Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association, issued the following statement regarding the Federal Housing Administration’s release of its annual report to Congress:
Category: News and Trends
MBA Independent Mortgage Bankers Conference, Jan. 22-24 in New Orleans. Register by Dec. 11 to Save
Join us in vibrant New Orleans for MBA’s Independent Mortgage Bankers Conference. This is the industry event of the year built for IMBs by IMBs, with a program designed exclusively for the executives and leadership teams of independent mortgage bankers of all sizes and business models. Build lasting and important relationships, hear from other IMBs, and learn meaningful solutions to make an impact for your business.
ATTOM: Foreclosure Activity Steady In October
ATTOM, Irvine, Calif., found 34,472 U.S. properties with foreclosure filings in October, down 6 percent from a month ago but up 6 percent from a year ago.
Fitch Ratings: WeWork Bankruptcy Unlikely to Pressure Office REIT Occupancies
WeWork’s recent bankruptcy filing should have little or no direct credit effect for U.S. equity real estate investment trusts, given minimal, or no, exposure in rated issuers’ portfolios, according to Fitch Ratings, New York.
Quote: Nov. 16, 2023
“Given the inextricable link between mortgage lending, the American Dream, and the overall health of the economy, banking regulators should be doing whatever they can to support real estate markets and the broader economy. Unfortunately, the opposite is happening.”
–MBA President & CEO Bob Broeksmit, CMB
MBA: IMBs Report Net Production Losses in Third-Quarter 2023
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $1,015 on each loan they originated in the third quarter of 2023, an increase from the reported loss of $534 per loan in the second quarter of 2023, according to the Mortgage Bankers Association’s newly released Quarterly Mortgage Bankers Performance Report.
STRATMOR Group’s Michael Grad: Unlocking Profits from Servicing Assets
With interest rates soaring, most lenders are struggling to generate enough profit from originations to sustain business. And when they are incurring losses with each loan originated, many have turned their attention to mortgage servicing rights for extra revenue.
Yardi Matrix Increases Multifamily Completion Forecast for 2024, 2025
Yardi Matrix, Santa Barbara, Calif., reported multifamily construction starts increased slightly in the third quarter, and overall construction levels should yield an uptick for 2024 and 2025 completions.
Quote: Nov. 15, 2023
“A decline in originations volume worsened net production losses in the third quarter of 2023.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
Optimal Blue: Lock Volume Nearly Flat; Rate Headwinds Continue in October
Mortgage rate-lock volume was virtually flat in October compared to September; however, when adjusting for the extra business day, volume was down 4%, reported Optimal Blue, Plano, Texas.