The $3.7 trillion commercial and multifamily mortgage market is really a confederation of different capital sources, property types and geographic markets, all bound together by the provision of mortgage capital backed by investment property incomes and collateral value. Often, the overall market moves in tandem. At other times – like now – different segments act very differently.
Category: News and Trends
FHFA Extends GSE Loan Processing Flexibilities Through Aug. 31
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac will extend several loan origination flexibilities until August 31 to ensure continued support for borrowers during the COVID-19 national emergency.
Fitch Ratings: Coronavirus Sparks Largest-Ever CMBS Delinquencies Rate Jump
June saw the largest month-over-month increase in the commercial mortgage-backed securities delinquency rate in more than 15 years, reported Fitch Ratings, New York.
Faith Schwartz: New Era Borne of Pandemic to Upend Mortgage Costs
As longtime industry participants, we at Housing Finance Strategies contend that the pandemic has created a revolutionary opportunity that we must seize and leverage so that the mortgage business can emerge with higher quality prospective products funded through a drastically reduced cost structure.
Industry Briefs July 9, 2020
Rocket Companies Inc., Detroit, filed a long-speculated registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock.
Andrew Foster: Preferred Equity Plan for Commercial Real Estate Comes to Washington
Here in Washington, ongoing COVID-19 relief discussions have reached the commercial real estate borrowing community and their financiers in earnest.
CFPB Issues Proposed Rule on Reg Z Escrow Exemptions
The Consumer Financial Protection Bureau on Thursday issued a notice of proposed rulemaking that would amend Regulation Z to provide a new exemption available to certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans.
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“It is critical that the Commission’s rules governing call-blocking practices protect consumers from the risk that they might not receive important, often time-sensitive, calls from health care providers, finance companies, banks, credit unions, other participants in the financial services marketplace, retailers and other legitimate businesses.”
–From an MBA/trade group letter to the FCC asking that final rules on robocalls and “spoofing” include safeguards for financial services providers conducting legitimate business.
Black Knight: Cash-Out Refinances Fall Despite Record-High Tappable Equity
Black Knight, Jacksonville, Fla., said homeowners’ tappable equity rose by 8% annually in the first quarter to a record-high $6.5 trillion.
MBA, Trade Groups Submit Recommendations to FCC on Robocall Draft Order
The Mortgage Bankers Association and nearly a dozen industry trade groups sent a letter this month to the Federal Communications Commission offering recommendations to improve an FCC draft order addressing robocalls and “spoofing.”