Gantry, San Francisco, secured $29.3 million in acquisition financing for Cala Paradise Valley apartments in Phoenix.
Category: News and Trends
The Week Ahead, Oct. 17, 2022: Countdown to MBA Annual22 and 4 Other Things to Know
Good morning, and happy Monday! We have a lot happening over the next two weeks, so let’s get started!
MBA: 3Q Commercial, Multifamily Mortgage Delinquency Rates Decline
Delinquency rates for mortgages backed by commercial and multifamily properties declined through the third quarter, according to the Mortgage Bankers Association’s latest CREF Loan Performance Survey.
Former House Speaker Paul Ryan Keynotes MBA Annual22 Opening General Session
Former House Speaker Paul Ryan, R-Wis., keynotes the Opening General Session at the Mortgage Bankers Association’s Annual Convention & Expo on Monday, Oct. 24 at 8:30 a.m. CT.
Bob Caruso of ServiceMac on Changes in Mortgage Servicing and Subservicing
Bob Caruso is CEO of ServiceMac LLC, Fort Mill, S.C., a wholly owned subsidiary of First American Financial Corp.
Quote
“Commercial and multifamily mortgages continued to perform well through the third quarter. A much smaller share of loans backed by the property types hardest hit at the onset of the pandemic–lodging and retail–were delinquent. For those property types, very few new loans faced difficulties and lenders continued to work through those that had.”
–Jamie Woodwell, MBA Vice President of Commercial Real Estate Research.
MISMO Seeks Public Comment on FIPS Code Lending Limit API Specification
MISMO®, the real estate finance industry standards organization, seeks public comment on a new FIPS Code Lending Limit API Specification, which will illustrate how to define a standard REST-based OpenAPI for searching lending limits based on a property’s postal code and county name.
Martin Frenkel and Brian Nettleingham of Maddin Hauser: What Lenders Need to Know about Layoffs
Since April , more than 20,000 mortgage banking and brokerage positions have been cut, primarily at lenders. While such workforce reductions are designed to reduce costs, they can also leave mortgage companies exposed to significant liability if they violate federal and state laws regarding layoffs.
Jeremy Yohe of ALTA: Alternatives to Title Insurance Increase Lender Risk
Attorney opinions, in providing more limited coverage of title risks, represent a shifting of risk to the lender because they are responsible for representations and warranties for the life of the loan that pertain to clear title and first-lien enforceability.
MBA Promotes Heather Messam, Justin Wiseman, Joel Kan
The Mortgage Bankers Association promoted Heather Messam to Vice President and Controller; Justin Wiseman to Vice President and Managing Regulatory Counsel; and Joel Kan to Vice President and Deputy Chief Economist.