“Time has a huge impact on every transaction. In this world of comparison shopping, the sooner a lender can provide a qualified approval and lock in the rate, the sooner they take the customer off the market. The longer the process drags on, the more likely a customer will slip away.”
–Andrew Weiss, Senior Vice President of Mortgage Origination Platform Strategy with Origence, Irvine, Calif.
Andrew Weiss is Senior Vice President of Mortgage Origination Platform Strategy with Origence, Irvine, Calif., a provider of lending technology and platforms for the financial services industry. He has more than 30 years of experience in the mortgage and consumer lending space and was instrumental in developing Desktop Underwriter while working for Fannie Mae.
Good morning and happy Monday! Welcome to the week that Mortgage Bankers Association employees have been waiting for all year: the MBA first-ever virtual Annual Convention & Expo kicks off later this morning via MBA LIVE and runs through Wednesday, Oct. 21.
On Tuesday, MBA submitted comments supporting the Federal Housing Finance Agency’s proposed rule to extend the current GSE affordable housing goals by one year to allow for a better assessment of the economic landscape. In addition, MBA is continuing to work with its state and local partner associations to advocate for extension of work-from-home guidance and “no action” letters permitting state licensed staff to work remotely during the pandemic.
Single-family rental property fundamentals remain healthy, but there could be trouble on the horizon.
CRE mortgage demand is generally on the rise, with four times more firms expecting borrower demand to be “very strong” in the fourth quarter (24%), compared to the 6% who believed demand was “very strong” in the third quarter.
Real estate investment trust Rexford Industrial Realty, Los Angeles, acquired two southern California industrial properties for $27.6 million and sold three properties for $44.2 million.
This year, as part of the MBA Annual Convention & Expo and ConcertMBA, Radian has launched the Radian Everyday Heroes Challenge, which celebrates the heroes among us who are making a positive impact, while also supporting the MBA Opens Doors Foundation.
“MBA is the right place for us to draw a line in the sand and say ‘all this bad stuff is going on, it’s not the America any of us thought it would be or want it to be,’ so what can we personally do? Those of us in the mortgage industry can become personally involved in opening doors to homeownership to people who are ready. We just have to say we’ll do it.”
–MBA 2021 Chair Susan Stewart.
MBA members looking to advance in their careers and gain industry knowledge will appreciate changes going on with the organizations training and education.
