarizes the types of conflicts, additional requirements and near conflicts that may exist
People in the News Nov. 4, 2021
Cherry Creek Mortgage, Denver, promoted Susan Vick to Vice President of Marketing.
Jennifer Henry of Equifax: Accelerating Access to Credit for Marginalized Communities Can Provide Benefits on a National Scale
While there are more tools, technology advancements, access to data and specific programs tailored to minority consumers and marginalized groups than ever before, there are still additional steps the industry can take to truly make homeownership a reality for all.