BREAKING NEWS
Record-Low Interest Rates Spark 8% Jump in Mortgage Applications
Mortgage applications increased for the second straight week--and purchase applications increased for the ninth consecutive week--as key interest rates fell to record lows, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 12.
Two months ago, the National Association of Home Builders/Wells Fargo Housing Market Index suffered its biggest one-month drop in history, falling by more than 40 points to an eight-year low. This month, the Index rebounded back into positive territory.
CoreLogic, Irvine, Calif., said single-family rent growth slowed to its lowest level in years during April as unemployment reached its highest level in 80 years.
New home activity showed signs of improvement in May as the Mortgage Bankers Association’s Builder Applications Survey saw increases in activity from April and a year ago.
The May 20 dam breaks caused unprecedented damage and flooding in four Michigan counties. Throw in the coronavirus pandemic and you have a disaster unique in scope—and we’re only halfway through 2020.
NAMMBA hosts a special state of the industry town hall series, The COLOR of COVID, this Friday, June 19, from 1:00-4:00 p.m. ET.
June is Homeownership Month in a year unlike any other. MBA NewsLink asked executives of four lenders to discuss how the coronavirus has affected their business and what they are doing to adapt and succeed.
David Upbin is Vice President of Education Operations and Programming & MBA Strategy with the Mortgage Bankers Association. He joined MBA in 2013 and is responsible for financial management, operations, delivery and programming of MBA Education's suite of training products and events.
(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.)
Over the past 10 years, Fair Credit Reporting Act lawsuits have almost quadrupled from some 1,350 cases in 2010 to 5,000 in 2019. FCRA allows plaintiffs to recover attorney fees, which may explain the increase.
To help limited English proficiency borrowers who are experiencing mortgage-related difficulties due to the coronavirus national emergency, the Federal Housing Finance Agency added new translations to the Mortgage Translations website. Site visitors can now choose English, Spanish, traditional Chinese, Vietnamese, Korean, or Tagalog when accessing scripts that servicers use when discussing COVID-19 forbearance with borrowers.
JLL Capital Markets, Chicago, arranged $367.6 million to refinance a four-building office campus and five multifamily properties.
