Tag Archives: Mortgage Bankers Association

In a statement released Monday, NDeX announced the appointment of its president and chief financial officer, Scott Goldstein, to the Federal Reserve Bank of Chicago Advisory Council. Scott represents a combination of business savvy and economic vision that will prove to be a valuable resource in his role with the Fed, said James P.

In a statement released Tuesday, HUD announced the move by multifamily housing deputy assistant secretary Carol Galante to her new role as acting commissioner of the Federal Housing Administration. President Barack Obama picked Galante for the position, with rumors circulating around the Capitol that the affordable housing veteran may receive a nomination for the top role, too.

Job growth slammed into a wall last month, with employment figures dropping and the number of jobless rising a grim indication that the housing markets may lose steam. According to Census data, the economy added only 18,000 new jobs in June, falling short of expectations that data would trump the 25,000 jobs brought on in May. Numbers for job loss in April and May also hit 9.2 percent and 9.1 percent, with economists saying that the market still needs a net gain of about 150,000 jobs.

Joining the ranks of other concerned trade organizations, the Mortgage Bankers Association submitted a comment letter to Treasury Department adviser and nominee Elizabeth Warren, urging the Consumer Financial Protection Bureau to consult with stakeholders on closing costs and holding firm on a key question affecting various consumer financial laws. The question in mind concerns the Real Estate Settlement and Procedures Act and Truth-in-Lending Act, some of the provisions for which the CFPB wants to combine in order to create a uniform mortgage disclosure form.

According to a recent quarterly report released by the Mortgage Bankers Association, commercial and multifamily originations slowed to a rate 25 percent lower in the quarter this year than the last quarter in 2010. Titled the Commercial Real Estate/Multifamily Finance Quarterly Data Book, the report documented new signs of life in the economy, denoting $7.8 billion in profits for mortgage commitments, the highest in the first quarter in three years, reflective of a 60-percent increase from the first quarter last year.

Members of Congress linked arms with a broad coalition of community and professional associations to call for the reversal of a key provision in the Dodd-Frank Act, which critics charge will upend recovery in the housing markets, close the door on new homebuyers, and force borrowers to shoulder higher costs. The lawmakers and industry groups showed up in force at a press conference organized by the Coalition for Sensible Housing Policy, which plans to submit a white paper to authorities as official commentary.

On Tuesday the nonprofit data subsidiary of the Mortgage Bankers Association (MBA), MISMO, announced the appointment of senior executive Gabe Minton to a seat on its six-member board of directors. Gabe will provide excellent leadership for MISMO as it drives the development of technology standards for both the residential and commercial real estate finance industries, Michael D.

Recent analysis by the Mortgage Bankers Association revealed that commercial and multifamily mortgage debt remained relatively fixed in the first quarter of 2011, down by only 0.1 percent from the fourth quarter.

Representing a nudge in the right direction for the origination market, the Mortgage Bankers Association (MBA) reported a 13 percent swell in home loan applications submitted last week, up from the record low reported just one week earlier. It was the biggest gain recorded in three months. Michael Fratantoni, MBA's VP of research and economics, says low rates are driving consumers back to loans. Rates have dropped over eight of the last nine weeks - a primary driver for homeowners looking to refinance. MBA's Refinance Index jumped 16.5 percent.

Mortgage lenders across the country have reported layoffs and substantial downsizing, a consequence of heightened regulatory scrutiny, weak job growth, and brittle markets slumbering in the wake of diminishing consumer confidence. Despite a small spurt in refinancing measures and a drop in lending rates to their lowest ebb since the turn of the century, origination loan volume remains low, and lenders are coming to terms with the fact that they will be financing fewer mortgages over a longer-than-expected period.