MBA Vows To Work With Biden Administration

The Mortgage Bankers Association congratulated former Vice President Joe Biden for his victory in the presidential election, vowing to work with his administration on affordable housing and to assist homeowners impacted by the pandemic. “MBA looks forward to working with President-elect Biden, Vice President-elect Harris, his administration, and the new Congress on the wide variety of issues impacting borrowers, renters, and commercial lenders and property owners,” said Robert D. Broeksmit, President & CEO of the Mortgage Bankers Association. “This includes access to affordable housing for all Americans; helping first-time homebuyers enter the market; assisting owners, renters, and landlords negatively affected by the COVID-19 pandemic; and ensuring liquidity and a level playing field for lenders and borrowers alike.” In February, Biden…

SWBC’s Susan Stewart Named MBA Chairman

SWBC Mortgage Corporation CEO Susan Stewart was sworn in as chairman of the Mortgage Bankers Association on Monday at the group’s virtual annual convention. Additionally, Wells Fargo Executive Vice President Kristy Fercho was named chairman-elect and Grandbridge Real Estate Capital CEO Matt Rocco was named vice chairman of the association. “It is a privilege to serve as MBA’s 2021 Chairman,” Stewart said. “I look forward to working with Kristy and Matt to address the challenges facing our industry, as well as help MBA members deal with the issues most affecting their businesses.” Fercho joined Wells Fargo in 2020 from Flagstar Bank, where she had served as president of the company’s mortgage division since 2017. Rocco joined Grandbridge, a subsidiary of…

U.S. Mortgages In Forbearance Top 4 Million

The share of mortgages in forbearance in the United States has swollen to 7.91 percent, but the rate of growth has slowed in recent weeks, according to the latest report by the Mortgage Bankers Association released Monday. The MBA estimates that 4 million American homeowners were in forbearance plans as of May 3. “With the calendar turning to May, the share of loans in forbearance increased, but the pace of the increase and incoming forbearance requests continued to slow,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist. “The dreadful April jobs report showed a decline of more than 20 million jobs, and a spike in the unemployment rate to the highest level since the Great Depression. It will…

Mortgage Applications Go Largely Unchanged

Mortgage applications dipped slightly last week, falling 0.3 percent from a week earlier, according to the latest report released Wednesday by the Mortgage Bankers Association. The Refinance Index decreased 1 percent last week, but was 225 percent higher than the same week one year ago – driven by historically low interest rates. The seasonally adjusted Purchase Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 31 percent lower than the same week one year ago. “Mortgage applications were essentially unchanged last week, as a slight drop in refinance activity was offset by a 2 percent increase in purchase applications,” said Joel Kan, MBA’s Associate Vice President of…