MBA Newslinks Archive

“Single-family rentals should continue to yield strong returns in many parts of the country going forward given the market undercurrents of low rent-ready housing inventory and low homeownership rates.”–Daren Blomquist, senior vice president with ATTOM Data Solutions, Irvine, Calif.

“Low inventory, strong demand and tough competition will be the defining characteristics of this year’s home shopping season. Even though interest rates are rising, buyers are eager to start their home search.”–Zillow Chief Economist Svenja Gudell.

“MBA believes that the mortgage servicing transfer provisions should receive more discussion than others in the proposal as they are far more complicated and technical. Because of their far-reaching implications for the State’s consumers and mortgage market, MBA urges that they be withdrawn from this rule, segregated by DLLR into a separate rulemaking and considered independently.”–MBA Senior Vice President of Residential Policy and Member Engagement Pete Mills, in a letter to Maryland regulatory officials on a proposed mortgage servicing transfer rule that potentially interferes with existing federal regulations.

“Rapid increases in interest rates in the last two months of 2016 slowed mortgage activity in the fourth quarter, driving a significant decrease in loan production profits. Mortgage lenders reported a combination of both lower revenues and higher expenses. On the revenue side, secondary marketing income dropped as mortgage lenders wrestled with less favorable pricing and pipeline challenges. At the same time, production expenses per loan rose as fixed costs were spread over fewer loans.”–MBA Vice President of Industry Analysis Marina Walsh.

“Because debt is ‘stickier’ and outstanding loan balances don’t automatically adjust to changes in prices, mortgage debt outstanding remained stable. In the years since, prices bounced back and now exceed their pre-recession levels, while mortgage debt outstanding–which hadn’t declined–rose at a much slower pace. The ratio between the two is now back to where it was before the recession.”–MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“Retailers will continue to focus on cities with new store concepts experimenting with smaller footprints and vertical layouts to be more amenable to mixed used projects in urban cores.”–JLL Retail Research Director James Cook.

“The release of this budget is just the first step of a much longer budget process. MBA will continue to work with the Administration, Congress and all stakeholders, in order to support vibrant real estate markets that grow and strengthen America’s communities.”–Mortgage Bankers Association President and CEO David Stevens, CMB.

“While they are confident that the economy will keep growing, as monetary policy remains accommodative, there was no indication that they are worried about the economy overheating, even with the quite rapid job growth we have seen thus far this year.”–MBA Chief Economist Mike Fratantoni, on the Federal Open Market Committee’s expected decision to raise the federal funds rate yesterday.

“The order is inconsistent with the Bureau’s regulations, which permit transactions in which real services are provided at market-based prices. Those regulations are binding, unambiguous and irreconcilable with the Order… In abruptly departing from the plain language of the statute, the Bureau’s own regulations, and longstanding guidance for industry, the Order exceeded the Bureau’s authority and violated fundamental tenets of administrative law and fair notice. The Order also raises the troubling specter of further changes without notice, deeply unsettling a market built on predicable legal rules.”–From an amicus brief filed by MBA and a dozen other trade groups in support of PHH Corp. in its legal battle against the Consumer Financial Protection Bureau.

“The bar was high as last February was a particularly strong month for applications, as was March 2016. The surprisingly strong employment numbers for the beginning of 2017 suggest that demand for new homes should continue to grow this year. Additionally, based on the current reading, we expect seasonally adjusted new home sales to be up by about 8 percent in February compared to a year ago.”–MBA Vice President of Research and Economics Lynn Fisher.