On Monday, MBA and a broad coalition of business interests sent a joint letter to congressional leaders stressing strong opposition to tax increases targeted at “pass-through” small business entities. Later in the week, Senator Joe Manchin (D-WV) also weighed in on tax matters, reportedly casting serious doubt on the future of tax provisions as part of any “slimmed-down” Build Back Better reconciliation package.
Category: News and Trends
Former LIHTC Properties Remain Affordable, Freddie Mac Says
Multifamily properties that exit the Low-Income Housing Tax Credit program generally continue to rent at levels lower than those charged in the broader market, reported Freddie Mac Multifamily, McLean, Va.
Make Your Voice Heard through MBA Mortgage Action Alliance
The MBA Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.
MBA Chart of the Week July 15 2022: Cost to Service Loans Per Employee
MBA’s annual Servicing Operations Study and Forum includes a deep-dive analysis and discussion of servicing costs, productivity, portfolio activity and operational metrics for in‐house servicers. This week’s MBA Chart of the Week shows 2021 fully loaded servicing costs, which include three components: direct expenses; unreimbursed foreclosure, REO and other default costs; and corporate administration costs.
Dealmaker: Sonnenblick-Eichner Co. Arranges $50M for California Resort
Sonnenblick-Eichner Co., Beverly Hills, Calif., arranged $50 million in acquisition financing for the Inn at Rancho Santa Fe, an 82-room resort in north San Diego County, Calif.
Jim Rosen of Mortgage Cadence: How the Right Services Strategy Promotes Loan Origination Efficiency
im Rosen is Executive Vice-President of Services at Mortgage Cadence and has more than 20 years of experience in the mortgage software and services industry. He has been with Mortgage Cadence for nearly eight years and was instrumental in launch of the company’s new MCP loan origination platform.
The Week Ahead, July 18, 2022: Five Things to Know
Good morning and happy Monday! Here’s what’s happening this week:
mPowering You: MBA’s Summit for Women in Real Estate Finance in Nashville Oct. 22
mPowering You: MBA’s Summit for Women in Real Estate Finance, takes place Saturday, Oct. 22 in Nashville, Tenn., ahead of the MBA Annual Convention & Expo.
Jeff Coles of Berkadia on Single-Family Rental/Built-for-Rent Markets
Jeff Coles is Vice President of Institutional Client Services with Berkadia, Washington, D.C. He leads Berkadia’s Single-Family Rental & Built-for-Rent specialty.
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“A fear has been that LIHTC properties would simply jack up rents to the top of the market at the expiration of their rent and income restrictions, generally about 30 years, but that’s not usually the case. Any loss of units affordable to the lowest income renters is concerning, but there is some consolation in that LIHTC properties typically continue to serve low- and middle-income renters.”
–Steve Guggenmos, Vice President of Research & Modeling with Freddie Mac, McLean, Va.