Good Morning! Today is Tuesday, February 15. Russia said it would pull back some troops from around Ukraine. Donald Trump’s accounting firm cut ties with his family business and retracted years of financial statements. The SEC is probing the business of block trading on Wall Street, with subpoenas to firms including Morgan Stanley and Goldman Sachs as well as several hedge funds. The Mortgage Note Reports New Jersey Homeowners Can Apply For Up To $35K In Assistance: Eligible homeowners in New Jersey can receive up to $35,000 to help protect themselves against foreclosures. Multifamily Forecast: Commercial and multifamily mortgage loan originations were up 79% YOY in Q4 and 44% from Q3, while total lending is expected to break $1 trillion…
Commercial and multifamily mortgage loan originations jumped in 2021 and are expected to continue booming in 2022, the Mortgage Bankers Association (MBA) reported at its 2022 Commercial/Multifamily Finance Convention and Expo. Originations rose 79% YOY in Q4 2021 and 44% from Q3. A preliminary measure of commercial and multifamily mortgage bankers’ originations volumes found 2021 activity to be 67% higher than 2020’s. “The fourth quarter of 2021 was a record end to a record year of borrowing and lending backed by commercial and multifamily properties,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Part of the growth from 2020 was a bounce-back from the worst of the recession. However, rebounding property fundamentals and strong valuations, record sales…
Good Morning! Today is Monday, February 14. Happy Valentine’s Day. The Los Angeles Rams beat the Cincinnati Bengals in the 56th Super Bowl. A crucial roadway for U.S.-Canadian trade reopened Sunday after authorities cleared a weekend blockade protesting vaccine mandates. “Ghostbusters” producer Ivan Reitman has died at 75. The Mortgage Note Reports Falling In Love With Homes To Have Your Heart Broken?: This Valentine’s Day, if your heart is broken because you keep falling in love with homes to lose them to other buyers, you are not alone. Here’s some advice. Delinquencies Down In Q4: MBA reported that delinquencies on residential properties fell to 4.65% of all outstanding loans in Q4 2021. New Freddie Leaders: Freddie Mac announced that Kevin…
Delinquencies on residential properties fell to 4.65% of all outstanding loans in Q4 2021, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The delinquency rate fell 23 basis points from Q3 2021 and 208 basis points year-over-year (YOY). Q4’s delinquency rate was 67 basis points lower than MBA’s survey average of 5.32%, while the rate for seriously delinquent loans was 2.83%, close to the longer-term average of 2.80%. MBA’s survey classifies loans as delinquent if the payment was not made based on the original terms of the mortgage. “Mortgage delinquencies descended in the final three months of 2021, reaching levels at or below MBA’s survey averages dating back to 1979,” said Marina Walsh, CMB, MBA’s Vice President of…
Good Morning! Today is Friday, February 11. Biden is moving to split $7 billion in frozen Afghan funds between 9/11 victims’ families and humanitarian aid in Afghanistan. Congress passed a bipartisan bill giving survivors of sexual misconduct greater rights to sue. Super Bowl LVI is poised to be the most bet upon game in football history as the legalization of sports betting grows. The Mortgage Note Reports Which City Would Win In The Super Bowl Of Housing Markets?: It’s Super Bowl weekend and The Mortgage Note is taking a look at which city would win if Los Angeles and Cincinnati’s housing markets were pitted against each other. Black Knight: Forbearance plans fell by 4% last week, slowing as the number of active…
Good Morning! Today is Wednesday, February 9. New York State will drop its indoor mask mandate this week. Mitch McConnell denounced the RNC’s characterization of Jan. 6 as “legitimate political discourse.” The House passed a bipartisan bill to keep the Postal Service solvent and to reduce mail delays. The Mortgage Note Reports Gearing Up For The Big Game: Leaders at Rocket are inviting people to take a peek at the homes they could buy if they win the world’s largest official game of Super Bowl Squares and they have revealed which stars will appear in their ad. 2022 Expectations: Home price appreciation and stock shortages are likely to continue through the first few months of 2022, as December saw price growth pick back up…
Mortgage loan application volume fell 8.1% last week, down after jumping 12% the week prior, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 8.1%. The adjusted purchase index fell 10%, while the unadjusted purchase index fell 3% and was 12% lower YOY. The refinance index fell 7% and was down 52% YOY. Refinances made up 56.2% of total applications. “Purchase activity slowed after the previous week’s gain. Both conventional and FHA purchase applications saw proportional declines, resulting in purchase activity overall dropping 10 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The average loan size again hit another record high at $446,000.…
Good Morning! Today is February 2, 2022. It’s official: Tom Brady is retiring. The U.S. national debt topped $30 trillion, a record. ABC suspended Whoopi Goldberg for two weeks after she said that the Holocaust was not about race. She later apologized. The Mortgage Note Reports Guaranteed Rate No. 8 To Debut In NASCAR Race:Race car driver Tyler Reddick will debut the new Guaranteed Rate No. 8 Chevrolet at the first-ever Busch Light Clash at the Coliseum this Sunday. Application Volume Back Up: Mortgage loan application volume rose 12% after falling 7.1% last week, MBA reports. CoreLogic HPI: Home prices rose by 18.5% across the nation in December 2021, but are expected to moderate in the next twelve months. Panorama CEO: Panorama Mortgage Group named…
Mortgage loan application volume continues its rollercoaster trend of rising one week and falling the next, up 12% after falling 7.1% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased 12%. The adjusted purchase index rose 4%, while the unadjusted purchase index rose 12% and was 7% lower YOY. The refinance index jumped 18% and was down 50% YOY. Refinances made up 57.3% of total applications. Mortgage rates continue to climb, with the 30-year fixed-rate reaching its highest level since March 2020 at 3.78%. “Despite the increase in rates, refinance applications were up 18%, driven mainly by a 22% jump in conventional applications. There has likely…
Good Morning! Today is Thursday, January 27. Supreme Court Justice Stephen Breyer is retiring. Neil Young is removing his music from Spotify, saying it has become “the home of life-threatening Covid misinformation.” The U.S. rejected Russia’s demands that NATO retreat from Eastern Europe and bar Ukraine from ever joining, but offered other areas of negotiation. The Mortgage Note Reports Rate Increases Into 2023: At least one economist says the Federal Reserve is already behind the inflation curve, and the mortgage industry should expect interest rate increases into 2023. Down, Up, Then Back Down: Mortgage loan application volume fell 7.1% from last week, with refis tumbling 13%, MBA reported. “Appropriate Pricing Policies”: CHLA sent a letter to FHFA Acting Director Sandra…
