David Upbin is Vice President of Education Operations and Programming & MBA Strategy with the Mortgage Bankers Association. He joined MBA in 2013 and is responsible for financial management, operations, delivery and programming of MBA Education’s suite of training products and events.
Category: News and Trends
Dealmaker: Hunt Real Estate Capital Provides $67M In Fannie Mae, Freddie Mac Funds
Hunt Real Estate Capital, New York, provided $67 million in Fannie Mae and Freddie Mac funds for four apartment properties in the southeastern U.S. Hunt closed three Fannie Mae multifamily …
MBA: Share of Mortgage Loans in Forbearance Levels Out at 8.55%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey said loans now in forbearance increased just slightly, to 8.55% of servicers’ portfolio volume as of June 7 compared to 8.53% the prior week. MBA now estimates 4.3 million homeowners are in forbearance plans.
MBA: Share of Mortgage Loans in Forbearance Levels Out at 8.55%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey said loans now in forbearance increased just slightly, to 8.55% of servicers’ portfolio volume as of June 7 compared to 8.53% the prior week. MBA now estimates 4.3 million homeowners are in forbearance plans.
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“Half of the servicers in our sample saw the forbearance share decline for at least one investor category. Although there continues to be layoffs, the job market does appear to be improving, and this is likely leading to many borrowers in forbearance deciding to opt out of their plan.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
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.
MBA Advocacy Update
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.
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.
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.
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.