Wednesday, 08 April, 2020

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Category: Mortgage Professional America

Category Added in a WPeMatico Campaign


A broad coalition of organizations representing the financial industry and affordable housing advocates released a statement over the weekend calling on lawmakers to provide a source of liquidity to mortgage servicers. The coalition includes the Mortgage Bankers Association, National Association of REALTORS, National Multifamily Housing Council and U.S. Mortgage Insurers, among others. The statement says that while the established framework Read more…


In a commercial real estate market that has been made another victim of the uncertainty and anxiety COVID-19 brought with it, one sector appears to be providing investors with more stability than others: medical office buildings. A report released on March 26 by Green Street Advisors LLC evaluated 18 segments of the commercial real estate market and found that MOBs Read more…


New American Funding was recently named a “best workplace” by Fortune and Great Place to Work. This is the fifth consecutive year the California-based lender has made the list. New American Funding ranked No. 25 in the large company category and was named a “Best Workplace in Financial Services & Insurance”. To compile the list, Great Place to Work surveyed Read more…


With over 3 million Americans applying for unemployment last week, a period that also saw over 8 million New Yorkers call the state’s Labor Department hotline, the next phase of the COVID-19 crisis has arrived: a nationwide inability to pay rent. With tenants in two of the most affected states, New York and California, potentially forced into choosing between paying Read more…


As more lenders integrated technology in their mortgage processes, costs associated with mortgage closings remained flat in 2019. On average, closing costs for a single-family property in the US were $5,749 including taxes, and $3,339 excluding taxes, according to data from ClosingCorp’s latest report. ClosingCorp CEO Bob Jennings said that there was only a $30 difference (including taxes) in the Read more…


As the COVID-19 outbreak decimates the economy, an online mortgage lender is growing. Digital mortgage startup Better.com is hiring – and it’s specifically looking to hire laid-off hospitality workers, according to a report by Inman. Many hospitality professionals have seen their jobs vanish as the COVID-19 outbreak closes bars, hotels and restaurants across the nation. “The Coronavirus pandemic has made Read more…


US home prices were growing at a modest rate in January, weeks before the widespread community transmission of the coronavirus in the US. Nationwide, home prices increased 3.9% year over year in January, according to the S&P CoreLogic Case-Schiller US National Home Price NSA Index. Home prices also jumped month over month, up 3.7% from December. The 10-City Composite climbed Read more…


The National Association of Home Builders has petitioned to designate home construction as an “essential infrastructure business” during the coronavirus pandemic. The NAHB and more than 90 companies called on the Department of Homeland Security (DHS) to exempt the housing construction business from “stay-at-home” orders and allow the construction of single-family and multifamily housing to continue operations during the outbreak. Read more…


A major chunk of the annual income of renters out of work during the coronavirus outbreak would go to housing costs, and more than half of them have already had to make sacrifices to afford rent.   If unable to work for two months, Zillow estimated that American renters working in the food and retail industries would be spending approximately Read more…


The Consumer Financial Protection Bureau announced Thursday that it will postpone some data collection in order to provide financial institutions with flexibility to work with customers during the coronavirus outbreak. “As consumers seek temporary relief from lenders, the pandemic is impacting the operations of financial companies that are eager to help their customers during this unprecedented time,” said CFPB Director Read more…


As a result of another unexpected rate cut by the Federal Reserve more than a week ago, the fixed rate for a 30-year mortgage declined after two consecutive weeks of increases. “The Federal Reserve’s swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for the first time in three weeks,” Freddie Mac Chief Read more…


The share of Americans who applied for a refinance has spiked from a year ago, largely driven by the volatility in mortgage rates caused by the coronavirus pandemic. Year over year, refinance applications through LendingTree’s platform tripled in each of the 50 largest metros and in all but five states. “A mortgage refinance, particularly at these historically low rates, presents Read more…


As restrictions continue to tighten, and fears continue to mount surrounding the spread of coronavirus, retailers are under immense strain. Many have temporarily closed their doors, either voluntarily or mandated by the government in efforts to help reduce the spread. The World Health Organization declared coronavirus a pandemic on March 11. Total retail traffic in early March fell 9.1%, while Read more…


The purchase of a landmark Manhattan office tower featured in an iconic movie has been cancelled when financing backed by commercial mortgage-backed securities (CMBS) became unavailable. According to a MarketWatch report, SL Green Realty Corp.’s plan to sell the former New York Daily News headquarters for $815 million to New York property investor Jacob Cherit fell apart when Cherit’s primary Read more…


With the coronavirus disrupting lives across the globe, the National Multifamily Housing Council (NMHC) urged Congress to extend mortgage forbearance to rental property owners. “Forbearance is needed to prevent foreclosure and other adverse actions such as lien placements, utility shut-offs, defaults, and judgments that would negatively impact the viability of the property’s continued operation and ultimately put its residents at Read more…