In the last five years, lenders have made great strides with significant investments in best-in-class borrower experiences, navigating a plethora of new digital tools, all while adeptly navigating the ups and downs of the market. In my experience, unfortunately, most initiatives to cut costs and improve quality are short-lived or merely incremental. What I have found over my 25 years in this industry is that transformational growth only occurs when senior leadership commits itself to reevaluating their entire operating model.
Category: News and Trends
Quote
“Housing is not like most goods. It has to be ‘better’ than the one the potential buyer currently owns, and when the supply dwindles, it becomes harder to find a better house and easier to just refinance and do a renovation instead. This fear of not being able to find something better, the fact that selling and moving is costly, combined with the fact that one can refinance into an amazingly low rate. Why move?”
–Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.
MBA Advocacy Update
Last Thursday MBA asked HUD to withhold publication of its final disparate impact rule and to bring the housing, lending and civil rights communities together for renewed discussions about how to address the wide housing and wealth gaps faced by communities of color.
Housing Starts Post Healthy June Gain
July has been a good month for the housing industry thus far; HUD and the Census Bureau kept the momentum going Friday with a positive report on housing starts.
MBA Chart of the Week: Unemployment Insurance/Initial Claims
This week’s chart highlights initial unemployment claims data from the U.S. Department of Labor, portraying the speed and severity of the labor market’s deterioration during the COVID-19 pandemic, as businesses closed or transitioned to remote working arrangements.
The Week Ahead
Here in Washington, Congress and the Administration face a critical two weeks—and a time crunch—if there is going to be any compromise/agreement on a new economic stimulus package before the current package expires on July 31.
Dealmaker: Dwight Capital Provides $147M in 223(f) Loans
Dwight Capital, New York, provided $146.9 million in HUD 223(f) loans, which included these featured multifamily properties.
MBA Asks HUD to Withhold Publication of Final Disparate Impact Rule
The Mortgage Bankers Association asked HUD to withhold publication of its final disparate rule, citing “legitimate concerns” that the rule erodes protections needed to combat housing discrimination and systemic inequality.
FHLB of Des Moines, Ginnie Mae Get on the eNote Bus
Last week saw a few speed bumps leveled in the road to the complete digital mortgage, with the Federal Home Loan Bank of Des Moines and Ginnie Mae announcing they would begin accepting residential mortgage electronic promissory notes—eNotes—as collateral.
Brian Simons: The Modern Operating Model for Mortgage Lenders
In the last five years, lenders have made great strides with significant investments in best-in-class borrower experiences, navigating a plethora of new digital tools, all while adeptly navigating the ups and downs of the market. In my experience, unfortunately, most initiatives to cut costs and improve quality are short-lived or merely incremental. What I have found over my 25 years in this industry is that transformational growth only occurs when senior leadership commits itself to reevaluating their entire operating model.