Existing home sales rebounded at a record pace in June, the National Association of Realtors reported yesterday, showing strong signs of a market turnaround after three straight months of sales declines caused by the coronavirus pandemic.
Category: News and Trends
Dealmaker: Electra Capital, Avid Realty Partners Acquire Texas Multifamily Property
Avid Realty Partners, New York, and Electra Capital, West Palm Beach, Fla., formed a joint venture and acquired The Pines at Woodcreek Apartments, a 2015-built property totaling 330 units near Houston.
MBA, Trade Groups Submit Main Street Lending Program Recommendations
The Mortgage Bankers Association and affiliated groups shared recommendations with the Senate Banking Committee to improve the Main Street Lending Program’s effectiveness for commercial real estate owners and tenants.
MBA Education Path to Diversity Scholar Profile: Gabrielle Beck
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
Steven Octaviano: Today’s Innovation Opportunity–And Why Lenders Must Embrace It
The technologies behind these changes have been with us for some time, but it took a crisis of mammoth proportions to accelerate adoption. Yet there are other areas of the mortgage business still sorely in need of innovation. And if lenders hope to remain competitive and thrive when the smoke from the pandemic clears, they need to be embracing these innovations today.
Quote
“The economic crisis created by the pandemic has created temporary market distortion for CRE that should be minimized in order to preserve some of the value of the underlying assets to investors and the communities we serve. A mechanism offering liquidity could be the bridge they need to help restore the jobs and tax revenue they support until they can prosper again.”
–From an MBA/trade group letter to the Senate Banking Committee on recommendations to improve the Federal Reserve’s Main Street Lending Program.
Keeping Current With Midland Loan Services’ Tim Steward
MBA NewsLink interviewed Timothy E. Steward, Senior Vice President and co-head of Midland Loan Services, a PNC Real Estate business. Steward leads a team of more than 500 professionals responsible for delivering loan servicing, asset management and technology services to the commercial real estate finance industry.
MBA: Mortgage Applications Up 3rd Straight Week
Mortgage applications rose for the third consecutive week as interest rates hovered at record levels, the Mortgage Bankers Association reported in its Weekly Mortgage Applications Survey for the week ending July 17.
People in the News July 23, 2020
LRES Corp., Orange, Calif., named Tina Suihkonen as Senior Director of Commercial Services. She will lead LRES’ commercial default services division and provide nationwide commercial trustee and foreclosure services.
Maurice Jourdain-Earl of ComplianceTech on CARES Act Relief and Racial Disparities in Mortgage Forbearance
MBA NewsLink talked with Maurice Jourdain-Earl, Managing Director of ComplianceTech, McLean, Va., a provider of software and services to enable fair and responsible lending compliance. He is a noted speaker and writer on HMDA and fair lending practices and has appeared frequently at MBA events and sits on MBA’s member-led Diversity & Inclusion Advisory Committee.