Initial concerns about the COVID-19 pandemic’s impact on multifamily real estate have not been realized, said Berkadia, New York.
Category: News and Trends
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.
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“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.
FHFA Extends Temporary Policy Allowing Purchase of Qualified Loans in Forbearance to Aug. 31
The Federal Housing Finance Agency approved an extension of the temporary policy that allows for the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria set by Fannie Mae and Freddie Mac. The policy is extended for loans originated through August 31.
MBA: Home Equity Lending Growth Hindered by Alternative Products and COVID-19
Home equity loan debt outstanding and borrower utilization rates declined in 2019 and mortgage lenders anticipate originations to fall again this year before increasing modestly in 2021, the Mortgage Bankers Association reported.
FHFA: Multifamily Owners in Forbearance Must Inform Tenants of Eviction Suspension, Tenant Protections
The Federal Housing Finance Agency announced Thursday multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a forbearance agreement must inform their tenants about protections during the property owner’s forbearance and repayment periods.
MBA, Trade Groups Ask Congress to Avoid Adding New Credit Reporting Provisions
The Mortgage Bankers Association and other industry trade associations asked Congress to refrain from adding new credit reporting provisions that may negatively affect consumers as Congress considers new COVID-19 response legislation.
MBA Shares Recommendations With CFPB Regarding LIBOR Transition
The Mortgage Bankers Association shared recommendations with the Consumer Financial Protection Bureau regarding the bureau’s proposed rule to amend Regulation Z to facilitate the transition away from LIBOR.