Commercial real estate juggernaut Meridian Capital Group named former regulator Brian Brooks as its Chairman and CEO.
Brooks takes the reigns from co-founder Ralph Herzka, who will remain with the company as Senior Chairman. The change-over will take place in April.
Herzka helped found Meridian in 1991 and steered it to the forefront of commercial mortgage origination.
“As we look to institutionalize Meridian as a world-class company and further diversify our revenues, there is no better steward of our future than Brian. He is an outstanding and recognized leader in financial services, and I am excited to work with him to build on our firm’s foundation of unparalleled experience and market intelligence,” Herzka said in a press release.
Brooks is…
Annual home price appreciation continued its upward trend in January, though signs of moderation are shining through on a monthly basis.
Prices were up 6% YOY, an increase from December’s 5.6% gain and the fastest annual rate since 2022, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
San Diego once again reported the highest annual gains at 11.2%, followed by Los Angeles with an 8.6% increase. Portland showed a 0.9% increase, the smallest YOY growth.
This is the second straight month of price growth in every city analyzed, putting U.S. home prices at a new all-time high, breaking every record set last year.
“While there is a large disparity between leaders such as San Diego versus laggards…
President Biden used the State of the Union address Thursday to tackle the nation’s housing crisis and propose big plans to boost activity.
“I know the cost of housing is so important to you. If inflation keeps coming down, mortgage rates will come down as well. But I’m not waiting,” he said in the address.
The administration proposed a mortgage relief plan providing first-time homebuyers an annual credit of $5,000 for two years, effectively a $10,000 mortgage rate buydown that would save as much money as a 1.5% rate reduction.
Another credit, aimed at current homeowners, would offer a one-year, $10,000 credit to families who sell their starter homes, helping to turn inventory over.
More than 3.5 million middle-class buyers…
The U.S. Department of Housing and Urban Development commemorated Black History Month by highlighting its impact on the Black community.
“This Black History Month, we celebrate all that Black Americans have contributed to our great nation,” Secretary Marcia Fudge said in a statement.
“As the 18th Secretary of Housing and Urban Development and a student of history, today I honor the legacy of one of my personal heroes, Dr. Mary McLeod Bethune. Dr. Bethune was a scholar, activist, and champion of racial and gender advancement. Despite being born Black and a woman in America at a time when both groups were denied equal protection under the law, she worked tirelessly to change our country for the better. Like Dr. Bethune,…
Fannie Mae appointed a new EVP and Chief Operating Officer, Morgan Stanley exec Peter Akwaboah.
Akwaboah brings almost thirty years of experience in the financial services industry to the position. He will oversee Fannie Mae’s Chief Information Office, Enterprise Operations, Business Resiliency, and Enterprise Workplace and Security functions.
“Peter’s many years of experience and unique combination of technology and operations expertise will add to our deep leadership bench, and his wealth of experience and industry knowledge will bring great value to the company,” said Fannie Mae CEO Priscilla Almodovar.
“We look forward to the talent and experience he’ll bring to our technology and operations as we continue to respond to the needs of the market, carefully balancing innovation, risk management,…
The Federal Housing Administration introduced a new offering to help struggling homeowners avoid foreclosure.
The offering, called the Payment Supplement, is a loss mitigation home retention option available to borrowers with FHA-insured single-family mortgages.
Payment Supplement gives mortgage servicers a tool to reduce the borrower’s monthly payment by up to 25% without modifying the rate by using funds from a Partial Claim, enabling the borrower to access up to 30% of the outstanding balance of their mortgage.
The claim amount is placed in a junior lien and paid back when the homeowner sells or refinances, or when the mortgage otherwise terminates.
“HUD uses every tool in our toolkit to ensure we can help struggling borrowers avoid foreclosure,” said HUD Secretary…
Mortgage applications rose again despite rates moving slightly up last week.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – jumped 3.7%, adding to the week prior’s 10.4% spike.
Adjusted purchase applications rose by 8%, while the unadjusted index increased by 3% and was 18% lower YOY.
Demand may have been tempered by rates ticking up slightly from 6.75% to 6.78%. Still, even as buyers remain sensitive to rate movement they do appear to be leaping to lock in rates under 7%.
“Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity. Conventional and FHA purchase applications drove most of the…
By KIMBERLEY HAAS
Federal officials and members of the mortgage industry are mourning the loss of David Stevens, who helped the country navigate the aftermath of the 2008 housing crisis before serving as president and CEO of the Mortgage Bankers Association for seven years.
Stevens worked as the Federal Housing Administration Commissioner at the U.S. Department of Housing and Urban Development under former President Barack Obama. There from 2009 to 2011, he focused on restoring the administration to fiscal health and was a key player in drafting housing policy, according to an article by Reuters.
HUD Secretary Marcia Fudge said on Wednesday in a statement, “This country is better because of David’s service and contributions.”
“Over the course of his…
Delinquencies rose in November but remain historically low despite some worrying data about FHA and VA loans.
That’s according to ICE’s First Look at November Mortgage Performance, which clocked delinquencies at 3.39% last month. This is down 10 bps YOY and remains 64 bps below pre-pandemic levels.
Serious delinquencies– loans with missed payments more than 90 days late– increased to 459,000 but are 21% lower than the same time last year.
But while loans remain strong overall, FHA delinquencies hit a 9-year high (excluding the immediate aftermath of the pandemic). Early-stage delinquencies for VA loans also surged, reaching their highest non-pandemic levels since 2009.
Recently originated mortgages are suffering the most thanks to the high interest rates of late 2023.…
Refinance applications drove a spike in mortgage applications last week as rates slipped to nearly 7%.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – saw a 7.4% boost, up from the week prior’s 2.8% increase.
Adjusted purchase applications jumped by 4%, while the unadjusted index fell 1% from the week before and was 18% lower YOY.
The data highlights borrowers’ rate sensitivity, as the 30-year fixed rate slipped to 7.07%, its lowest point since July.
A recent round of positive disinflation data put downward pressure on rates. Analysts feel more optimistic about the possibility of Federal monetary policy changes in 2024.
“Borrowers who had seen rates near…
