“The past year was one of the darkest periods we’ve seen in commercial office leasing history. Amid the uncertainty of just how the pandemic would impact businesses and their employees, we went from a period of healthy demand for office space to zero demand almost overnight–it was an alarming swing.”
–Nick Romito, CEO of VTS, New York.
MISMO, the industry’s standards organization, developed iLAD through close collaboration across the industry, including with lenders, vendors, IT companies and GSEs. The MISMO Loan Application Data Exchange (LADE) Development Work Group is working to ensure these iLAD specifications will continue to evolve to meet industry needs.
Bridge lending remains an active piece of the commercial real estate finance pie heading into the anticipated economic recovery in the second half of 2021. These products and the large number of institutions offering them to sponsors are defining features of an economy in transition.
MISMO® announced it is seeking member comment on its Enhanced Logical Data Dictionary (ELDD) for a 60-day comment period.
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).
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.
Community banks need to focus on partnerships with fintechs to deliver exceptional experiences and solve some of their most fragmented challenges. Fragmentation is expensive and riddled with risk and inefficiencies—and the lending and banking industries are full of fragmentation.
MISMO, the industry’s standards organization, developed iLAD through close collaboration across the industry, including with lenders, vendors, IT companies and GSEs. The MISMO Loan Application Data Exchange (LADE) Development Work Group is working to ensure these iLAD specifications will continue to evolve to meet industry needs.
Redfin, Seattle, reported nationwide, 60.9% of home offers written by Redfin agents faced bidding wars in February, up from a revised rate of 59.3% in January, the 10th-straight month in which more than half of offers encountered competition.
Initial claims for unemployment insurance fell by nearly 100,000 last week, dropping below 700,000 for the first time since the coronavirus pandemic staggered the U.S. economy last March, the Labor Department reported yesterday.
