HUD released its quarterly report to Congress on the FHA Single-Family Mutual Mortgage Insurance Fund Programs. The report said the MMIF stands at more than $80 billion and remains well above the 2% minimum capital reserve required by Congress.
Category: News and Trends
Scott Roller: Rising Construction Costs – The Appraisal Dilemma
The domino effect – an endless run of falling dominos winding through the residential home construction industry. That’s a vision we can easily conjure up when witnessing the ongoing impacts of steadily rising construction costs. And guess who is at the end of the domino chain, having to deal with the residual mess? Residential home appraisers and their lender clients.
Dealmaker: Marcus & Millichap Arranges $116M for Multifamily
Marcus & Millichap arranged $116 million in financing for multifamily assets in Alabama, Colorado and New York.
Hotel Debt Markets Improving
The hospitality debt market is showing a resurgence as the lodging industry continues to recover, said JLL, Chicago.
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“MBA commends Secretary Fudge for maintaining FHA’s current mortgage insurance premium pricing until we have a clearer picture of the long-term impact of the pandemic on FHA borrowers and the insurance fund. While it is desirable to have lower mortgage financing costs, particularly as rates rise and home prices continue to increase, we agree with HUD that we need more data about how the more than 1 million FHA loans that are delinquent perform as they exit COVID-19-related forbearance. We look forward to continuing to work with Secretary Fudge on ways to protect FHA borrowers and ensure the overall stability of the FHA program.”
–MBA President & CEO Robert Broeksmit, CMB, in response to comments by HUD Secretary Marcia Fudge on the status of the FHA Mutual Mortgage Insurance Fund.
MBA: Share of Loans in Forbearance Hit New Pandemic Low
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 9 basis points to 4.96% of servicers’ portfolio volume as of March 21 from 5.05% the week before. This marks the fourth consecutive week of decreases. MBA estimates 2.5 million homeowners are in forbearance plans.
Industry Briefs Mar. 31, 2021
Embrace Home Loans, Lehi, Utah, announced plans to roll out SimpleNexus, a homeownership platform for loan officers, borrowers, real estate agents and settlement agents, to more than 300 retail mortgage LOs before the end of the year.
Jerry Schiano of Spring EQ: The Outlook for Home Equity Lending
Jerry Schiano is CEO of Spring EQ, Philadelphia, a nationwide refinance, home equity and HELOC lender.
People in the News Mar. 31, 2021
Auction.com, Irvine, Calif., promoted Ali Haralson to president, a new position in the company that will oversee both sales and operations.
mPact’s Commercial Production Advisory Council Welcomes Maggie Burke as Chair
The Mortgage Bankers Association’s young professional’s group, mPact, welcomes a new chair this month for the Commercial Production Advisory Council, Berkadia’s Maggie Burke.