Mortgage applications for new home purchases decreased 27.4 percent compared to a year ago, the Mortgage Bankers Association Builder Application Survey reported.
Category: News and Trends
Share of Mortgage Loans in Forbearance Decreases to 3.26%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 14 basis points to 3.26% of servicers’ portfolio volume as of August 8 from 3.40% the previous week. MBA now estimates 1.6 million homeowners are in forbearance plans.
Analysts Lift 2021 Hotel Forecast, Lessen 2022 Growth Projections
STR, Hendersonville, Tenn., and Tourism Economics, Wayne, Pa., upgraded their U.S. hotel sector forecast for 2021 but lowered their growth projections for 2022.
Dealmaker: JLL Income Property Trust Invests $560M in Single-Family Rental Portfolio
JLL Income Property Trust, Chicago, acquired a 47 percent interest in a large single-family rental portfolio for $560 million.
The New Census Figures: a Breakdown
The Census Bureau last week released preliminary results from its 2020 Census, showing a United States in the midst of demographic transition.
Industry Briefs Aug. 17, 2021
The Federal Housing Finance Agency released reports providing the results of the 2020 and 2021 annual stress tests Fannie Mae and Freddie Mac under the Dodd-Frank Act.
MBA Advocacy Update Aug. 16 2021
Early Wednesday morning, the Senate voted along party lines to adopt a $3.5 trillion budget resolution framework for fiscal year 2022, another step toward the crafting of the actual tax provisions – including a possible minimum book tax that would impact mortgage servicing rights values – that will offset the cost of President Joe Biden’s broad infrastructure package.
Quote
“Many homeowners are nearing the end of their forbearance terms. The forbearance share declined for all investor and servicer categories. New forbearance requests picked up slightly this week, particularly for Ginnie Mae loans, but overall trends remain positive. Incoming data continues to support our forecast of an improving job market in the months ahead.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
People in the News August 17 2021
The Greater Omaha Chamber of Commerce will induct former Mortgage Bankers Association Chairman Rodrigo López, CMB, into its Omaha Business Hall of Fame at a ceremony later this month.
MBA Chart of the Week Aug. 16 2021–Aggregate Back Rent Owed
This week’s MBA Chart of the Week zeroes in on households who missed rental payments in June. The chart plots a) the distribution of those households by the number of payments they have missed since the onset of the pandemic; and b) an estimate of the aggregate dollar volume of back rent owed by those households.