As COVID-19 continues to affect the mortgage industry, lenders are realizing that conducting business as usual may not be possible or plausible. For a lender’s growth to reach new and different heights in 2020, new and different business practices, such as working with a hedge advisory firm, are required.
Category: News and Trends
First American: House Price Appreciation Likely to Accelerate Through Summer
First American Financial Corp., Santa Ana, Calif., said its Real House Price Index shows the supply and demand imbalance that existed entering the coronavirus pandemic has persisted, and even worsened, meaning house price growth will likely remain strong this summer.
Record Share of Homebuyers Make Sight-Unseen Offers
Redfin, Seattle, said nearly half (45%) of people who bought a home in the past year made an offer on a property that they hadn’t seen in person, the highest share since at least 2015.
Office Sector Woes Continue
Analysts say the pandemic shutdown and millions of job layoffs are weighing heavily on the office sector.
CFPB Issues RFI on Credit Discrimination
The Consumer Financial Protection Bureau issued a request for information to seek public input on “how best to create a regulatory environment” that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.
Initial Claims Rise for 2nd Straight Week
After improving—relatively speaking—through most of the spring, initial claims backslid for the second consecutive week, the Labor Department reported yesterday.
2nd Quarter GDP Takes One to the Chin
We were warned that second quarter gross domestic product data was going to be bad. Even so, the numbers that came out yesterday were off the charts–literally.
MBA, Trade Groups Ask Congress to Extend Troubled Debt Restructurings Relief Period
The Mortgage Bankers Association and a half-dozen other industry trade groups this week asked Congress to extend the “covered period” under the Troubled Debt Restructurings relief under section 4013 of the CARES Act.
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“In recent weeks, housing demand has rebounded sharply, and we expect the rest of the economy to recover in the second half of the year. However, the adverse impacts to the job market and hardships for many households may persist – especially if virus cases continue to rise in several parts of the country. There are still many workers who have not returned to work, households in need of mortgage or rent forbearance and an overall sense of uncertainty ahead.”
–Joel Kan, Associate Vice President of Economic and Industry Forecasting with the Mortgage Bankers Association, on yesterday’s gross domestic product report.
Dealmaker: Gantry Arranges $29M for Arizona Industrial Assets
Gantry, San Francisco, arranged $28.9 million in financing for two Class A Arizona industrial buildings.