MBA Newslinks Archive

“MBA believes the Know Before You Owe rule will make the mortgage process better for consumers. However, as the survey shows, implementation has proven far more difficult than both industry and the CFPB anticipated due in large measure to the complexity of the technology and systems that have put in place over the years and the challenges of integrating separate systems across the industry. There also continue to be reports that some vendors have not delivered systems in working shape. These issues are not isolated, as a significant proportion of the industry is concerned that their customers are at risk of failing to close or incurring additional costs in the first few months following the October 3 effective date.”
–MBA Senior Vice President Residential Policy and Member Engagement Pete Mills.

“Converting the current test into an on-going obligation could result in current long term members leaving the System, many of which are in small and rural markets, thereby reducing access to capital for home mortgage lending. It also risks undermining member confidence in the System, forcing current members to consider the risk that they may one day find themselves on the wrong side of an arbitrary requirement.”  
–From an MBA/trade group letter to House leaders, urging them to reject a proposed Federal Housing Finance Agency rule on Federal Home Loan Bank System membership.

“Current homeowner purchases are supporting the housing market. Metrics such as the sales-to-list price ratio show a strong housing market, particularly in western states. ”
–Tom Popik, research director for Campbell Surveys.

“When you’re in a bubble, you never know it. But, if you pick the strong private equity sponsors and the good locations, and do your homework on the underwriting, you’re better prepared if there is some kind of shock to the system.”
–Matt Galligan, president of CIT Real Estate Finance, New York.

“Florida has some of the most improving housing markets in the country, largely a reflection of more borrowers becoming current on their mortgage payments as the local employment picture improves and house prices rebound. However, we’ve started to see these housing markets turn around, especially in Pennsylvania, Connecticut, New Hampshire, Vermont and Maine.”
–Freddie Mac Chief Economist Len Kiefer.

“We saw significant rate volatility last week surrounding the Federal Open Market Committee meeting, and rate declines toward the end of the week likely drove applications from both prospective home buyers and borrowers looking to refinance.”
–MBA Chief Economist Mike Fratantoni. 

“Driven by increasing property values, improving property fundamentals and still low interest rates, commercial and multifamily lending and borrowing continued its strong pace in the second quarter.” –MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“We continue to expect that rates will trend up over the medium term. Mortgages rates, which have been just above 4 percent recently, are likely to end 2015 closer to 4.3 percent, and could reach 5 percent by the end of 2016.”–MBA Vice President of Research and Economics Lynn Fisher. 

“The FOMC statement, which provided more definitive guidance stating that an increase will likely occur later this year, should help to reduce recent market volatility, which has been caused by the significant uncertainty about the Fed’s decision at this September meeting,.”
–Mortgage Bankers Association Chief Economist Mike Fratantoni.  

“Home builders continue to feel optimistic about overall market fundamentals. The slight decrease in future sales is likely due to uncertainty about Fed policy and the global economy.”
–Mark Vitner, senior economist with Wells Fargo Securities, Charlotte, N.C.