Three federal bank regulatory agencies last week finalized a rule to modify the treatment of high volatility commercial real estate, a move long advocated by the Mortgage Bankers Association.
Category: News and Trends
MBA: IMB Profits Rise to Near Seven-Year High in 3Q
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,924 on each loan they originated in the third quarter, up from $1,675 per loan in the second quarter, the Mortgage Bankers Association reported Thursday.
MBA Advocacy Update
On Thursday Congress passed, and the president signed into law, another short-term continuing resolution to fund the government until December 20. On Tuesday, the Federal Housing Finance Agency announced plans to repropose the agency’s rule on capital requirements for Fannie Mae and Freddie Mac in 2020. And this Sunday, November 24, the mortgage loan originator temporary authority law will go into effect.
The Week Ahead
It’s Thanksgiving Week! And in addition to your preparations for the holidays, MBA has some food for thought this week.
MBA Chart of the Week: Percent of Loans in Foreclosure
The third quarter results of MBA’s National Delinquency Survey, released last week showed improvements in delinquency and foreclosure measures.
MISMO Seeks Public Comment on New Logical Data Model
MISMO®, the mortgage industry standards organization, announced release of an update to the MISMO Logical Data Model for a 30-day public comment period.
November Housing Report: Most Expensive Zip Codes; Opportunity Zone Price Bump; Millennial Commutes Increase
At $7 million, Atherton, Calif.’s 94027 is the most expensive zip code for the third year in a row, according to an annual report from PropertyShark, New York.
Ellie Mae: October Refis Show Strength
Ellie Mae, Pleasanton, Calif., said refinances accounted for the highest percentage of closed loans in October since March 2015.
October Existing Home Sales Post 1.9% Increase
Existing home sales rose in October, a slight recovery from the declines seen in September, the National Association of Realtors reported yesterday.
CFPB’s Fall Regulatory Agenda: LO Comp, Industry Issues on Radar Screen
The Office of Management and Budget released its Fall Regulatory Agenda, and the Consumer Financial Protection Bureau indicated that changes to Mortgage Loan Originator compensation–a long time regulatory priority of the Mortgage Bankers Association–appears to be high on the radar screen.