This week’s top legislative and policy news from the Mortgage Bankers Association.
Category: News and Trends
Moody’s Reports Higher Interest Rates Driving Down Defeasance
Moody’s Investors Service, New York, reported commercial mortgage-backed securities defeasance activity tumbled last year to $11.4 billion from $32.2 billion in 2022.
Quote: March 26, 2024
“Climate change has led to increases in the number and severity of hurricanes, floods, tornadoes, drought, heat waves and other harsh weather, which have led to a spike in the volume of claims in many parts of the country.”
–ValuePenguin analyst Divya Sangameshwar, discussing rising homeowners’ insurance premiums.
MBA Calls on Congress to Pass Flood Insurance Extension
MBA President and CEO Bob Broeksmit, CMB, issued a statement calling on Congress to pass the Further Consolidated Appropriations Act of 2024, which includes an extension of the National Flood Insurance Program through the end of Fiscal Year 2024.
Existing-Home Sales Jump 9.5% in February
Existing-home sales jumped 9.5% in February to a seasonally adjusted annual rate of 4.38 million–the largest monthly increase since February 2023–the National Association of Realtors reported.
Industry Briefs, March 25, 2024
Industry news from Clearwater Analytics, Floify, Built, Seroka Marketing, Optimal Blue, Cornerstone Servicing, Bizzy Labs, Verus Mortgage Capital and NotaryCam.
‘Home Flipping’ Plummets as Profits Slump
Home flipping fell nearly 30% in 2023 compared to the year before, according to ATTOM, Irvine, Calif.
To the Point With Bob: Uncertainty and Disruption in the Housing Market
Last week’s announcement of a proposed settlement in the real estate commission lawsuits has unleashed a torrent of questions about what real estate transactions might look like in the future–particularly how buyers would be represented and how buyers’ agents would be compensated, writes MBA President & CEO Bob Broeksmit, CMB.
Quote: March 22, 2024
“In 2023, the landscape for home flipping across the U.S. became increasingly challenging. Whether the overall market has soared or seen just modest gains in recent years, investors have missed out on the action.”
–ATTOM CEO Rob Barber
ICE First Look: Delinquencies Improve in February
Intercontinental Exchange Inc., Atlanta, released its first look at February mortgage performance, noting that the national delinquency rate was at 3.34%, down 4 basis points from the month before and 11 basis points lower than February 2023.