National Mortgage Professional, June 6, 2023–Lew SichelmanUncle Sam is going hard after what it deems to be unconscionable, if not illegal, junk fees, particularly in the servicing and rental sectors.https://nationalmortgageprofessional.com/news/uncle-sam-trashes-garbage-fees
Category: Top National News
Prepayment Speeds Were Up 22% in May on Seasonality
National Mortgage News, June 7, 2023-Brad Finkelstein (subscription)Mortgage-backed securities prepayment speeds increased 22% month-to-month in May, but that was largely due to seasonality related to traditional spring buying activity, a …
Even Mixed Use Is Turning Up in Special Servicing
GlobeSt.com, June 12, 2023–Erik ShermanAs the hailstones of higher interest rates, banking weakness and unease and uncertainty about work-from-home and hybrid models rapidly fall, many in CRE thought they had …
Is the Global Housing Slump Over?
The Economist, June 12, 2023 (subscription)Rising interest rates have not yet triggered property pandemoniumhttps://www.economist.com/finance-and-economics/2023/06/12/is-the-global-housing-slump-over
Bank of America Faces Lawsuit Alleging it Charged Servicing Junk Fees
National Mortgage News, June 12, 2023–Spencer Lee (subscription)Bank of America is at the center of a new class-action lawsuit, which claims it unlawfully charged fees to mortgage servicing customers paying …
The Housing Scene: Pay Cash or Extend the Loan Term?
Banker & Tradesman Jun 8, 2023–Lew SichelmanCash is always king. But if that’s not an option, is a 40-year mortgage a good way for homebuyers to jump over the affordability …
Delinquent Office Loans at Five-Year High Trouble Commercial Mortgage Bond Market
Bloomberg, June 8, 2023-Carmen Arroyo and Scott Carpenter (subscription)Near-empty office buildings, already a problem plaguing U.S. cities, are becoming a worry for mortgage bondholders as landlords fall behind on repayments …
Jumbo Sector Takes a Hit in First Quarter
Inside Mortgage Finance, June 9, 2023–John Bancroft (subscription)Jumbo lending held up relatively well in 2022 as interest rates increased. That trend ended in the first quarter of 2023.https://www.insidemortgagefinance.com/articles/228059-jumbo-sector-takes-a-hit-in-first-quarter?
Home Foreclosures Are Rising Nationwide, With Florida, California and Texas in the Lead
NBC News, June 9, 2023-Rob WileAs the cost of living in the U.S. continues to climb, foreclosures are also on the rise.https://www.nbcnews.com/business/economy/home-foreclosures-rising-in-us-where-which-states-rcna88394
How Texas Zapped Property Appraisal Caps
The Real Deal, June 9, 2023-Joe LovingerIn Texas’ long-running property tax cage match, Gov. Greg Abbott is a new fighter.https://therealdeal.com/texas/2023/06/09/how-texas-zapped-property-appraisal-caps/