Given the downturn in mortgage volume and the exploding cost to originate, Fannie Mae’s announcement comes at a time when QC departments may be much leaner than they were the year before. However, lenders can ill afford to ignore these changes, and compliance may mean investing in automation despite declining profitability.
Category: News and Trends
MBA: 2022 Commercial/Multifamily Lending Down 8%
Total commercial real estate mortgage borrowing and lending fell to $816 billion in 2022, an 8 percent decrease from the record $891 billion in 2021 but a 33 percent increase from $614 billion in 2020, the Mortgage Bankers Association reported Thursday.
Dodge Momentum Index Drops
The Dodge Momentum Index of commercial building projects in the planning stage slipped 8.6% in March to 183.7, reported Dodge Data and Analytics, Hamilton, N.J.
Dealmaker: Merchants Capital Secures $26M for Puerto Rico Multifamily
Merchants Capital’s New York office secured $25.9 million to renovate and upgrade Mirador Las Casas, a Section 8 and Low-Income Housing Tax Credit multifamily property in San Juan, Puerto Rico.
FHFA Final Rule Amends GSEs’ ‘Duty to Serve’ Regulation for ‘Colonias’
The Federal Housing Finance Agency on Wednesday published a final rule to amend the Duty to Serve Underserved Markets regulation for Fannie Mae and Freddie Mac. The final rule allows Fannie Mae and Freddie Mac’s activities in all colonia census tracts to be eligible for Duty to Serve credit.
People in the News Apr. 13, 2023: CONVERGENCE Memphis Names Doreen Graves Executive Director
CONVERGENCE Memphis Inc. named Doreen Graves Executive Director, responsible for leading efforts to strengthen ties within the local Memphis community to promote affordable housing and increase Black homeownership.
MBA: 2022 Commercial/Multifamily Lending Down 8%
Total commercial real estate mortgage borrowing and lending fell to $816 billion in 2022, an 8 percent decrease from the record $891 billion in 2021 but a 33 percent increase from $614 billion in 2020, the Mortgage Bankers Association reported Thursday.
Report Cites Pandemic’s Impact on U.S, Population Shifts
New data on county-level population changes continue to suggest that the coronavirus pandemic had profound and lasting impacts on economic geography—with two million people leaving U.S. cities between 2020 and 2022—according to a report by the Economic Innovation Group, Washington, D.C.
Inflation Slows to 5% as Energy Prices Tumble
The Consumer Price Index continued its slowing trend in March, rising by just 0.1 percent from February and by 5 percent from a year ago, the Bureau of Labor Statistics reported Wednesday.
Souren Sarkar, CMB, of Nexval: What Recent Flight Fiascos Can Teach Us About Investing in Technology
If mortgage servicers ever needed an argument to not hold back on technology investments, they need look no further than the recent fiascos in the airline industry.