The Mortgage Bankers Association Thursday joined a broad coalition of organizations representing the housing, financial services industries as well as public interest groups issued the following statement on the GSEs’ new adverse market fee.
Category: News and Trends
MBA Mortgage Action Alliance ‘Call to Action’ Targets GSE Refi Fee
In the wake of new directive by Fannie Mae and Freddie Mac to impose a 50 basis point “Adverse Market Refinance Fee” on most refinance mortgages, effective Sept. 1, the Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, issued a ‘Call to Action’ urging its 50,000 members to contact their members of Congress and the Federal Housing Finance Agency to roll back the directive.
Distressed Debt Monitor: A Conversation with Mayer Brown Partner Jeffrey O’Neale
MBA NewsLink interviewed Jeffrey O’Neale, a partner in Mayer Brown’s Charlotte, N.C., office and a member of the Real Estate Markets practice.
Analysts Downgrade Hotel Outlook
Full recovery in U.S. hotel demand and room revenue remains unlikely until 2023 and 2024, respectively, said STR, Hendersonville, Tenn., and Tourism Economics, Wayne, Pa. The firms slightly downgraded their hotel outlook report.
ATTOM: Foreclosure Filings Continue Downward Trend Amid Pandemic
This week, the Mortgage Bankers Association releases its 2nd Quarter National Delinquency Survey. Last week, ATTOM Data Solutions, Irvine, Calif., said foreclosure moratoria stemming from the coronavirus pandemic kept new foreclosure filings low—but warned they could increase dramatically once those moratoria expire.
CRE Professionals Envision COVID-19 Recovery by 2021
Initial concerns about the COVID-19 pandemic’s impact on multifamily real estate have not been realized, said Berkadia, New York.
CoreLogic: ‘Clouds on The Horizon’ for Many U.S. Homeowners as Delinquency Rates Climb
Ahead of this week’s 2nd Quarter National Delinquency Survey from the Mortgage Bankers Association, CoreLogic, Irvine, Calif., said early-stage and adverse mortgage delinquency rates increased for the second consecutive month, with all 50 states and more than 75% of U.S. metro areas seeing increases in overall delinquency rates.
Quote
“Requiring Fannie Mae and Freddie Mac to charge a 0.5% fee on refinance mortgages they purchase will raise interest rates on families trying to make ends meet in these challenging times. This means the average consumer will be paying $1,400 more than they otherwise would have paid. Even worse, the September 1 effective date means that thousands of borrowers who did not lock in their rates could face unanticipated cost increases just days from closing.”
–MBA Senior Vice President of Legislative and Political Affairs Bill Killmer.
MBA Asks CFPB to Extend GSE ‘Patch’ Sunset
The Mortgage Bankers Association, in a comment letter yesterday to the Consumer Financial Protection Bureau, asked the Bureau to extend the temporary GSE Qualified Mortgage loan definition, also known as the GSE “Patch,” for an additional six months following the effective date for the revised general QM parameters.
MBA, Trade Groups Ask FHA To Revise Borrowers’ Student Loan Debt Treatment
The Mortgage Bankers Association and 18 other groups asked the Federal Housing Administration to revise its treatment of borrowers’ student loan debt to better align with the standards at the GSEs, VA and USDA.