MBA Newslink Tuesday 9-5-17

“Purchase transactions, which are inherently more at risk of defects, fraud and misrepresentation, showed no increase compared to a month ago. One month doesn’t establish a trend, so it will be important to see if we’ve reached a turning point in the long-run trend of increasing defect risk.”–Mark Fleming, chief economist with First American Financial Corp., Santa Ana, Calif.

MBA Newslink Friday 9-1-17

“Since properties have been sufficiently insured, the commercial loan toll has been very limited compared to the devastating human toll. However, Houston could be somewhat of a different story. With some large area offices facing major lease expirations, an extended inability to show, renovate or release those offices could be impactful.”–Trepp Senior Managing Director Manus Clancy, on the impact of Hurricane Harvey on Houston-area commercial real estate properties.

MBA Newslink Thursday 8-31-17

“The entire mortgage industry is working around the clock to identify homeowners in the affected areas who are in need of assistance or who have questions about their property, payment status or loans. We are encouraging any homeowner who is unsure of their situation to immediately contact their lender or servicer as well as their hazard or homeowners insurance provider.” –MBA President and CEO David Stevens, CMB.

MBA Newslink Wednesday 8-30-17

“Production profitability improved in the second quarter as volume picked up with the spring home buying season and a slight drop in mortgage rates. Production revenues declined due to increased competition, but that was more than offset by per loan expenses dropping to levels comparable with other recent quarters of similar volume.”–MBA Vice President of Industry Analysis Marina Walsh.

MBA Newslink Tuesday 8-29-17

“FHFA’s effort to expand the use of alternative credit scoring models is a critical component to reversing the steady decline in homeownership particularly for low- and moderate-income as well as minority consumers.”–From an MBA/trade group letter asking the Federal Housing Finance Agency to update credit risk scoring models used by Fannie Mae and Freddie Mac.

MBA Newslink Monday 8-28-17

“The current softening in rents is also driven by continued new deliveries, which is expected to peak in the third quarter.”–From a JLL report on multifamily investment, cautioning that volume continues to fall from a year ago.

MBA Newslink Friday 8-25-17

“The employment outlook continues to support loan performance. Monthly job growth topped 200,000 jobs in June for the fourth time in the first six months of the year. Job growth in the month of July also topped 200,000. Possible factors that could influence a directional change include rising loan-to-value and debt-to-income ratios for certain product types, as affordability is stretched by tight inventory and rising home prices, and normal loan aging.”–MBA Vice President of Industry Analysis Marina Walsh.

MBA Newslink Thursday 8-24-17

“The market is taking less than half of the credit risk that it took in 2001, a period of reasonable credit standards, and less than a third of the credit risk taken in 2006, a period where we all agree credit standards were too lax.”–Laurie Goodman, co-director of the Urban Institute Housing Policy Finance Center.

MBA Newslink Wednesday 8-23-17

“A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing of jumbo loans over the past few years.”–Joel Kan, MBA Associate Vice President of Industry Surveys and Forecasting.

MBA Newslink Tuesday 8-22-17

“The prospect for future homeownership demand looks hopeful, as more households increase their educational attainment level and thus their prospect for higher income.”–First American Financial Corp. Chief Economist Mark Fleming.