Top National News Jan. 9, 2023
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
New Securitization Sputters in Final Quarter of 2022
Inside Mortgage Finance, Jan. 6, 2023–John Bancroft
Year-end production totals of ABS and MBS show that 2022 was one of the market’s better years. But the momentum was all downhill, with no sign of slowing as the year ended.
https://www.insidemortgagefinance.com/articles/226671-new-securitization-sputters-in-final-quarter-of-2022?v=preview
Agency Lending Seen Holding Steady
Commercial Mortgage Alert, Jan. 6, 2023 (subscription)
Fannie Mae and Freddie Mac are poised to play an outsize role in the multifamily lending market this year as banks hunker down and debt funds struggle to access capital markets. Agency lenders expect both entities’ 2023 production will match last year’s levels, even as many anticipate that the overall lending market will shrink amid a continued slowdown in investment-sales activity. The Mortgage Bankers Association’s latest forecast projects a 10.7% drop in overall multifamily lending volume this year, down to $393 billion from an estimated $439 billion in 2022.
https://img03.en25.com/Web/MortgageBankersAssociation/%7B8f31f268-f42e-4980-a40b-f1654ec5dfe0%7D_CMA_1623_(1).pdf
Industry Groups Prepare For Bumpy Ride Amid a Divided Congress
Commercial Mortgage Alert, Jan. 6, 2023 (subscription)
Facing a potential recession and a divided Congress, industry groups are preparing to do yeoman’s work in Washington over the next six months. Michael Flood, chief commercial real estate policy official at the Mortgage Bankers Association, said the group will be on guard to ensure that initiatives such as the Community Reinvestment Act — which is being revamped by the Federal Reserve, FDIC and Comptroller of the Currency — give banks the necessary credit to get more affordable housing built.
https://img03.en25.com/Web/MortgageBankersAssociation/%7B41eb1e0a-b434-465c-afea-8e9656018eca%7D_CMA1623_(2).pdf
AmeriFirst Financial Stopped Funding Loans in December
National Mortgage News, Jan. 6, 2023–Maria Volkova (subscription)
AmeriFirst Financial is closing shop, an executive from the Mesa, Arizona-based company confirmed. Many of its employees are said to be heading over to American Pacific Mortgage.
https://www.nationalmortgagenews.com/news/amerifirst-financial-stopped-funding-loans-in-december
loanDepot Targeted by Lawsuit Alleging Poor Work Conditions
HousingWIre, January 6, 2023–Flávia Furlan Nunes
Mortgage lender loanDepot recently became the target of a lawsuit filed by a group of former California employees who have complaints about the company’s work conditions.
https://www.housingwire.com/articles/loandepot-targeted-by-lawsuit-alleging-poor-work-conditions/
Nonbank Mortgage Employment Drops in November
National Mortgage News, Jan. 6, 2023–Brad Finkelstein (subscription)
Preliminary estimates found mortgage banker and broker payrolls totaled 377,400 in November, compared with an upward revision of 389,300 for October and 425,900 in November 2021.
https://www.nationalmortgagenews.com/news/nonbank-mortgage-employment-drops-in-november
Five Trends to Watch in Fourth-Quarter Bank Earnings
American Banker, Jan. 6, 2023–Jordan Stutts (subscription)
As the full-year impact of rising interest rates and inflation comes into focus, investors should expect banks to report the good, the bad and the uncertain in their fourth-quarter earnings, analysts say.
https://www.americanbanker.com/list/five-trends-to-watch-in-fourth-quarter-bank-earnings
Taking Buying, Selling to New Heights
The Housing Scene (UExpress), Jan. 6, 2023–Lew Sichelman
Would you design and buy a home entirely online — picking everything from the lot to the cabinets without ever seeing or touching them in person? Many people say they would, according to a company that’s leading builders in that direction.
https://www.uexpress.com/home/housing-scene/2023/01/06
