Real Capital Analytics, New York, reported commercial property sales sank again in May as the COVID-19 crisis kept investors on the sidelines.
Category: News and Trends
MBA: 1st Quarter Commercial/Multifamily Mortgage Debt Outstanding Up 1.7%
Commercial/multifamily mortgage debt outstanding rose by $61.0 billion (1.7 percent) in the first quarter, according to the Mortgage Bankers Association’s quarterly Commercial/Multifamily Mortgage Debt Outstanding report.
Fitch Ratings: CRE Defaults Likely To Rise After Forbearance Periods
Fitch Ratings, New York, said it anticipates commercial real estate loan defaults will rise at the end of forbearance periods.
21 Years to Save for a Down Payment, Survey Finds
U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.
CFPB Issues Interpretive Rule on Determining Underserved Areas; Final Rule on Loss Mitigation Options for Homeowners with COVID-Related Hardships
The Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to creditors and other persons involved in the mortgage origination process about the way in which the Bureau determines which counties qualify as “underserved” for a given calendar year.
MBA Letter Urges FHFA to Diversify FHLB System Membership Base
The Mortgage Bankers Association, in a letter to Federal Housing Finance Agency Director Mark Calabria, urged FHFA to expand membership in the Federal Home Loan Bank system to include captive insurers, including mortgage real estate investment trusts and independent mortgage banks.
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“Fewer homeowners in forbearance underscores the continued improvements in the job market, and provides another sign of the fundamental health of the housing market, which has rebounded considerably over the past several weeks.”
–Mike Fratantoni, MBA Senior Vice President and Chief Economist.
FHA Issues Temporary Waiver Suspending Early Payment Default Reviews
The Federal Housing Administration yesterday issued a temporary waiver of its Single Family Housing Policy Handbook4000.1 to temporarily suspend the requirement that mortgagees select and review all Early Payment Defaults on a monthly basis.
MBA: Share of Mortgage Loans in Forbearance Falls to 8.48%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey showed loans now in forbearance decreased – for the first time since the survey’s inception in March – from 8.55% of servicers’ portfolio volume in the prior week to 8.48% as of June 14.
CFPB Issues Notices of Rulemaking to Address GSE ‘Patch’
The Consumer Financial Protection Bureau Monday issued two Notices of Proposed Rulemaking to address the impending expiration of the Government-Sponsored Enterprises Patch, also known as the GSE Patch, which affects nearly one million mortgage loans.