Redfin, Seattle, said nearly one-third (30%) of U.S. home purchases this year were paid for with all cash, up from 25.3% during all of 2020 to the largest share since 2014 (30.6%).
Category: News and Trends
Quote
“Forbearance exits edged up again last week and new forbearance requests dropped to their lowest
level since last March, leading to the largest weekly drop in the forbearance share since last October and
the 20th consecutive week of declines.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
MBA Chart of the Week, July 19, 2021: Home Prices, Rent and Inflation
Federal Reserve Chair Jay Powell testified before Congress last week and received several questions regarding recent inflation trends, with overall CPI inflation increasing 5.4 percent in June 2021 compared to a year ago. This followed readings of 4.2 percent in April and 5.0 percent in May. The headline inflation number was the highest in 13 years, while the recent monthly pace of core inflation is the highest since the early 1980s.
FHFA Eliminates 50 Basis Point ‘Adverse Market Refinance Fee’
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will eliminate the 50 basis point “Adverse Market Refinance Fee” for loan deliveries effective August 1.
Authors Malcolm Gladwell, Brad Meltzer Keynote MBA Annual Convention & Expo
Registration for the Mortgage Bankers Association’s Annual Convention & Expo, taking place Oct. 17-20 at the San Diego Convention Center, is officially open. Join MBA in San Diego as New York Times best-selling authors Malcolm Gladwell and Brad Meltzer keynote General Sessions on Tuesday, Oct. 19.
Murali Tirupati: How Mortgage Servicers Can Improve Operations with an ‘Automation-First’ Strategy
Mortgage servicers are under tremendous pressure to not just onboard loan files faster but do so in compliance with regulatory requirements of CFPB.
MBA CONVERGENCE Takes Big Next Step in Columbus
MBA CONVERGENCE, the Mortgage Bankers Association’s initiative to promote minority homeownership opportunities, launches its second major pilot program July 21 in Columbus, Ohio.
Louis Zitting: Are You Giving Your Old Contacts a Fresh Look?
The reality is that most loan officers with a good-sized database have plenty of contacts who are ready to finance or refinance right now—they just don’t know who they are. But there are ways to identify them and turn a missed opportunity into a success story.
MBA DEI Leadership Awards: Nomination Deadline Aug. 13
Inspire change; share success. The Mortgage Bankers Association recognizes residential and commercial/multifamily members who show leadership in the areas of Diversity, Equity and Inclusion (DEI) internally through market outreach efforts with its annual DEI Leadership Awards.
The Week Ahead—July 19, 2021
Good morning! Welcome to a new week.