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Volume 19 Issue 136

Thursday, July 16, 2020

COVID-19 Pandemic to Cause Commercial/Multifamily Lending Pullback in 2020

Commercial and multifamily mortgage bankers are expected to close $248 billion in loans backed by income-producing properties this year, a 59 percent decline from 2019’s record volume of $601 billion, a new Mortgage Bankers Association forecast said.

Housing Finance Roundup: Purchase Market Strength; Millennial Buying Power; COVID-19 Effect on Homeownership Plans; Bidding Wars Intensify; Home Price Growth Persists

Here is the latest Housing Finance Roundup, with summaries of reports from Ellie Mae; First American Financial Corp.; Bankrate.com; Zillow; and Redfin.

ATTOM: Foreclosure Filings in 1st Half of 2020 Fall to Record Low

Things are kind of dicey in the housing finance market right now, with the economic impact of the coronavirus spiking unemployment and mortgage forbearance. But ATTOM Data Solutions, Irvine, Calif., says for now there is a silver lining.

Mortgage Applications Up Again as 30-Year Rates Hit Another Record Low in MBA Weekly Survey

Mortgage applications increased for the second straight week as the 30-year fixed rate fell to yet another record low, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending July 10.

MBA VideOS

MBA Washington Report 7/13/20

MBA Washington Report 7/13/20

MBA Mortgage Market Update 7/8/20

MBA Mortgage Market Update 7/8/20

MBANow: Laura Conry of FirstBank on Diversity and Inclusion

MBANow: Laura Conry of FirstBank on Diversity and Inclusion

mPower Moments: Pacific Life's DeAnne Reed on Five 'C's' to Success

mPower Moments: Pacific Life's DeAnne Reed on Five 'C's' to Success

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TOP NATIONAL NEWS

Millions of Americans Have their Mortgages in Forbearance Programs–Here’s Why Those Using Private Lenders May Face Bigger Challenges
Mortgage Applications Increase In Latest MBA Weekly Survey
CoreLogic Stands By Rejection of $7 Billion Takeover Bid
Lenders Traverse the Coronavirus Tunnel
FHFA’s Challenge: Convincing Supreme Court It’s Not CFPB
Software for Detecting Financial Crime is in High Demand. Here’s Why
Consumer Appetite for Cars, Homes Bolsters U.S. Economy
CFPB Slaps Chicago Mortgage Lender with Redlining Lawsuit
Mortgage Rates Could Drop Below 3% by 2021, Fannie Mae Says

MBA NEWS

COMBOG Nominating Committee Seeks Board Member Recommendations by July 17
MBA Virtual Commercial/Multifamily Human Resources Roundtable July 20
MBA Webinar: Raising the Bar—How to Increase Sales in Diverse Markets July 23
Upcoming NAMMBA Events

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Quote

"The ongoing COVID-19 pandemic continues to disrupt commercial and multifamily real estate markets. Forecasting amidst the social and economic responses to the virus is difficult, but we do expect originations to drop significantly this year before making a sharp, partial rebound in 2021.” --Jamie Woodwell, MBA Vice President for Commercial Real Estate Research.

STATLINK

Fannie Mae: Prepare to Go Digital with eMortgage

Use this enclosed checklist to prepare for selling and servicing eMortgages with Fannie Mae. The eMortgage team will work with you to gain Fannie Mae approval.

July 15, 2020

FHA Proposes Streamlined Single-Family Servicing Policies; CFPB Touts Benefits of Credit Builder Loans

The Federal Housing Administration this week published proposed revisions to its Single-Family servicing policies, designed to remove “unnecessary barriers” for homeowners seeking mortgage payment relief, achieve operational consistency with industry standard best practices and reduce burdens incurred by the industry when servicing an FHA-insured mortgage portfolio.

July 15, 2020

MBA Education Path to Diversity Scholar Profile: Lakendra Turner

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(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.)

July 15, 2020

Andrew Foster: Commercial Observer Power Finance List Stacked with MBA Leadership

The Commercial Observer’s annual listing of commercial real estate finance power players includes some names familiar to MBA members. The list identifies the 50 most powerful figures in commercial real estate finance.

July 15, 2020

Rick Triola: How to Avoid Leaving an Empty Seat at the Closing Table

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two years ago, mortgage industry advisory firm STRATMOR Group published data illuminating just how important it is for loan officers to attend their closings. We live in a very different world than we did two years ago, and while the nature of closings may have changed in 2020, the impact of the closing on the overall borrower experience has not.

July 15, 2020

Mortgage Vendor News & Views with Scott Roller–July 2020

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In this ongoing article series, we report on mortgage and credit union vendor marketplace events and trends, and we then share our viewpoints. Today we highlight three very unique tech vendors that help in attracting and retaining borrowers, while improving your customer care model via a variety of newer entrants in our service provider market.

July 15, 2020

Mark Dangelo: Beware—Watch This Space, Part One

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In a world of uncertainty, bankers, lenders and technology firms had grown accustom to traditional measures and approaches honed over decades of lessons learned. Today, the playbooks are gone, and we need to accept that consumers will not wait for us as we say the right things—but execute against a script that has been retired.

July 15, 2020

MBA Urges House to Support FY2021 T-HUD Priorities

The Mortgage Bankers Association, in a July 14 letter to House leadership, urged the House to approve key industry-supported provisions for FHA in the federal government’s fiscal 2021 proposed budget.

July 15, 2020

Dealmaker: Cushman & Wakefield Closes $121M in Office Sales

Cushman & Wakefield closed $121 million in south Florida office property sales.

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