MBA Newslinks Archive

“The condominium market is a critical gateway to affordable homeownership, and MBA applauds the steps FHA has taken to increase borrowers’ accessibility to quality housing. The new guidelines, many of which MBA advocated for, will create more financing options that will help first-time homebuyers and low-to-moderate income borrowers. It will also provide lenders with much-needed clarity to promote safe, sustainable, and affordable lending. MBA looks forward to continuing to work with HUD on policies and procedures that promote FHA’s mission.”–Pete Mills, MBA Senior Vice President for Residential Policy and Member Engagement, on FHA’s announcement proposing changes to its Condominium Program.

“The unemployment rate remains quite low, but the national mortgage delinquency rate in the second quarter rose from both the first quarter and one year ago. The economy is slowing, and this poses the risk of further increases in delinquency rates.”–Marina Walsh, MBA Vice President of Industry Analysis.

“Lower mortgage rates have made buying a home more affordable, but not affordable enough for typical homebuyers contending these areas’ sky-high home prices and taxes. The homebuyers who are heading out of town in search of affordability don’t just want to save a few hundred dollars per month, they want to save thousands of dollars per month, and the only way to achieve that kind of cost savings is to move somewhere more affordable.”–Redfin chief economist Daryl Fairweather.

“A strong labor market and a persistent housing shortage have continued to fuel a robust rental market. As of June, multifamily completions outpaced the prior two years, but demand remains high in the majority of markets allowing them to absorb most of the new supply.”–Freddie Mac Vice President of Multifamily Research and Modeling Steve Guggenmos.

“As you recall, MBA opposed the inclusion of the language preference question in the URLA because of the customer relations issues the question would cause if lenders could not actually serve borrowers in their preferred language, and due to unresolved operational and legal questions raised by the language preference information. We greatly appreciate Director Mark Calabria’s willingness to revisit these concerns and resolve them effectively.”–MBA President and CEO Bob Broeksmit, CMB, on an announcement yesterday by the GSEs to delay implementation of the Uniform Residential Loan Application.

“Credit availability in July decreased overall, driven by declines in the conforming and government indices. Conditions tightened some for borrowers with high loan-to-value ratios and lower credit scores. One outlier was the Jumbo Index, which increased to its highest level since the inception of this survey in 2012.” –Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“The Federal Reserve cut rates as expected last week, but the bigger influence on the financial markets was the beginning of a trade war with China. The result was a sharp drop in mortgage rates, which will likely draw many refinance borrowers into the market in the coming weeks.”–MBA Chief Economist Mike Fratantoni.

“The impact of climate change on the lives and pocketbooks of homeowners is closer than you think. For home buyers over the next few years, the impact of climate change will be felt within the span of their 30-year mortgage.”–Skylar Olsen, Zillow director of economic research and outreach.

“The consumer side of the economy looks healthy as job gains continue, prompting higher wages. However, there has been a hit to manufacturing from trade tensions, which has resulted in an economy that’s reliant on one engine to sustain the expansion, and that’s U.S. consumers.”–Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.

“Susan [Stewart] is the epitome of an inspirational leader. She has a proven track record of success at SWBC Mortgage; is a trusted voice and a thought leader within MBA; and volunteers her time and capital to philanthropic causes, including MBA Opens Doors Foundation.”–MBA President and CEO Robert D. Broeksmit, CMB.