Applications Rise Again in MBA Weekly Survey
The Federal Reserve yesterday made an emergency cut to the federal funds rate, citing “evolving risks” stemming from the global coronavirus outbreak.
The unofficial start of the spring home buying season began with a bang, as mortgage applications jumped more than 15 percent from the previous week and key interest rates hit a seven-year low, the Mortgage Bankers Association reported this morning in its Weekly Applications Survey for the week ending Feb. 28.
MISMO®, the mortgage industry standards organization, released a new tool designed to facilitate use of MISMO standards.
The Centers for Disease Control and Prevention will hold a Business Sector Call today, Mar. 4, at 3:00 p.m. ET to discuss latest developments on COVID-19, also known as the coronavirus.
First American Financial Corp., Santa Ana, Calif., said frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications decreased by 3.0 percent from December to the lowest level since the company began tracking such data in 2011.
The U.S. apartment stock grew more than two million units during the past decade, and completions will likely climb further as the 2020s continue, said RealPage, Richardson, Texas.
When loan origination volumes begin to drop, lenders must find ways to be more efficient to maintain profitability. Even with the growth of the past decade and the advances in technology tools, origination costs continue to rise, cutting into lenders’ bottom line.
Brian Zitin is Co-Founder and CEO of Reggora, Boston. Reggora is an appraisal technology company that gives mortgage lenders and real estate appraisers two-sided software that streamlines the appraisal process. The firm’s software automates manual processes from automatic order allocation to comprehensive quality control, freeing up time and decreasing costs for both parties.
Planet Home Lending LLC, Meriden, Conn., hired Jim Bopp as vice president of national renovation lending. He will manage Planet’s retail and correspondent renovation loan programs, including FHA 203(k), VA Alterations and conventional loan offerings.
JLL Capital Markets, Chicago, arranged $96.4 million in financing for an 11-building Denver portfolio and an Alabama retail center.
Commercial and multifamily mortgage delinquencies remained low in the fourth quarter, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report.
The House on Tuesday passed two affordable housing bills that had strong support from the Mortgage Bankers Association.