Homebuyer affordability declined further in May, with the national median payment applied for by purchase applicants increasing 2.5% to $2,165 from $2,112 in April.
Category: News and Trends
FHA Increases Threshold for Large Multifamily Loans to Be Eligible for Standard Underwriting
The Federal Housing Administration on Wednesday increased the threshold at which a multifamily loan is considered a large loan from $75 million to $120 million. The Mortgage Bankers Association commended the move.
Dealmaker: Avison Young Completes $15M Office Park Sale in South Florida
Avison Young, Toronto, announced its Florida Capital Markets Group completed the $15.4 million sale of Plantation Medical Office Park, a six-building medical office campus, in Plantation, Fla.
Relocating Homebuyers Look Far Afield, Redfin Reports
More than one-quarter of homebuyers nationwide are looking to move to a different metro area, reported Redfin, Seattle.
Yardi Matrix: Multifamily Rents See Small Growth in First Half of 2023
Yardi Matrix, Santa Barbara, Calif., found multifamily asking rents grew $17, or 0.9%, with year-over-year growth decelerating to 2.6% through the first five months of 2023.
ServiceMac’s Bob Caruso: How Technology is Rapidly Transforming Mortgage Servicing
The servicing industry continues to evolve and adapt as market conditions change. Given the market shifts, servicers can focus on technology advancements to maximize operational efficiency, manage risk and remain compliant, while providing superior customer service. In fact, the latest advancements in servicing technology are changing the way mortgages are serviced.
Industry Briefs June 29, 2023
Industry Briefs from Fannie Mae, Floify, Truv, Mobility Market Intelligence and Lender ToolKit.
Fitch: Commercial mREIT Sector Faces Further Pressures in 2023
Fitch Ratings, New York, said commercial mortgage real estate investment trust ratings will continue to be challenged by post-pandemic occupancy rates, “with growing recessionary risks and further deterioration of commercial real estate fundamentals.”
MBA Weekly Survey June 28, 2023: Mortgage Applications Increase Again
Mortgage applications increased 3.0 percent from one week earlier, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey reported for the week ending June 23, 2023.
Quote: June 29, 2023
“The increase to the threshold–along with a new method to review it on an annual basis–will help to ensure that HUD multifamily financing is a viable option at all times during the lending cycle.”
–MBA President and CEO Bob Broeksmit, CMB