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.
Category: News and Trends
Technology Talk: Q&A with SS&C’s Bob Wright, CMB, CCMS
MBA NewsLink interviewed Bob Wright, CMB, CCMS,about SS&C Technologies’ work-from-home experience and his experience with Coronavirus.
MBA Chart of the Week: MBA, Census Estimates of New Home Sales
This week’s chart shows how the U.S. Census Bureau’s new home sales series has compared to our Builder Applications Survey data from 2019 through May 2020. The BAS has been a reliable leading indicator of Census’ new home sales data.
MBA Education Path to Diversity Scholar Profile: Sharon Wortman
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
Quote
“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.
The Week Ahead
Good morning! Welcome to a short but busy week ahead of the Independence Day holiday.
MBA: 1st Quarter Commercial/Multifamily Mortgage Debt Outstanding Up 1.7%
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.
May Commercial Real Estate Sales Slump
Real Capital Analytics, New York, reported commercial property sales sank again in May as the COVID-19 crisis kept investors on the sidelines.
Dealmaker: Dwight Capital Closes $63M
Dwight Capital, New York, closed $63 million in multifamily loans in Oregon, Arizona and Massachusetts.
Final 1Q GDP Estimate Shows Economic Growth Down 5%
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.