Among the many housing reports that came across our desk this week: Genworth Mortgage Insurance said 2020 was the “best year on record” for first-time home buyers; Radian said February home prices accelerated; Black Knight reported mortgage delinquencies rose for the first time in nine months; and Redfin said the home-buying process is becoming a headache for many consumers.
Category: News and Trends
CFPB Annual Report: More Than a Half-Million Complaints Received in 2020
The Consumer Financial Protection Bureau said it handled 542,300 consumer complaints in 2020—a nearly 54% increase from 352,400 complaints handled in 2019. But mortgage complaints represented just 5 percent of the total.
Dealmaker: Institutional Property Advisors Completes $152M in Apartment Asset Sales
Institutional Property Advisors, Calabasas, Calif., brokered $151.8 million in Phoenix-area multifamily asset sales.
Top 5 Things You Should Know About Being iLAD Ready
Is your organization using the MISMO Industry Loan Application Dataset (iLAD) outside the Fannie Mae and Freddie Mac automated underwriting systems? Here are 5 key reasons why iLAD needs to be part of your data exchange roadmap.
MBA Letters Oppose Proposed N.Y. Mezzanine Debt/Preferred Equity Tax, Support Like-Kind Exchanges
The Mortgage Bankers Association weighed in to oppose a proposed New York tax and recording requirement for mezzanine debt and preferred equity and to support like-kind exchanges.
RE/MAX: February Sees More Record-Breaking Home Sales
Soaring home prices and scarce housing inventories sent home sales into record territory again in February, reported RE/MAX, Denver.
Troy Baars: Market Volatility Drives the Need for Speed in GNMA Spec Pool Formation
While there is a tremendous benefit to adding Ginnie Mae specified (spec) pools as part of a diversified execution strategy, lenders cannot continue to operate as if it’s business as usual when faced with the current volatility in the mortgage-backed securities market. Instead, speed must become of the essence, and lenders need to move as quickly as possible while monitoring the MBS market closely to continue effectively utilizing this strategy and maximize their secondary profitability.
A Conversation with MBA Affordable Housing Advisory Council Co-Chairs
The Mortgage Bankers Association recently created two Affordable Advisory Councils, dedicated to supporting CONVERGENCE, the MBA Affordable Housing Initiative. These Councils are currently led by four senior executives: Christine Chandler (M&T Realty Capital Corp.), Tony Love (Bellwether Affordable Housing Group), Anthony Weekly (Truist Bank) and David Battany (Guild Mortgage).
MBA Weekly Applications Survey Mar. 24, 2021: Rising Rates Stall Refis
Steadily rising mortgage interest rates reached a nine-month high last week, putting the buzzkill on refinance activity, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending March 19.
Quote
“Like-kind exchanges of real estate under Section 1031 of the tax code support job growth and investment, the health of U.S. commercial real estate and real estate markets and the preservation of family-owned farms, ranches and forestland.”
–From an MBA letter to House and Senate Committees and the Treasury Department in support of Section 1031 like-kind exchanges.