The Consumer Financial Protection Bureau yesterday proposed a set of rule changes it said are intended to help prevent “avoidable foreclosures” as emergency federal foreclosure protections expire.
Category: News and Trends
CoreLogic Home Price Index Reaches 15-Year High
CoreLogic, Irvine, Calif., said supply constraints and buyer demand pushed its monthly Home Price Index to a 15-year high in February.
MBA: Share of Loans in Forbearance Hits Pre-Pandemic Low
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 6 basis points to 4.90% of servicers’ portfolio volume as of March 28 from 4.90% the prior week–the fifth consecutive weekly drop and the lowest level in more than a year. MBA estimates 2.5 million homeowners remain in forbearance plans.
CMBS Delinquency Rate Falls For Ninth Straight Month
The commercial mortgage-backed securities delinquency rate fell once again in March and most CMBS rating actions were affirmations, analysts reported.
MBA Urges No Delay to CFPB QM Final Rule
The Mortgage Bankers Association, in a letter yesterday to the Consumer Financial Protection Bureau, urged the Bureau not to delay the effective date of its new General Qualified Mortgage Rule, saying the Bureau’s rationale for delaying the rule would not accomplish its stated goals nor benefit consumers.
Dealmaker: Edgewood Capital Advisors Provides $19M for Washington Infill Site
Edgewood Capital Advisors, Southport, Conn., provided an $18.5 million loan to fund the acquisition and entitlement process for a 108-acre infill development site with views of the Columbia River in Vancouver, Wash.
Housing Market Roundup: Apr. 6, 2021
Another round of housing market reports came across MBA NewsLink’s desk over the past few days. Here’s a summary of what’s happening:
Seth Appleton: 4 Key Business Challenges MISMO is Addressing
MISMO’s mission is to develop industry standards to solve real estate finance’s thorniest and most pressing business challenges. To make this happen, we drive collaboration across the mortgage industry and draw participation from all facets of the ecosystem.
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“While we commend the Bureau for its willingness to take proactive steps to mitigate the effects of the COVID-19 pandemic on the housing finance system, we do not support the proposal to delay the General QM Final Rule’s mandatory compliance date, as it will not expand access to credit and will inject considerable uncertainty into the housing market.”
–MBA President & CEO Robert Broeksmit, CMB, in a letter to the Consumer Financial Protection Bureau expressing concern over a proposed delay in implementing its General Qualified Mortgage final rule.
Brian Lynch: A Deeper Dive into Mortgage Accounting: Financial Reporting is More Important Than Ever Before
Loan officers, branch managers, c-level executives and more need access to granular financial data and in-depth accounting tools in a changing market. The pandemic rapidly spurred the adoption of tech solutions and heightened the industry’s reliance on technology – from helping lenders operate, to supporting loan officers in their day-to-day tasks, to increasing daily efficiencies for the accounting department.