Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, said Special Purpose Credit Programs can provide lenders with an effective way to serve minority groups who do not have access to generational wealth.
Category: News and Trends
Pending Home Sales Edge Higher
Pending home sales broke a six-month skid last month with a slight 0.7 percent rise from April.
Single-Family Rent Growth Sees 13th Consecutive Record-Breaking Month
CoreLogic, Irvine, Calif., said U.S. single-family rent growth continued its hot streak in May, with prices up by 14 percent year-over-year for the thirteenth consecutive month of record-breaking annual gains.
Redfin: Demand for Vacation Homes Falls Below Pre-Pandemic Levels
Redfin, Seattle, said demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4 percent from before the pandemic in May.
Dealmaker: Northmarq Arranges $13M Retail Portfolio Refinance
Northmarq, Minneapolis, refinanced four retail properties for a combined $12.8 million.
MBA Advocacy Update June 27, 2022
Last week, the House Financial Services Committee once again considered down payment assistance legislation targeted toward first generation, first-time homebuyers. On Tuesday, MBA and the National Fair Housing Alliance announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs.
Anita Bush of FICS: Mortgage Servicers Must Improve Support for Borrowers with Limited English Skills
Mortgage servicers must provide language resources for borrowers with limited English proficiency. The 2020 Census confirmed what mortgage professionals have experienced over the past decade – America’s diversity increases every year with minority homeownership growing rapidly.
Quote
“Saving for a down payment is one of the biggest hurdles first-time buyers face. Special Purpose Credit Programs can provide lenders with an effective way to serve minority groups who do not have access to generational wealth to use as part of their down payment.”
–Mortgage Bankers Association President and CEO Robert Broeksmit, CMB.
MBA Chart of the Week June 24, 2022: Median Payment by Conventional/Government Loan
The national median mortgage payment was $1,897 in May, a slight increase from $1,889 in April and $572 higher than in May 2021, according to this week’s Purchase Applications Payment Index release.
MBA, Winnow Solutions LLC Partner to Help Members with Compliance Research, Costs
The Mortgage Bankers Association and Winnow Solutions LLC, Anaheim, Calif., announced a partnership that will provide MBA member subscribers – at a 10% discount rate – a comprehensive database of state and federal regulations to help control costs and better manage the growing complexity of mortgage regulations.