On Tuesday, HUD Secretary Ben Carson and FHFA Director Mark Calabria testified before the Senate Banking Committee about how their agencies are assisting homeowners and renters during the COVID-19 pandemic. On Wednesday, MBA along with several industry trade and housing advocacy organizations sent a letter to HUD on FHA’s new early payment forbearance policy.
Category: News and Trends
Industry Briefs
Stewart Information Services Corp., Houston, acquired United States Appraisals. Stewart said the acquisition strengthens its digital real estate services offering in appraisal and valuation management and enhances its existing title insurance, settlement services, appraisal/valuation and other real estate services.
MISMO Looks to Standardize Data Used to Guide Borrower Outreach
MISMO®, the mortgage industry standards organization, said it will evaluate the need for standards to facilitate early identification of loans that may become delinquent or be in distress.
The Week Ahead
Good morning! By this coming weekend, the strangest spring in memory will give way to…probably the strangest summer in memory.
Dealmaker: Berkadia Secures $58M for Multifamily
Berkadia secured $57.5 million for multifamily properties in Florida and Wyoming. In Orlando, Berkadia secured a $31.5 million loan for The Residences at Veranda Park, a 150-unit mid-rise property with …
MBA’s Kelli Burke Named #NEXTPowerhouseAwards Winner
Kelli Burke, MBA Vice President of Commercial Real Estate Finance, has been named an award recipient of the #NEXTPowerhouseAwards, presented by NEXT Mortgage Events & News. She will be recognized at #NEXTSUMMER20, the group’s first virtual executive summit, taking place August 23-25.
MBA Chart of the Week: IMB Production Revenues & Costs
MBA last week released its Quarterly Performance Report for the first quarter. The total sample of 336 independent mortgage banks and mortgage subsidiaries of chartered banks earned an average pre-tax production profit of 61 basis points (or $1,600) on each loan they originated – a solid showing particularly for a first quarter.
FCRA and the CARES Act: Putting in Right Procedures Now, Reducing Volume of Litigation Later
Over the past 10 years, Fair Credit Reporting Act lawsuits have almost quadrupled from some 1,350 cases in 2010 to 5,000 in 2019. FCRA allows plaintiffs to recover attorney fees, which may explain the increase.
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“Kelli [Burke] is a core member of MBA’s commercial-multifamily team, and her background, deep industry knowledge, and execution help her effectively engage with and advocate on behalf of our members. I can think of nobody more deserving of this recognition and am confident she will continue to deliver substantive results for our members.”
–MBA Senior Vice President of Commercial/Multifamily Policy and Member Engagement Mike Flood, on MBA Vice President Kelli Burke’s selection for the #NEXTPowerhouseAwards, presented by NEXT Mortgage Events & News.
Mark P. Dangelo: The Demise of the Contact Banker
Banking was a “contact” industry—prior to the Great Recession. With the loss of 12,000 branches in the past decade and consumers now doing over 90% of their transactions digitally, public health implications and social unrest, if sustained, may be the catalysts for closing many more branches by 2022.