TransUnion, Chicago, reported the total percentage of accounts in “financial hardship” status dropped during July for mortgages, auto loans, credit cards and personal loans – marking the first such decrease since the start of the COVID-19 pandemic.
Category: News and Trends
Dealmaker: Walker & Dunlop Arranges $52M Bridge Loan
Walker & Dunlop, Bethesda, Md., arranged $51.8 million in bridge financing for The Rise Central, a newly built 230-unit apartment property in downtown Beaverton, Ore.
People in the News Aug. 20, 2020
JLL Hotels & Hospitality Group, New York named Kevin Davis a Senior Managing Director of the firm’s Americas Hotels & Hospitality Group. He will head the debt capital markets efforts for the Americas business and collaboration between the firm’s Hotels & Hospitality business and JLL’s Capital Markets Group, specifically the loan sales and financing teams.
MISMO Issues Closing Instructions Development Workgroup Call for Participants
MISMO®, the mortgage industry standards organization, issued a call for industry experts to participate in a working group to enable the digitization of closing instructions.
Quote
“As more accounts come out of financial hardship status, lenders will be actively monitoring payment behaviors to gauge whether consumers can withstand these economic pressures and do so without government assistance or lender support. How consumers are able to manage debt levels and access to credit will be a key indication of economic recovery in the coming months.”
-Matt Komos, vice president of research and consulting with TransUnion, Chicago.
Industry Briefs Aug. 20, 2020
Freedom Mortgage Corp., Mount Laurel, N.J., and RoundPoint Mortgage Servicing Corp., Charlotte, N.C. completed their previously announced merger. RoundPoint is now a wholly owned subsidiary of Freedom Mortgage, a full-service mortgage company and provider of VA and government-insured lending.
Mortgage Applications Drop in Latest MBA Weekly Survey
Mortgage interest rates jumped back over 3 percent last week, resulting in a decrease in mortgage refinance applications, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending August 14.
Andrew Foster: CMBS Market Musings
Taken together, the analysis from industry thought leaders indicates that CMBS will continue to have challenges with existing loans through 2021 as new issuance remains robust for agency MBS and at a tepid pace for conduit transactions. Challenges with maturing loans are starting as well; however, 2022 will bring a major wave of those loans.
Leah Sommerville and Chris Lewis: RON–The Last Mile in the eClosing Marathon
As consumers make efforts to significantly limit in-person interaction, the demand for remote online notarization eClosings, which allow borrowers to join real estate closings from the comfort of and, more importantly, safety of their homes, has increased exponentially. This begs the question: Why isn’t everyone closing every loan with RON?
Sponsored Content from Nomis Solutions: What Are Mortgage Shoppers Looking for in 2020 and Beyond?
For our 2020 Consumer Lending Survey eBook, we dive deep into the minds of consumers in the market for a loan in this socially distanced COVID-19 environment.