Last week, a bipartisan group of members of Congress submitted a letter to House leadership voicing concerns about the use of VA Home Loan program fees as a spending offset to pay for other non-housing-related veterans’ benefits. On Tuesday, the Senate Banking Committee marked up Brian Montgomery’s nomination for the next Deputy Secretary of HUD.
Category: News and Trends
Scott Colclough of Vice Capital Markets: Making the Jump to Advanced Executions
Shifting from best effort to mandatory execution marks a significant achievement in the evolution of a mortgage lending organization, as it represents a more sophisticated (and more profitable) secondary strategy. However, lenders are not always clear on the particulars to making this transition and, as a result, may be slower to change and/or experience a more difficult conversion process.
MBA Chart of the Week: IMB Production Costs
MBA in late November released its Quarterly Performance Report for the third quarter. The total sample of 338 independent mortgage banks and mortgage subsidiaries of chartered banks earned an average pre-tax production profit of $1,924 on each loan they originated–a substantial year-over-year improvement from $480 per loan in third quarter 2018.
The Week Ahead
Mid-December already? Christmas just nine days away? Weren’t we just complaining about holiday commercials in October? (Well, maybe you weren’t…)
Homeowners Gained $5,300 in Equity in Third Quarter on Average
U.S. homeowners with mortgages have seen their equity increase by 5.1 percent year-over-year, representing a nearly $457 billion gain since third-quarter 2018.
CoreLogic: 78,000 Single-Family Properties Regained Equity in 3Q
CoreLogic, Irvine, Calif., said U.S. homeowners with mortgages–representing 64% of all properties–saw their equity increase by 5.1% year over year in the third quarter, a gain of nearly $457 billion from a year ago.
People in the News
Chaya Cashin Zahn, who served as Associate Director of Registration in the Mortgage Bankers Association’s Meetings Department, died suddenly on Dec. 9. She was 42.
November New Home Purchase Mortgage Applications Increase 27% YoY
Mortgage applications for new home purchases increased 27.1 percent compared to a year ago, the Mortgage Bankers Association’s Builder Applications Survey for November reported.
MBA Recognizes Select Members
MBA recognizes its Select Associate Members and thanks them for their continued support of MBA and the real estate finance industry.
New MBA White Paper Analyzes Commercial Real Estate Market Trends, Outlook
The Mortgage Bankers Association this morning released a new white paper, Where From Here?, which examines current economic trends and commercial/multifamily real estate market conditions and summarizes recent comprehensive data–by property type and capital source–reported by MBA’s research team.