Good morning! Welcome to Month Four of the Coronapocalypse. This afternoon, the Mortgage Bankers Association releases its weekly Forbearance & Call Volume Report at 4:00 p.m. ET; MBA NewsLink will provide a special afternoon issue with the results.
Category: News and Trends
People in the News June 8 2020
ServiceLink, Pittsburgh, Pa., appointed Yvette Gilmore as senior vice president of servicing product strategy. She will be responsible for developing ServiceLink’s products and services that support strategic servicer client initiatives. She will also support ServiceLink’s EXOS One Marketplace.
Q&A With M&T Realty Capital’s Michael Berman, CMB, and Jeffrey Rodman
MBA NewsLink interviewed M&T Realty Capital Corporation President & CEO Michael Berman, CMB, and Affordable Housing Program Manager Jeffrey Rodman about MTRCC’s business lines and affordable housing efforts.
FHA, CFPB Issue New Guidance on Forbearance
The Federal Housing Administration and the Consumer Financial Protection Bureau yesterday each announced new policies to assist mortgage borrowers impacted by the economic effects of the coronavirus pandemic.
(#MBALive) Closing Loans During a Pandemic With RIN and RON
Enterprising mortgage companies are using what they have to ensure consumers can still obtain loans during the COVID-19 crisis.
Americans File 1.9 Million Initial Claims; 11-Week Total at 42.6 Million
The positive news is initial unemployment claims fell for the ninth consecutive week. The not-so-positive: nearly 28 percent of Americans who had jobs in February are now out of work.
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“The first decline in the number of homeowners in active forbearance volumes is undoubtedly a good sign, particularly coming as it does on the heels of an overall trend of flattening inflow,” Graboske said. “Of course, the shift from pipeline growth to pipeline management presents its own set of challenges for servicers and investors. The good news is that equity positions among homeowners in forbearance are by and large strong.”
–Black Knight Data & Analytics President Ben Graboske.
Dealmaker: JLL Brokers $47M Retail Center Sale Near Miami
JLL Capital Markets, Chicago, closed a $46.75 million sale of Plaza San Remo, a Whole Foods Market-anchored retail center in Coral Gables, Fla.
MBA: IMBs Report Strong First Quarter
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,600 on each loan they originated in the first quarter, up from $1,182 per loan in the fourth quarter, according to the Mortgage Bankers Association’s newly released Quarterly Mortgage Bankers Performance Report.
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“Mortgage production profits were strong in the first three months of 2020 – despite a decline in production volume from the fourth quarter and March’s severe market volatility sparked by the COVID-19 pandemic.”
–Marina Walsh, MBA Vice President of Industry Analysis.