Balancing staffing levels with the ebb and flow of interest rate fluctuations poses an ongoing challenge for independent mortgage banks (IMBs).
Category: News and Trends
Quote: Jan. 17, 2024
“Mortgage rates declined across all loan types as Treasury yields moved lower last week on incoming inflation data, which helped to support a rise in mortgage applications. The 30-year fixed rate decreased six basis points to 6.75%, the lowest rate in three weeks.”
–Joel Kan, MBA’s Vice President and Deputy Chief Economist
Dealmaker: Calmwater Capital Funds $32M Construction Loan to Complete California Mixed-Use Development
Calmwater Capital, Los Angeles, provided GE Development with a $32.2 million construction loan to complete The One, an 81-unit multifamily development with 13,000-plus square feet of street-level retail in San Gabriel, Calif.
Berkadia Finds Some Optimism in Commercial Real Estate Industry
Berkadia, New York, released its 2024 Powerhouse Poll, revealing industry members’ perspectives on the commercial real estate industry. The survey found 72% of respondents believed institutional transaction volume will be stronger in 2024.
HUD Secretary Fudge Willing to Examine Dropping Life-of-Loan FHA Coverage
At a House Financial Services Committee hearing Thursday, HUD Secretary Marcia Fudge suggested the agency would consider eliminating life-of-loan premium requirements for FHA-backed mortgages.
MBA Advocacy Update: Secretary Fudge Testifies Before HFSC; FSOC SIFI Designation Subcommittee Hearing
This week’s top legislative and policy news from the Mortgage Bankers Association.
MBA Leads Industry Groups in Submitting Comments Related to Basel III Proposed Rulemaking
The Mortgage Bankers Association last week led a group of housing and industry trade groups in submitting a comment letter highlighting critical concerns and recommendations related to the Notice of Proposed Rulemaking regarding the implementation of the final components of the Basel III standards.
LERETA’s John Walsh: Higher Taxes and Insurance Will Surprise Borrowers with Escrow Accounts in 2024. Are Servicers Ready?
While homeowners across the U.S. are celebrating the record-high appreciation in their home values and, as a result, their home equity, servicers are preparing for the other shoe to drop: an accompanying rise in real estate taxes, affecting escrow balances and creating issues for both borrowers and servicers.
People in the News, Jan. 17, 2024
Industry personnel news from Mr. Cooper, Rocket Cos., MRLP and WFG National Title Insurance Co.
MBA Chart of the Week: Expectations for the CRE Borrowing/Lending Market
Even though many commercial real estate loans are long-lived, there’s a sense that the industry starts each year fresh. Sometimes, that means losing credit for all the deals and successes of the previous twelve months. Sometimes – like now – it means being able to put last year in the rearview mirror.