According to MBA’s Weekly Forbearance and Call Volume Survey, the share of loans in forbearance dropped to 3.47 percent of servicers’ portfolio volume as of July 25, 2021, from a peak of 8.55 percent as of June 7, 2020. While the number of borrowers exiting forbearance has fluctuated from one month to the next, with the largest number of reported exits in July and October of last year, the post-forbearance outcomes for borrowers have differed.
Category: News and Trends
Dealmaker: Gantry Secures $20M for Industrial Acquisition
Gantry, San Francisco, secured $9.6 million in financing for the $17.4 million acquisition of a recently constructed multi-tenant industrial property in Phoenix’s Southwest Industrial submarket.
MBA Advocacy Update Aug. 9 2021
Last week the Senate Banking Committee held a hearing on several housing nominees, including Julia Gordon to be HUD’s Assistant Secretary of Housing and FHA Commissioner. In other FHA news, the agency released formal waivers of provisions in two recent Mortgagee Letters that would have required servicers to halt forbearance exit reviews and re-review borrowers that already have viable home retention plans in process.
Mortgage Rates Dip Again
The 30-year fixed-rate mortgage dipped again last week to a 2.77 percent average with an average 0.6 point, reported Freddie Mac, McLean, Va.
CFPB, FHFA Release Updated Data from National Survey of Mortgage Originations
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency published updated loan-level data for public use collected through the National Survey of Mortgage Originations.
Commercial and Multifamily Mortgage Delinquencies Declined in July
Delinquency rates for mortgages backed by commercial and multifamily properties declined in July, the Mortgage Bankers Association’s latest CREF Loan Performance Survey reported.
MBA: Multifamily Lending Hits $360 Billion in 2020
Last year 2,140 different multifamily lenders provided a total of $359.7 billion in new mortgages for apartment buildings with five or more units, the Mortgage Bankers Association reported.
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The [Bureau of Labor Statistics employment report] showed employment up by more than one million in July, as the number of unemployed fell and more people returned to the labor force. Although there are concerns regarding the impact of the delta variant, these data show an economy that was continuing to recover in July.”
–MBA Chief Economist Mike Fratantoni
Proptech Changing Real Estate Industry
Real estate has not always been seen as the most technology-focused industry, but that is changing fast, the Urban Land Institute and law firm Goodwin said.
Dealmaker: Bascom Group Acquires 93-Unit Single-Family Rental Portfolio for $25M
The Bascom Group, LLC, Irvine, Calif., acquired a 93-unit single-family rental community in Las Vegas for $24.7 million, or $266,129 per unit.