This week’s top legislative and policy news from the Mortgage Bankers Association.
Category: News and Trends
Black Knight: Mortgage Locks Edge Lower in June; Credit Availability Continues to Tighten
Black Knight, Jacksonville, Fla., reported overall rate lock volumes were down 1% month-over-month in June, with conforming loans gaining share mainly at the expense of non-conforming loan products.
Quote: July 18, 2023
“Mortgage forbearance has declined because most homeowners have maintained or improved their financial health. Recent reporting by the U.S. Bureau of Labor Statistics shows continued job growth in June and a 3.6 percent unemployment rate. The employment situation tracks with homeowners’ ability to make mortgage payments.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
MBA Chart of the Week July 17, 2023: IMB Production Expenses Vs. Gross Production Expenses
In May, MBA Research released the first quarter results of its Quarterly Mortgage Bankers Performance Report (QPR). Total loan production expenses – commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations – increased to a study-high of $13,171 per loan in the first quarter.
Be a DEI Champion: Deadline Aug. 4
MBA’s Diversity, Equity and Inclusion Leadership Awards recognize leading organizations who are exhibiting exemplary leadership through their impactful DEI efforts. Applications are due by August 4 at 5:00PM ET.
Today: Mastering Revenue Metrics of Single-Close Construction Loans
Not all loan programs are faced with the profitability challenges of traditional mortgages, one of these being construction-to-permanent loans. In this webinar, panelists will discuss the revenue metrics of single-close construction lending and understand why the net ROI could easily be 3-4 times more than a standard mortgage loan.
MBA Education Path to Diversity Scholar Profile: Cecilia Collins
MBA NewsLink interviewed Cecilia Collins, Business Control Director at Cenlar, about her experience with the MBA Path to Diversity Scholarship Program.
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Black Knight: Mortgage Locks Edge Lower in June; Credit Availability Continues to Tighten
Black Knight, Jacksonville, Fla., reported overall rate lock volumes were down 1% month-over-month in June, with conforming loans gaining share mainly at the expense of non-conforming loan products.
S&P: U.S. Job Growth Makes July Rate Hike Likely
Payroll jobs continue to grow and the unemployment rate remains near a 50-year low, making it likely the Federal Reserve will increase the Fed Funds rate later this month, said S&P Global Ratings, New York.