BREAKING NEWS
MBA: Share of Loans in Forbearance Holds at 5.54%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance remained unchanged from the prior week at 5.54% as of November 29. MBA estimates 2.8 million homeowners are in forbearance plans.
Mortgage credit availability increased in November to its highest level since July, the Mortgage Bankers Association reported this morning.
RCLCO, Bethesda, Md., noted rental housing occupancy and rents have grown stronger in suburban markets than in urban areas recently.
MBA released its latest Quarterly Performance Report for the third quarter last week. Independent mortgage banks and mortgage subsidiaries of chartered banks reported study-high average pre-tax production profits of 203 basis points ($5,535 on each loan originated) in the third quarter, up from 167 basis points ($4,548 per loan) in the second quarter.
As the CARES Act has been welcome relief to borrowers, many servicers are finding their own relief in strategic partnerships.
The Mortgage Bankers Association announced Borden Hoskins joined the association as Associate Vice President of Legislative Affairs. He will be responsible for advocating MBA's legislative and policy priorities on Capitol Hill, with a primary focus on Republican members of the House of Representatives.
Gene Spencer, who spent 28 years at Fannie Mae and 10 years with the Homeownership Preservation Foundation and who served in a number of advisory capacities with the Mortgage Bankers Association and other industry organizations, passed away on Nov. 30 in Gloucester Point, Va.
Cherry Creek Mortgage, Denver, appointed Rick Seehausen to president and COO of Cherry Creek Holdings, where he will oversee all company operations, including IT, human resources, legal, accounting, marketing and compliance divisions.
Transwestern Commercial Services, Houston, brokered three multifamily property sales totaling $115.2 million.
The Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, is holding elections for three at-large seats on its 2021-2022 MAA Steering Committee. The active voting period will be open until Wednesday, Dec. 9 at 5:00 p.m. ET.
MBA NewsLink interviewed Bruno Pasceri, President of Incenter LLC and a mortgage industry leader for more than 30 years, about the mortgage banking market and how to navigate future changes.
Participate in a virtual mPact event in December to benefit the MBA Opens Doors Foundation and help us keep families with critically ill or injured children in their homes. Join us and make a difference for a family in need.
