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 …
Category: News and Trends
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.
Clint Salisbury: For eClosing Success, Fine Tune Implementation
Our industry’s reliance on technology is deepening every day as never-before-experienced demands emerge. For example, in a world that demands distance, the ability to perform an eClosing has evolved from nice-to-have to “essential worker” status. Lenders entering this uncharted territory may find setting internal and external eClosing protocols daunting. Whether you adopt a hybrid process or go fully digital, there are best practices consistent for each option that can ensure your successful eClosing implementation.
MBA Education Path to Diversity Scholar Profile: Malik Wilkes
(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.)
MBA, Trade Groups Oppose ‘Fundamentally Flawed’ California COVID Relief Bill
The Mortgage Bankers Association and nearly two dozen other industry trade groups sent a letter this week to California legislators, strongly opposing as “fundamentally flawed” and “disruptive” a broad-brush bill aimed at assisting state residents experiencing financial difficulties amid the coronavirus pandemic.
Fannie Mae: Lenders’ Demand Expectations for Purchase Mortgages Down ‘Significantly;’ Refis ‘Strong and Stable’
The latest Fannie Mae Mortgage Lender Sentiment Survey found mortgage lenders’ profit margin outlook for the next three months fell slightly but remained positive due to strong reported refinance demand.