“The rise in commercial and multifamily mortgage debt in the first three months of the year carried forward the strong level of activity during 2019. Rising property values, strong incomes and low interest rates supported increased borrowing and lending. With the onset of the COVID-19 pandemic, borrowing and lending has slowed, and some of the tailwinds from earlier this year have reversed.”
–Jamie Woodwell, MBA Vice President of Commercial Real Estate Research.
Good morning! Welcome to a short but busy week ahead of the Independence Day holiday.
Commercial/multifamily mortgage debt outstanding rose by $61.0 billion (1.7 percent) in the first quarter, according to the Mortgage Bankers Association’s quarterly Commercial/Multifamily Mortgage Debt Outstanding report.
Real Capital Analytics, New York, reported commercial property sales sank again in May as the COVID-19 crisis kept investors on the sidelines.
Dwight Capital, New York, closed $63 million in multifamily loans in Oregon, Arizona and Massachusetts.
Real gross domestic product decreased by 5 percent in the first quarter, according to the third (final) estimate released Thursday by the Bureau of Economic Analysis.
American workers filed 1.5 million new applications for jobless benefits last weeks, the Labor Department reported Friday—the third consecutive week at that level, but still at historically high levels in the wake of the coronavirus pandemic.
Keith Soura is a Platform Engineer with Blend, San Francisco, responsible for development of Blend’s core platforms, including APIs and event-driven architecture that power customer and partner integrations.
Last week, the Consumer Financial Protection Bureau released two Notices of Proposed Rulemaking revising Regulation Z’s QM provisions in response to the scheduled expiration of the GSE Patch on January 10, 2021. The CFPB also issued an Interim Final Rule that will facilitate servicers’ ability to offer streamlined deferral options to borrowers as they exit COVID-19-related forbearance.
U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.
