The Mortgage Bankers Association on Thursday commended the Federal Housing Finance Agency for its proposed rule establishing 2023-2024 Multifamily Enterprise Housing Goals for Fannie Mae and Freddie Mac.
Category: News and Trends
MISMO Seeks Public Comment on FIPS Code Lending Limit API Specification
MISMO®, the real estate finance industry standards organization, seeks public comment on a new FIPS Code Lending Limit API Specification, which will illustrate how to define a standard REST-based OpenAPI for searching lending limits based on a property’s postal code and county name.
Foreclosure Activity Rises to Near Pre-Pandemic Levels
ATTOM, Irvine, Calif., reported September foreclosure activity rose by 3 percent in the third quarter and by 104 percent from a year ago.
Bob Caruso of ServiceMac on Changes in Mortgage Servicing and Subservicing
Bob Caruso is CEO of ServiceMac LLC, Fort Mill, S.C., a wholly owned subsidiary of First American Financial Corp. The company’s website is https://info.firstamericanmortgagesolutions.com/about-servicemac.
Homebuyers, Sellers Shift on Climate Risk Issues
Earlier this year, you could get a bidding war for swampland in Florida. Now, said Redfin, Seattle, homebuyers and sellers are getting pickier—and particularly when it comes to climate risk.
MBA Servicing Solutions Conference & Expo in Orlando Feb. 21-24
The Mortgage Bankers Associations Servicing Solutions Conference & Expo, Roadmap to Servicing Success, takes place Feb. 21-24 at the Hyatt Regency Orlando.
Quote
“While servicing technology has evolved over the last several years, broadly speaking the industry has under-invested in technology. Just look at how much capability you have in your smartphone. We need more technology.”
–Bob Caruso, CEO of ServiceMac LLC, Fort Mill, S.C.
Cash-Outs, Purchase Locks Decline Amid Record-Low Affordability
Black Knight, Jacksonville, Fla., said cash-out refinances fell significantly in September, by 26.2 percent from August alone and by 78 percent from a year ago. A similar report from MCT, San Diego, also found a sharp drop in loan lock volume in September.
DBRS Morningstar: Federal Reserve Finds CRE Risk
The good news: all 34 banks the Federal Reserve’s recent stress tests examined passed. The not-so-good news: the tests found potential risks in certain loan portfolios including commercial real estate, said DBRS Morningstar, New York.
CoreLogic: Insured, Uninsured Damages for Hurricane Ian at $41-$70 Billion
CoreLogic, Irvine, said final damage estimates for Hurricane Ian could run as high as $70 billion—of which up to $17 billion could be uninsured.