BREAKING NEWS
MBA Objects to GSEs' Surprise 'Adverse Market Fee' on New Refinance Mortgages
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The Federal Housing Finance Agency yesterday authorized Fannie Mae and Freddie Mac to impose an “Adverse Market Refinance Fee”—a 50 basis-point fee on most refinance mortgages, effective Sept. 1. The after-hours announcements drew a strong rebuke from the Mortgage Bankers Association.
The Mortgage Bankers Association this morning released its July Builder Applications Survey, reporting mortgage applications for new home purchases increased by 39 percent from a year ago and by 1 percent from June.
Next week, the Mortgage Bankers Association releases its 2nd Quarter National Delinquency Survey. This week, ATTOM Data Solutions, Irvine, Calif., said foreclosure moratoria stemming from the coronavirus pandemic kept new foreclosure filings low—but warned they could increase dramatically once those moratoria expire.
Mortgage applications rose for the fourth time in five weeks as key interest rates once again fell to record lows, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending August 7.
The MBA Accounting & Financial Management Conference will be held virtually, December 9 - 10. Speaking proposals are being accepted until Thursday, August 13.
MBA hosted a joint Origination Council and Capital Council call on August 4 highlighting pertinent issues and challenges facing the commercial real estate finance marketplace. Grandbridge Real Estate Capital Chairman of the Board and Chief Executive Officer Matt Rocco chairs the Origination Council and led the call.
The leverage of all things digital is here. However, digitalization is NOT digital transformation, let alone digital leverage. As finance firms and their target markets reach their cycle peaks, the leverage of digital is a requirement most banking leaders have not incorporated into their forthcoming budgets and operations.
As companies loan volumes continue to rise, so does the need for in-depth financial management and reporting tools that can help mortgage companies track and manage the month-over-month changes.
Brookstone Management, Howell, N.J., a national provider of mortgage field services, announced JK Huey, CMB, AMP, joined its Advisory Board and will serve as Corporate Ambassador.
With the average time to close a mortgage transaction still 40+ days, the experience of a “one-tap'' digital mortgage seems distant to most onlookers. In reality, however, the important measure of efficiency is how long a borrower actually spends in the mortgage factory line—in other words, how long it takes to get approved and complete all of the necessary requirements and paperwork before closing.
(One of a continuing series of profiles of participants in the MBA Education Path to Diversity (P2D) Scholarship Program, which enables employees from diverse backgrounds to advance their professional growth and career development.)
NorthMarq, Minneapolis, secured $59.2 million to refinance two Texas office properties.
