As mortgage rates reached 23-year highs in MBA’s latest Weekly Applications Survey and application activity fell to a low last seen in 1996, MBA President and CEO Robert Broeksmit, CMB, issued the following statement.
Category: News and Trends
MBA Chart of the Week: MBA’s Servicing Operations Study and Forum
MBA’s annual Servicing Operations Study and Forum (SOSF) includes a deep-dive analysis and discussion of servicing costs, productivity, portfolio characteristics, and operational metrics for in‐house single-family servicers.
Servicing Quote Tuesday, Oct. 10, 2023
“The speed of these rate increases, and the resulting dislocation in our industry, is painful and unprecedented, absent larger economic turmoil. We understand how severely this is straining your business and the extremely difficult decisions you must make to remain competitive.”
–MBA President and CEO Robert Broeksmit, CMB
CoreLogic: Mortgage Delinquencies Remain Near Record Low in July
CoreLogic, Irvine, Calif., released its Loan Performance Insights through July, revealing strong performance–overall delinquencies were 2.7%, still near a record low.
MBA: Mortgage Application Payments Increased Slightly to $2,170 in August
Homebuyer affordability declined in August with the national median payment applied for by purchase applicants increasing to $2,170 from 2,162 in July according to the Mortgage Bankers Association’s Purchase Applications Payment Index.
Susan Graham from FICS: Unlocking Success–Five Vital Features of Mortgage Servicing Software
Rising interest rates and high inflation are putting a strain on mortgage holders. The 2023 J.D. Power U.S. Mortgage Servicer Satisfaction Study found a significant decline in customer satisfaction compared to the previous year. J.D. Power attributes this decline to a combination of weaker financial health, an increased rate of mortgage transfers and a rise in issues resolving account problems.
MBA’s RIHA Commemorates 10-Year Anniversary of RIHA’s Special Report on the History of Mortgage Banking
The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) is re-releasing Mortgage Banking in the United States, 1870-1940, to commemorate the 10-year anniversary of the renowned white paper.
Home Affordability Continues to Challenge Americans, ATTOM Says
The ATTOM third-quarter 2023 U.S. Home Affordability Report revealed median-priced single-family homes and condos are less affordable compared with historical averages in 99% of counties where the firm had enough data to analyze.
CoreLogic: Mortgage Delinquencies Remain Near Record Low in July
CoreLogic, Irvine, Calif., released its Loan Performance Insights through July, revealing strong performance–overall delinquencies were 2.7%, still near a record low.
Servicing Quote Tuesday, Oct. 3, 2023
“Prospective homebuyers’ budgets continue to be impacted by the combination of high home prices and mortgage rates that remain higher than 7 percent.”
–Edward Seiler, MBA Associate Vice President of Housing Economics and Executive Director of the Research Institute for Housing America.