BREAKING NEWS
Applications Up Nearly 7% in MBA Weekly Survey
Despite a jump in key mortgage interest rates, mortgage applications increased from one week earlier, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending September 18.
Existing home sales reached their highest level since before the Great Recession, the National Association of Realtors reported yesterday.
Relatively inexpensive areas outside major cities, such as El Dorado County, just east of Sacramento, Calif., and Camden County, N.J., across the river from Philadelphia, are gaining ground with homebuyers as New York City and San Francisco lose steam, according to a report from Redfin, Seattle.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance decreased by 8 basis points to 6.93% of servicers’ portfolio volume as of Sept. 13, compared to 7.01% the week before. MBA estimates 3.5 million homeowners are in forbearance plans.
The MBA Opens Doors Foundation announced it received $2.71 million in corporate and individual donations during its two-day FY 2021 fundraising campaign, which began on September 8.
MBA is gearing up for its first-ever virtual Annual Convention & Expo. Taking place October 19-21 via MBA LIVE, attendees can connect whenever they want, from wherever they want.
With just under two decades wearing different hats in the commercial real estate industry before joining the bank, Bailey is a CRE subject matter expert in the Atlanta Fed's Supervision, Regulation and Credit division. In addition to previous roles as an appraiser, consultant and property developer, Bailey holds CCIM and CRE designations. MBS Newslink interviewed Bailey to get his perspective on the current environment.
Even when minorities do become homeowners, research shows that homeownership delivers fewer benefits than it does for white families—including significantly less home equity. Yet there are steps we as an industry can take toward leveling the playing field.
(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.)
While advice and directions concentrate on the “next normal” inflicted by Covid-19, the underlying challenges facing financial services and banking organizations have been building long before its arrival. If banking and mortgage leadership are to adjust to an altered consumer and investment future, they must quickly determine how to build core competencies with digital leveraging—or risk becoming a statistic.
The Mortgage Bankers Association and the National Association of Realtors yesterday sent a letter to House and Senate leaders in opposition to possible legislation that could increase funding fees to veterans’ homeownership benefits.
JLL Capital Markets provided nearly $148 million in acquisition funding for a suburban New Jersey office portfolio and $90 million in acquisition and renovation funding for multifamily properties in Pennsylvania and California.
