With the average time to close a mortgage transaction still 40+ days, the experience of a “one-tap” digital mortgage seems distant to most onlookers. In reality, however, the important measure of efficiency is how long a borrower actually spends in the mortgage factory line—in other words, how long it takes to get approved and complete all of the necessary requirements and paperwork before closing.
Category: News and Trends
MBA Objects to GSE ‘Adverse Market Refinance Fee’
The Federal Housing Finance Agency yesterday authorized Fannie Mae and Freddie Mac to impose an “Adverse Market Refinance Fee”—a 50 basis-point fee on most refinance mortgages, effective Sept. 1. The after-hours announcements drew a strong rebuke from the Mortgage Bankers Association.
MBA: July New Home Purchase Mortgage Applications Up 1% from June, 39% from Year Ago
The Mortgage Bankers Association this morning released its July Builder Applications Survey, reporting mortgage applications for new home purchases increased by 39 percent from a year ago and by 1 percent from June.
Mark Dangelo: Beyond Digital Transformation—A Tale of What is Coming
The leverage of all things digital is here. However, digitalization is NOT digital transformation, let alone digital leverage. As finance firms and their target markets reach their cycle peaks, the leverage of digital is a requirement most banking leaders have not incorporated into their forthcoming budgets and operations.
Industry Briefs Aug.13, 2020
Inlanta Mortgage, Pewaukee, Wis., announced it launched the OptifiNow CRM and automated marketing platform to improve its branch development and recruiting efforts.
MBA Capital & Origination Council: ‘Where Politics and Policy Meet the CRE Industry’
MBA hosted a joint Origination Council and Capital Council call on August 4 highlighting pertinent issues and challenges facing the commercial real estate finance marketplace. Grandbridge Real Estate Capital Chairman of the Board and Chief Executive Officer Matt Rocco chairs the Origination Council and led the call.
Dealmaker: NorthMarq Completes $59M in Texas Office Refis
NorthMarq, Minneapolis, secured $59.2 million to refinance two Texas office properties.
ATTOM: Foreclosure Filings Continue Downward Trend Amid Pandemic
Next week, the Mortgage Bankers Association releases its 2nd Quarter National Delinquency Survey. This week, ATTOM Data Solutions, Irvine, Calif., said foreclosure moratoria stemming from the coronavirus pandemic kept new foreclosure filings low—but warned they could increase dramatically once those moratoria expire.
Housing Market Roundup Aug. 13, 2020
Here’s a quick-hit summary of housing market headlines this week, featuring reports from Redfin; Bankrate.com; Black Knight; and Fitch Ratings.
Quote
“Tonight’s announcement by the GSEs flies in the face of the Administration’s recent executive actions urging federal agencies to take all measures within their authorities to support struggling homeowners. Requiring Fannie Mae and Freddie Mac to charge a 0.5% fee on refinance mortgages they purchase will raise interest rates on families trying to make ends meet in these challenging times. This means the average consumer will be paying $1,400 more than they otherwise would have paid.”
–MBA President & CEO Robert Broeksmit, CMB, on yesterday’s surprise announcement by Fannie Mae and Freddie Mac to impose a 50 basis point on new refinance mortgages, effective Sept. 1.