It’s been one of the hottest summers ever in the U.S.—in fact, according to NASA, July 2023 was the warmest month in recorded history. Likewise, the mortgage industry has started feeling heat of its own with new, more stringent Fannie Mae guidelines for QC reviews and rising GSE repurchase activity.
Category: News and Trends
MBA Weighs in With Senate on Property Insurance Market
The Mortgage Bankers Association weighed in with the Senate Committee on Banking, Housing and Urban Affairs last week regarding challenges in the property insurance market and their impact on consumers.
MBA: Commercial, Multifamily Mortgage Delinquency Rates Increased in Second Quarter
Commercial and multifamily mortgage delinquencies increased in the second quarter of 2023, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Delinquency Report.
MBA Comments on FHFA’s Credit Scoring Implementation Plan
The Federal Housing Finance Agency yesterday announced updates to its implementation plan for the GSEs’ adoption of FICO 10T and VantageScore 4.0 and bi-merge reporting requirements. Mortgage Bankers Association President and CEO Bob Broeksmit, CMB, issued the following comments.
LoanLogics’ Jenevieve Impavido: Overcoming a New Catch-22—Fannie Mae’s QC Requirements
It’s been one of the hottest summers ever in the U.S.—in fact, according to NASA, July 2023 was the warmest month in recorded history. Likewise, the mortgage industry has started feeling heat of its own with new, more stringent Fannie Mae guidelines for QC reviews and rising GSE repurchase activity.
CoreLogic Homeowner Equity Report Shows Positive Gains From Q1 to Q2
CoreLogic, Irvine, Calif., released its Homeowner Equity Report for the second quarter. While U.S. homeowners with mortgages saw home equity decrease 1.7% year-over-year, they also saw gains from the previous quarter–an average of $13,900.
MBA White Paper Measures the Impact of Loan Sizes on Profitability Through Mortgage Cycles
The conventional wisdom is that originating and servicing higher balance loans means higher profits. However, according to a new white paper by the Mortgage Bankers Association titled, How do Mortgage Revenues, Costs and Profitability Vary by Loan Balance? An Analysis Using Benchmarking Data, the relationship between loan balance and profitability is more nuanced and may change over the course of market cycles.
Black Knight: Nearly a Quarter of Homebuyers Face $3,000 Payments or More
Monthly mortgage payments between $2,000 and $3,000 have rapidly become the norm in today’s housing market in the face of spiking interest rates and historically high home prices, reported Black Knight, Jacksonville, Fla.
MBA Chart of the Week: HELOC and Home Equity Loan Commitment Volume
Dollar volume of open-end home equity lines of credit (HELOCs) and closed-end home equity loans originated in 2022 increased 50 percent compared to 2020, driven by home renovation or remodeling, according to MBA’s latest Home Equity Lending Study. This week’s Chart of the Week explores the known reasons that borrowers take out a HELOC or home equity loan, according to participants in our study.
MISMO Publishes Servicing Transfer Catalog
MISMO®, the real estate finance industry’s standards organization, announced the MISMO Servicing Transfer Catalog has reached “Candidate Recommendation” status, which means it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.