For our 2020 Consumer Lending Survey eBook, we dive deep into the minds of consumers in the market for a loan in this socially distanced COVID-19 environment.
Category: News and Trends
Distressed Debt Monitor: A Conversation with Mayer Brown Partner Jeffrey O’Neale
MBA NewsLink interviewed Jeffrey O’Neale, a partner in Mayer Brown’s Charlotte office and a member of the Real Estate Markets practice. A primary focus of his practice is representing special servicers in loan workouts, restructurings and modifications and repurchase facility buyers in the servicing and administration of their commercial mortgage loan portfolios.
Mark Dangelo: Beyond Digital Transformation—A Tale of What is Coming
The leverage of all things digital is here. However, digitalization is NOT digital transformation, let alone digital leverage. As finance firms and their target markets reach their cycle peaks, the leverage of digital is a requirement most banking leaders have not incorporated into their forthcoming budgets and operations.
Dealmaker: VEREIT, Ocean West Acquire $654M in Industrial Facilities
VEREIT, Phoenix, and Ocean West Capital Partners LLC, El Segundo, Calif., acquired $654 million in industrial properties.
Fannie Mae: U.S. Economy Poised for ‘Substantial Rebound’
Fannie Mae, Washington, D.C., said in the wake of the U.S. economy’s historic second-quarter contraction—nearly 40 percent—the strong rate of economic recovery seen in May and June sets up the third quarter for a “substantial rebound.”
Homebuyer Interest in Rural Areas Rises—But Prices Up Everywhere
Redfin Economist Taylor Marr said there’s more demand—and less supply—for rural and suburban neighborhoods than cities as the pandemic influences homebuyer preferences. Homes in rural areas have had higher price growth than suburban and urban areas since April.
Record Traffic Spurs Home Builder Index to New High
It’s been quite a year for the National Association of Home Builders/Wells Fargo Housing Market Index. In April, amid the worst of the coronavirus pandemic, the Index plunged 30 points to its lowest level since 2012. Yesterday—just four months later—the Index reached its highest point in its 35-year history.
Report Cites ‘Historic’ Drop in CRE Completions
Reis, New York, reported commercial real estate completions have declined “in a historic manner” since the pandemic and shutdown orders hit the U.S.
Leah Sommerville and Chris Lewis: RON–The Last Mile in the eClosing Marathon
As consumers make efforts to significantly limit in-person interaction, the demand for remote online notarization eClosings, which allow borrowers to join real estate closings from the comfort of and, more importantly, safety of their homes, has increased exponentially. This begs the question: Why isn’t everyone closing every loan with RON?
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“The COVID-19 pandemic’s effects on some homeowners’ ability to make their mortgage payments could not be more apparent. The nearly 4 percentage point jump in the delinquency rate was the biggest quarterly rise in the history of MBA’s survey. The second quarter results also mark the highest overall delinquency rate in nine years, and a survey-high delinquency rate for FHA loans.”
–Marina Walsh, MBA Vice President of Industry Analysis.