“Keep going; stay resilient. It looks like they are about done in terms of raising the fed funds rate. We expect the fed funds rate to hold steady until the second quarter, when we’ll likely see a cut.”
–MBA Vice President of Industry Analysis Marina Walsh, CMB
“While forbearance is a powerful tool for delinquency surges resulting from natural disasters or major disruptions such as a pandemic, today’s borrowers are not experiencing widespread financial distress.”
–Marina Walsh, CMB, MBA’s Vice President of Industry Analysis
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 3 basis points from 0.26% of servicers’ portfolio volume in the prior month to 0.23% as of Dec. 31, 2023.
Total commercial and multifamily mortgage borrowing and lending is expected to rise to $576 billion in 2024, which is a 29% increase from 2023’s estimated total of $444 billion. This is according to an updated baseline forecast released today by the Mortgage Bankers Association (MBA).
There will be a celebration of former MBA President and CEO Dave Stevens’ life on Friday, Feb. 2, 2024, from 2:00 PM to 5:30 PM at Capital One Hall, located at 7750 Capital One Tower Road in Tysons Corner, Va.
ATTOM, Irvine, Calif., released its 2024 Rental Affordability Report, showing median three-bedroom rents in the U.S. are more affordable than owning a similarly sized home in the vast majority of local markets.
As of Jan. 1, a new property inspection form now exists for use within the commercial real estate industry.
(One in a recurring series about MBA CONVERGENCE, the Mortgage Bankers Association’s affordable housing initiative.)
“We commend House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden for their bipartisan, bicameral work on this tax package and call on lawmakers to pass the proposal as soon as possible.”
–MBA President and CEO Bob Broeksmit
This week’s top legislative and policy news from the Mortgage Bankers Association.
