The mortgage business is inherently transactional and cyclical, with ever-changing rates, high-highs and low-lows, and this trend is not expected to change any time soon. The circumstances due to the pandemic mirror those of the economic downturn in 2008, and in both situations, it was crucial to have formed two-way partnerships with others in the industry who had a vested interest in mutual success and propelling both businesses forward.
Category: News and Trends
MBA: 2020 IMB Production Volumes, Profits Hit Record-Highs
Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $4,202 on each loan they originated in 2020, up from $1,470 per loan in 2019, the Mortgage Bankers Association reported this morning.
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“2020 was a banner year for the mortgage industry, despite the COVID-19 global health crisis essentially shutting down the U.S. economy in March and forcing personnel into remote work environments.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
CoreLogic: Annual Mortgage Delinquency Rate Drops for 5th Straight Month to 10-Month Low
CoreLogic, Irvine, Calif., said while mortgage delinquencies rose month over month in January, overall delinquency rates fell for the fifth straight month to the lowest level since last March.
Millennials Lean into Refis
Refinance activity increased sharply for Millennial borrowers in February, according to the ICE Mortgage Technology Millennial Tracker.
ULI, PwC: Pandemic Accelerating CRE Trends
PwC, New York, and the Urban Land Institute, Washington, D.C., said COVID-19 is accelerating existing commercial real estate trends such as digitalization and online shopping.
MBA: Loans in Forbearance Fall 6th Straight Week
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 24 basis points to 4.66% of servicers’ portfolio volume as of Apr. 4, from 4.90% the prior week. MBA now estimates 2.3 million homeowners are in forbearance plans.
Dealmaker: George Smith Partners Secures $39M for Office, SFR
George Smith Partners, Los Angeles, placed $31.6 million in permanent financing for an office building in the Salt Lake City, Utah area.
MBA Advocacy Update Apr. 12, 2021
On Friday, the Biden administration released the top-line framework for the President’s Fiscal Year 2022 budget proposal. On Monday, MBA sent a letter to the CFPB in response to its proposal to delay the mandatory compliance date for the new General QM rule. And this week, MBA President and CEO Bob Broeksmit, CMB, penned an op-ed highlighting the industry’s efforts during the COVID-19 pandemic.
Micro Trends: Conversation with JLL on Growth in Life Sciences Real Estate
Interest in life sciences real estate has jumped during the current public health crisis. MBA NewsLink interviewed JLL Executive Director of U.S. Life Sciences Markets Travis McCready, Managing Director Zach Bowyer and Senior Vice President Erik Hill about the sector.