MBA Newslinks Archive

“The transition to the new, common security requires planning, investment and preparation by a wide variety of market participants. We have now set the specific date that the Enterprises will start issuing the [Uniform Mortgage-Backed Security] and I urge the industry to get ready now to ensure smooth, successful implementation.”–Federal Housing Finance Agency Director Mel Watt.

“Despite these threats to dampen demand, low inventory and a strong economic conditions bolstered price growth to start 2018. First-time home buyers, however, will continue to struggle to find homes within their price range as prices climb higher amid low inventory.”–Cheryl Young, senior economist with Trulia, San Francisco.

“A true digital mortgage that encompasses all aspects of the process enables lenders to dedicate their resources towards building valuable relationships with borrowers and guiding them through the process, instead of spending time clicking buttons or validating data. High-tech and human-touch are equally important.”Joe Tyrrell, executive vice president of corporate strategy with Ellie Mae, Pleasanton, Calif.

“Production profits plummeted in the fourth quarter of 2017. Purchase volume was lower in the fourth quarter, in part due to normal seasonality. At the same time, there was no substantial pickup in refinancings.”–MBA Vice President of Industry Analysis Marina Walsh.

“As expected, we are seeing the percentage of refinances taper back off to the projected industry levels. And with interest rates on the rise, we’re seeing the purchase market begin to gain some momentum. We know that the shift to a purchase market will drive the shortened time to close and we will watch to see if the trend continues into the spring and summer months.”–Ellie Mae President and CEO Jonathan Corr.

“Chairman [Jerome] Powell’s first FOMC meeting met market expectations of a 25 basis point hike in the federal funds target rate, a move to continue to remove accommodation from an economy that is at full employment.”–MBA Chief Economist Mike Fratantoni.

“Treasury rates declined slightly on average last week, as a mixed bag of economic news and geopolitical concerns made investors more cautious overall. A significant driver of the decline was retail sales data showing less than expected spending by U.S. households for the third month.”–MBA Economist Joel Kan.

“Commercial/multifamily mortgage debt outstanding grew at a slightly slower rate than overall property values. Even so, 2017 marked the strongest year for mortgage debt growth since 2007.”–MBA Vice President of Commercial/Multifamily Economics Jamie Woodwell.

“The tide appears to be turning somewhat, with completions of single-family homes trending higher over the past year. Profits margins are still being crimped, however, and affordability is being constrained further by higher mortgage rates.”–Mark Vitner, senior economist with Wells Fargo Securities, Charlotte, N.C.

“Home-price growth has been the primary driver of home-equity wealth creation. Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years.” –CoreLogic Chief Economist Frank Nothaft.