MBA Newslinks Archive

“When our industry becomes dominated by purchase money mortgages, the large banks’ natural advantage in terms of new loan opportunities dissipates.”–STRATMOR Principal Tom Finnegan.

“Longer-term rates are likely already pricing in several rate cuts. Thus, mortgage rates may be more volatile in the months ahead, which could both provide refinance opportunities for some homeowners, while causing potential home buyers to pause amidst the uncertainty.”–MBA Chief Economist Mike Fratantoni.

“After seeing a six-week streak, mortgage rates for 30-year loans increased slightly, which led to a pullback in overall refinance activity. Borrowers were sensitive to rising rates, but the refinance share of applications was still at its highest level since January 2018, and refinance activity was at its second-highest level this year. –MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year.” –Todd Teta, chief product officer with ATTOM Data Solutions, Irvine, Calif.

“All parties fully understand the important role the FHA program plays in helping middle-class Americans access home financing, and this resolution allows the parties to move ahead together with that mission and to ensure their future relationship.”–Retired Judge Gerald E. Rosen, who mediated a dispute between HUD and Quicken Loans that settled Friday.

“To tackle the housing affordability crisis, we need public-private partnerships to help bring the price point down to create more affordable housing, more supply overall to address the critical housing shortage, including by reducing the regulatory cost of building a home and an increase in direct assistance to renters. It’s more effective to tie assistance to a renter rather than a rental unit.”–From an industry trade letter, signed on by MBA, opposing a California bill that would impose new rent control standards statewide.

“The lack of affordable housing is presenting significant challenges to families across the country. We need to explore how the lending community can better partner with public, private and non-profit stakeholders to ensure more Americans have access to homes they can afford.As the trade association representing the full breadth and depth of the mortgage lending community, MBA should, and will, be a leader in finding innovative solutions.”–MBA President and CEO Robert D. Broeksmit, CMB.

“Government credit supply continues to decline since peaking in 2017, as there are fewer streamlined refinance programs being offered.”–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“Mortgage rates for all loan types fell by a sizeable margin for the second straight week, pulled down by trade tensions with China and Mexico, the financial markets reacting to more bearish communication from several Fed officials and weaker than expected hiring in May. Despite the less positive outlook, both purchase and refinance applications surged, driven mainly by these lower rates.”–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“Commercial and multifamily mortgage delinquencies remain at or near record lows for most capital sources, and it’s hard to imagine loans performing better than they currently do.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.