The Federal Open Market Committee (FOMC) left the federal funds target unchanged at its May meeting, as incoming data regarding the strength of the economy and stubbornly high inflation have resulted in a shift in the expected timing of a first rate cut.
Category: News and Trends
MBA Statement on FSOC’s Report on Mortgage Servicing
MBA’s President and CEO Bob Broeksmit, CMB, released the following statement regarding the Financial Stability Oversight Council’s (FSOC) report released Friday on nonbank mortgage servicing:
Trepp: CMBS Special Servicing Rate Jumps in April
Trepp, New York, reported the commercial mortgage-backed securities special servicing rate “leaped” in April, rising 80 basis points to reach 8.11%.
Servicing Quote Tuesday, May 7, 2024
“Achieving these goals and setting up an effective VASP program will require all stakeholders to execute a complex loss mitigation and servicing transfer process. We are concerned with the lack of information and guidance on how to do so.”
–Mortgage Bankers Association and Housing Policy Council in a letter to the Department of Veterans Affairs regarding VASP implementation
MBA, HPC Send Letter to VA on VASP Implementation
The Mortgage Bankers Association and Housing Policy Council recently sent a letter to the Department of Veterans Affairs (VA) regarding more information and guidance about implementation of the Veterans Affairs Servicing Purchase (VASP) program.
ICE Mortgage Monitor: Q1 Sees Record Levels of Tappable Equity
Intercontinental Exchange Inc., Atlanta, released its ICE Mortgage Monitor report for May, finding that homeowners with mortgages closed out the first quarter with a record $16.9 trillion in equity–$11 trillion of which was tappable.
FirstClose Survey: Many Consumers Don’t Understand Advantages of Home Equity
FirstClose, Austin, Texas, released a recent survey of homeowners, finding many lack awareness of the advantages of leveraging home equity and other related topics.
MBA Q&A with SingleSource Property Solutions’ Brian Cullen: Moving Vacant Properties to Active Housing Inventory
MBA NewsLink recently spoke to SingleSource Property Solutions’ CEO and co-founder Brian Cullen about moving vacant properties to active housing inventory.
MISMO Seeks Comment on Mortgage Insurance Estimated Rate Quote API Implementation Guide & Sample File Revision
MISMO, the real estate finance industry’s standards organization, is seeking public comment on a revision to the previously published Mortgage Insurance (MI) Estimated Rate Quote API Implementation Guide (iGuide) & sample files. The 30-day public comment period runs through May 31, 2024.
EarnUp’s Brian Gunn: As Delinquencies Rise, Lenders, Servicers Must Consider Innovative Repayment Tools
Delinquency rates for some loans are rising, including mortgages. In fact, the Mortgage Bankers Association (MBA) recently reported that the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.88% of all loans outstanding at the end of the fourth quarter of 2023.