Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, said Special Purpose Credit Programs can provide lenders with an effective way to serve minority groups who do not have access to generational wealth.
Category: News and Trends
Single-Family Rent Growth Sees 13th Consecutive Record-Breaking Month
CoreLogic, Irvine, Calif., said U.S. single-family rent growth continued its hot streak in April, with prices up by 14 percent year-over-year for the thirteenth consecutive month of record-breaking annual gains.
Homebuyers on $2,500 Monthly Budget Lose $118,000 in Spending Power in 2022
Redfin, Seattle, said a homebuyer on a $2,500 monthly budget has lost nearly $120,000 in spending power since the end of last year as mortgage rates have nearly doubled.
Home Flipping Spikes; Profits Don’t
ATTOM, Irvine, Calif., reported a sharp increase in home flipping in the first quarter—but profits did not necessarily follow suit.
CoreLogic: 7.8 Million U.S. Properties at Risk of Hurricane-Force Wind, Storm Surge Damage
CoreLogic, Irvine, Calif., said its risk modeling shows nearly 7.8 million homes with more than $2.3 trillion in combined reconstruction cost value are at risk of hurricane-related damages.
CMBS Delinquency Rate Falls Sharply
Trepp LLC, New York, said the commercial mortgage-backed securities delinquency rate posted another large decline in May.
FHFA Re-Assures MBA, Trades’ Concerns over New GSE Credit Score Requirements
Following concerns expressed in a May 13 letter, the Federal Housing Finance Agency assured the Mortgage Bankers Association and other industry trade groups that industry stakeholders such as themselves would have sufficient time to implement necessary system and process changes that any updates to Fannie Mae and Freddie Mac’s credit score requirements would entail.
Share of Mortgage Loans in Forbearance Falls to 0.85%
Mortgage loans in forbearance fell to new post-pandemic lows in May, the Mortgage Bankers Association reported.
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“Servicers are whittling away at the remaining loans in forbearance, even as the pace of monthly forbearance exits slowed in May to a new survey low. Most borrowers exiting forbearance are moving into either a loan modification, payment deferral or a combination of the two workout options.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
MBA, NFHA Launch Online Toolkit for Special Purpose Credit Programs in Underserved Communities
The Mortgage Bankers Association and National Fair Housing Alliance announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs, which permit lenders to offer mortgage credit to economically and socially disadvantaged borrowers and are an important tool for ensuring financial institutions can meet the needs of their consumers.