What goes down must come up: after the coronavirus resulted in a staggering record drop in the second quarter, the U.S. economy bounced back somewhat in the third quarter, according to the first (advance) estimate of gross domestic product.
Category: News and Trends
Initial Claims Fall to Lowest Level Since March
Initial claims for unemployment insurance fell to their lowest level since March, the Labor Department reported yesterday, but remain elevated from pre-pandemic levels.
September Pending Home Sales Dip 2.2%
After four straight months of contract activity growth, pending home sales declined by 2.2% in September, the National Association of Realtors reported yesterday.
Federal Agencies Propose Regulation Codifying Use of Supervisory Guidance
Five federal agencies yesterday issued a proposed regulation that would codify a 2018 guidance clarifying that supervisory guidance does not have “force and effect of law.”
Retail, Office Prices Drop as Apartment, Industrial Gain
Real Capital Analytics, New York, reported commercial real estate price growth increased at a 1.4 percent annualized pace in September as gains in apartment and industrial sector prices offset declines in retail and office price.
Dealmaker: Capital One Closes $296M in Freddie Mac, Fannie Mae Loans
Capital One, Bethesda, Md., provided $296 million in Freddie Mac and Fannie Mae loans in Texas and Virginia.
Quote
“The pace of economic growth will slow in the fourth quarter and into next year, but expansion should nonetheless continue, provided the current spike in virus cases does not lead to another complete lockdown.”
–MBA Chief Economist Mike Fratantoni.
Rob Wiggins: 20 Years of Mortgage–A Look Back
The past 20 years in the mortgage industry have been full of change, innovation and most importantly, lessons to be learned. Even in just the past few months, mortgage lenders have had to completely transform their business processes in the wake of the COVID-19 crisis. As the industry continues to prepare for what’s next, it’s important to take a look back at how far the industry has actually come.
Call for Speakers: MBA Independent Mortgage Bankers Conference & MBA Servicing Solutions Conference; Deadline Nov. 2
The Mortgage Bankers Association has issued a Call for Speakers for two important upcoming MBA conferences: the MBA Independent Mortgage Bankers Conference 2021 (January) and the MBA Servicing Solutions Conference & Expo (February). Deadline for speaker submissions is Monday, Nov. 2.
Reimagining Office While Working from Home
How companies and their workforces will use office going forward is an increasingly popular subject in 2020. There are questions around existing buildings and how landlord business plans and those of their lenders will perform.