mba.org has been chosen as one of three finalists for the 2023 Sitefinity Website of the Year Awards. MBA members can vote to ensure mba.org is the winner.
Category: News and Trends
Sponsored Content from ACES Quality Management: Originations with High-Quality Compliance Testing
When every loan matters, automated compliance testing mitigates fallout due to avoidable or easily detectable compliance errors.
FHA Finalizes HECM Claims Processing Policies
The Federal Housing Administration on Wednesday announced new policies that will allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, to HUD.
Industry Briefs May 18, 2023: Vice Capital Markets Releases Integration with Freddie Mac Income Limits API
Vice Capital Markets, Novi, Mich., released an integration with Freddie Mac’s Income Limits application programming interface. The API grants Vice Capital customers access to area median income information to determine if a loan meets the AMI percentage eligibility criteria for certain Credit Fee Caps.
Dealmaker: Madison Realty Capital Provides $340M Construction Loan
Madison Realty Capital, New York, provided a $340 million construction loan to Catalfumo Cos., Palm Beach Gardens, Fla.
April Housing Starts Up 2.2%
Housing starts posted a modest increase in April, the Census Bureau and HUD reported Wednesday.
CoreLogic: March Single-Family Rent Growth Slides
CoreLogic, Irvine, Calif., said annual single-family rent price growth wound down to 4.3% in March, marking nearly a year of decelerating gains.
A Tale of Two Reports on Household Debt
WalletHub, Miami, reported this week that total household debt fell to $17.12 trillion in the first quarter as consumers paid down nearly $140 billion in debt during that period. Separately, the Federal Reserve of New York took a slightly different tack, reporting an increase in total household debt in the first quarter by $148 billion (0.9%) to $17.05 trillion.
Quote: May 18, 2023
“Estimates of the nation-wide housing shortage vary, but tend to range from between 3.5 million to 5.5 million housing units. This implies that even if all units under construction came to market tomorrow, we’d still be underbuilt by millions of units. As such, new supply of housing is more likely to ease than erase the national housing shortage, although this will vary by location.”
–Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.
Michael Carpenter of NContracts: Risk Management Controls—a Primer
Risk management is a critical aspect of banking and mortgage operations. However, one area that often draws resistance is risk management controls. The concept may seem intimidating or overwhelming, but when you break down the components, you’ll find risk management controls aren’t nearly as complicated as you think.