The Federal Housing Finance Agency seeks comment on a proposed rule that would formalize many existing practices regarding fair housing and fair lending oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Category: News and Trends
MBA/Urban Institute Report Finds IMB Lending to Minority Neighborhoods/Borrowers Exceeds Banks
A report by the Urban Institute, commissioned by the Mortgage Bankers Association, found independent mortgage bank lending to low- and moderate-income neighborhoods, predominantly minority neighborhoods and LMI predominantly minority neighborhoods is much higher than bank lending in those neighborhoods.
Dealmaker: M&T RCC Provides $324M in Financing for Seniors Housing Properties
M&T Realty Capital Corp., Baltimore, closed $323.7 million in loans for seniors housing in several states.
Redfin: Home Prices See Sharpest Monthly Drop in Decade
Redfin, Seattle, reported the median U.S. home price fell 3.3% in March to $400,528, the largest year-over-year drop since 2012.
Bob Caruso of ServiceMac LLC: Servicing Strategies in a Heightened Compliance Environment
Over the past two decades, regulatory and investor guidelines have become much more nuanced. In addition, maintaining on-going compliance to the rules and audit guidelines has been challenging given servicers’ day-to-day responsibilities. Servicers have had to become more agile and look for ways to update processes and implement changes quickly to reduce the risk of non-compliance.
#NAC23: Lessons from the COVID Pandemic
WASHINGTON, D.C.–The Federal Reserve’s intervention when COVID hit the economy in March 2020 prevented massive damage to the markets, but the Fed should have stepped back after that, Rep. Warren Davidson, R-Ohio, said here at the MBA National Advocacy Conference.
Quote: Apr. 20, 2023
“Much of this positive discrepancy between the share of loans to minority borrowers and the share of existing minority homeowners “is attributable to the very high share of IMB lending to LMI borrowers and minority borrowers, significantly higher than the bank share.”
–From an Urban Institute report (commissioned by MBA) assessing independent mortgage bank lending in Community Reinvestment Act neighborhoods.
MBA Weekly Survey Apr. 19, 2023: Rising Rates Dampen Applications
Mortgage applications fell for the second time in three weeks as rising interest rates curtailed activity, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending April 14.
MBA Presents Nicole Booth with Burton C. Wood Award
The Mortgage Bankers Association presented its annual Burton C. Wood Legislative Service Award to Nicole Booth, CEO of QC Ally LLC, Boston.
Maureen Townson of Enact: Keeping Homebuyer Education Current and Relevant for Borrowers
April is Financial Literacy Month. As mortgage professionals, we have the opportunity – and responsibility – to educate borrowers about homeownership from beginning the homebuying process to discussing what happens after the loan closes.