The jump in core inflation, coupled with a jobs report last week that suggested a still-resilient labor market, indicate plenty of work ahead for the Federal Reserve in its efforts to restore economic balance. Falling inflation in recent months and early signs of an economic cooldown prompted the Fed to get its rate-cutting path underway … [Read more…]
For mortgage brokers, rate volatility is presenting its fair share of hurdles – not least when it comes to locking in refinances. While rates increased last week, they’ve fallen precipitously since earlier this year, and many borrowers are open to biding their time to see where they might eventually land. That means a big challenge … [Read more…]
“Conventional loan refinances, which tend to have larger balances than government loans and hence are more responsive for a given change in mortgage rates, fell to a greater extent over the week,” Fratantoni said. The 30-year fixed mortgage rate climbed to 6.36%, the highest level since August. Fratantoni added that despite the higher rates, purchase … [Read more…]
While rent growth in certain regions, like the Sun Belt and Mountain West, has flattened or turned negative due to rising supply, the demand for multifamily housing remained robust. Gateway markets in the East, and secondary markets in the Midwest led year-over-year rent growth. New York City saw a 5.4% increase, followed by Kansas City … [Read more…]
Several notable appointments have been made to support these efforts, including Andrew Bon Salle, Fannie Mae’s former executive vice president, and Pat Jackson, CEO of Sabal Investment Holdings, as independent board members. Additionally, Melissa Martinez, former chief risk officer of CoreLogic, has been named Meridian’s first chief risk officer. Meridian Capital Group is a commercial … [Read more…]
MISMO has announced that its Mortgage Compliance Dataset (MCD) specification has reached “Candidate Recommendation” status, meaning the MCD has gone through an extensive review from different organizations and industry participants and is now available for use. The MCD is intended for state and federal regulators, as well as compliance vendors, to conduct testing of closed … [Read more…]
Penn’s efforts will extend to place-based initiatives in cities like Philadelphia, Columbus, Ohio, and Memphis, Tennessee, where MBA is working to improve housing affordability. She will also collaborate with consumer advocacy groups, civil rights organizations, and affordable housing stakeholders to tackle the complex challenges facing the housing market today. Before joining MBA, Penn spent over … [Read more…]
Effective August 1, 2024, CIRT 2024-H3 lets Fannie Mae retain risk for the first 185 basis points of loss on the $6.4 billion covered loan pool. Furthermore, 25 insurers and reinsurers will take on the next 250 basis points of loss if the $119 million retention layer is exhausted. Coverage for the transaction is based … [Read more…]
Fannie Mae has announced the initiation of its latest sale of reperforming loans, marking a significant step in the organization’s strategy to streamline its retained mortgage portfolio. A news release noted the offering includes approximately 8,721 loans with an unpaid principal balance of around $1.429 billion, now available for qualified bidders. The sale, managed in … [Read more…]
The company also announced the appointment of Jeff Carroll as senior vice president and chief technology officer. Carroll brings over 20 years of experience in technology operations, including infrastructure, cloud platforms, and technology modernization initiatives. Most recently, he held the position of senior vice president of platform and cloud engineering at Sabre, where he managed … [Read more…]