BREAKING NEWS
Mortgage Applications Down 11% in MBA Weekly Survey
Mortgage interest rates hit 3 percent for the first time in nearly six months and harsh weather across much of the country put a damper on mortgage application activity, the Mortgage Bankers Association reported this morning in its Weekly Applications Survey for the week ending Feb. 19.
A flurry of economic reports shows U.S. home price appreciation, triggered by low housing inventories, keep pushing toward—and beyond—double-digit percentage annual growth.
Black Knight, Jacksonville, Fla., said the national mortgage delinquency rate fell below 6% for the first time since nearly a year, but cautioned some 2.1 million homeowners remain seriously delinquent on their mortgage payments.
The office market has seen less deterioration during the pandemic recession than it did during the Great Recession, but it’s not out of the woods yet, reported Moody's Analytics REIS, New York.
By exploring third-party resources, services for alternate paths over foreclosure, and technology with built-in automation, servicers can ensure they are ready to help their borrowers when foreclosure and eviction moratoriums are lifted.
Americans are apparently tired of living in a bubble and eager to break out of the winter/pandemic doldrums, if The Conference Board’s Consumer Confidence Index is any indication.
At some point in the future, however, it’s inevitable that the market will shift—and it’s not too soon to prepare. And just as outsourcing has helped many originators overcome unprecedented capacity issues while volumes are high, it may again prove to be the best strategy for organizations transitioning to the next market environment.
As the anniversary of COVID significantly impacting the U.S. and commercial/multifamily property markets passes, challenging questions about property values remain top of mind.
Bellwether Enterprise Real Estate Capital LLC, Cleveland, closed $63.9 million for affordable multifamily communities in Alabama and Texas.
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance decreased by 7 basis points to 5.22% of servicers’ portfolio volume as of Feb. 14 compared to 5.29% the prior week. MBA estimates 2.6 million homeowners remain in forbearance plans.
The maturity of artificial intelligence is years away—yet the excitement and promise of returns and efficiencies have never been greater.
Paul Gigliotti is COO of Pinnacle Home Loans, Novato, Calif. He also serves as a board member of the California Mortgage Bankers Association.
