In this article, we will analyze the bottlenecks due to a manual & paper intensive process that lead to loan defects. Based on this understanding, we will investigate the key business risks from such loan defects and how automation can play a role in mitigating these risks.
Category: News and Trends
FHFA, GSEs Extend COVID-19 Multifamily Forbearance through Sept. 30
The Federal Housing Finance Agency on Thursday said Fannie Mae and Freddie Mac will continue to offer COVID-19 forbearance to qualifying multifamily property owners through September 30.
Initial Claims Down 35% Since April
Initial claims for unemployment insurance fell by another 20,000 last week, the Labor Department reported Thursday, the fifth consecutive weekly drop to the lowest level since March 2020.
Industry Briefs June 4, 2021
Zillow, Seattle, said Asian-headed households in the U.S. grew by 83% in the past two decades, far exceeding Latinx, Black, and white household growth. But that broad success masks major challenges to homeownership in the highly diverse community.
Net-Lease Investment Approaches Pre-Pandemic Levels
Investment in U.S. net-lease properties approached pre-pandemic levels in the first quarter, reported CBRE, Dallas.
Dealmaker: Mesa West Capital Funds $178M Loan For Office Acquisition, Conversion
Mesa West Capital, Los Angeles, provided Longfellow Real Estate Partners, Boston, with $178 million for San Mateo Bay Center, a 235,900-square-foot office campus in San Mateo, Calif.
Rick Triola: Proven a 2020 Best-Practice, RON Poised for Standard Operating Procedure in Mortgage Closing
For all intents and purposes, RON has truly been a global solution, and given the renewed effort at the federal level for nationwide RON authorization, the shift may happen sooner rather than later for any remaining nay-sayers.
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“Despite dropping slightly from the fourth quarter of 2020, net production profits reached their highest level for any first quarter since the inception of MBA’s report in 2008. Triple-digit basis-point profitability was seen for the fourth consecutive quarter – another record that surpasses the 2012 boom generated from Home Affordable Refinance Program.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
Despite Quarterly Decline, IMB Production Profits Post Record 1st Quarter
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $3,361 on each loan they originated in the first quarter, down from $3,738 per loan in the fourth quarter but still the highest first-quarter net gain in the history of the Mortgage Bankers Association’s Quarterly Mortgage Bankers Performance Report.
MBA: CMF Mortgage Delinquencies Decline to Lowest Level Since Pandemic
Delinquency rates for mortgages backed by commercial and multifamily properties continue to decline, according to two reports released Thursday by the Mortgage Bankers Association.