Record-low interest rates and low housing inventories have driven U.S. home sales to a 14-year high and yet another refinancing boom—the Mortgage Bankers Association now estimates 2020 mortgage originations to jump to $3.18 trillion—but it has also exposed underlying weaknesses in lender and servicer strategies, said J.D. Power, Troy, Mich.
Category: News and Trends
‘Not Ok? That’s Ok:’ Financial Services, Consumer Coalition Launches Borrower Awareness Campaign
The Mortgage Bankers Association and a broad coalition of financial services stakeholders – including mortgage servicers, trade associations, housing counseling agencies, governmental agencies and think tanks – launched a consumer awareness campaign to reach borrowers who have missed one or more mortgage payments as a result of the COVID-19 pandemic and may be eligible for forbearance assistance under the CARES Act or other forms of mortgage payment relief.
Andrew Foster: Trade Associations–Community Building in Unsettling Times
Associations can play an outsized role when industries and societies are disrupted or experience significant shifts. Numerous events occurring in 2020 are textbook examples of these type of situations.
People in the News Nov. 13, 2020
MISMO® appointed Seth Appleton as its new president. Appleton currently serves as Assistant Secretary of Policy Development and Research with HUD and as Principal Executive Vice President of Ginnie Mae. He will join MISMO on Dec. 1.
Trevor Gauthier of ACES Quality Management on Early Payment Defaults
Trevor Gauthier is CEO of ACES Quality Management, formerly known as ACES Risk Management (ARMCO). He has more than 20 years of executive experience in leading growth initiatives for tech organizations and building teams both organically and through acquisition.
Sponsored Content from Nationwide Title Clearing: Making a Sale or Partnering?
Selling and delivering as a business partner in today’s market, with Nationwide Title Clearing VP of Sales & Marketing, Danny Byrnes.
Jennifer Henry: Reducing Risk and Increasing Efficiency for Digital Mortgages with Third-Party Verifications
The digitization process has accelerated as mortgage professionals seek ways to efficiently meet the high demand for both purchase and refinance applications.
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“Homebuyer demand is still strong overall, and activity was up 16.5 percent from a year ago. However, inadequate housing supply is putting upward pressure on home prices and is impacting affordability – especially for first-time buyers and lower-income buyers. The trend in larger average loan application sizes and growth in loan amounts points to the continued rise in home prices, as well as the strength in the upper end of the market.”
–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.
Mortgage Applications Mixed Despite Record-Low Rates
Despite record-low mortgage rates, mortgage applications fell by 0.5 percent from one week earlier, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending November 6.
MBA Honors Leslie G. Baird with 2020 Ken Markison Legacy Achievement Award
The Mortgage Bankers Association presented its annual Ken Markison Legacy Achievement Award to Leslie G. Baird of Wright, Finlay & Zak LLP.