Commercial/Multifamily News |
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Top National News |
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Senate Combines Jobless Benefits, Homebuyer Credit
Associated Press (06/30/10) Ohlemacher, Stephen
Senate Democrats hope that combining provisions to extend unemployment benefits and the home buyer tax credit into a single bill will increase its chance of passage, and Senate Majority Leader Harry Reid, D-Nev., has filed a motion to force a vote on July 1. The measure would extend the deadline by which home purchase must close to qualify for the tax break to Sept. 30 from June 30. The House passed an extension on June 29.
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Profits Per Loan Surged in 2009
American Banker (06/30/10) P. 11; Berry, Kate
The average profit per single-family loan for independent mortgage bankers surged to $1,135 in 2009 from $305 in 2008. New Mortgage Bankers Association data show that 96 percent of 219 surveyed firms posted pretax profits -- up from 59 percent in 2008 -- thanks to lower production costs per loan and higher origination volume. However, bank and thrifts' mortgage arms outperformed independent mortgage firms "because of lower loan officer compensation per loan and higher net interest spread due to lower warehouse funding costs and the ability to keep loans in warehouse longer," said MBA's Marina Walsh.
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Home Prices in April Rise 0.8 Percent
Denver Post (CO) (06/30/10) Elphinstone, J.W.
With federal tax credits lifting home sales, the latest Standard & Poor's/Case-Shiller 20-city home-price index rose 0.8 percent in April -- the first gain in seven months. Eighteen of 20 cities posted higher prices from a month earlier, with only Miami and New York recording declines. Dallas, San Francisco and the nation's capital topped the index, each reporting jumps of 2 percent or more from March.
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Banks Edge Cautiously Back Into Commercial Mortgage-Backed Bonds
New York Times (06/30/10) P. B7; Sederstrom, Jotham
With property values believed to have bottomed out, banks are warming back up to the commercial mortgage-backed securities market after a two-year slump. One projection calls for as much as $10 billion in CMBS transactions to be completed by year end. While the first half of 2010 has been dominated by single-borrower issuances, both J.P. Morgan Chase and the Royal Bank of Scotland recently have engaged in multiple-borrower bond deals.
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Foreclosed Homes in U.S. Sell at 27 Percent Discount as Supply Grows
Bloomberg Businessweek (06/30/10) Levy, Dan
Homes in the foreclosure process sold at an average 27 percent discount in the first quarter, reports RealtyTrac, which expects bargains to stay between 25 percent and 30 percent as lenders manage the increase in foreclosure actions to avoid flooding the market. Distressed sales accounted for almost a third of all home sales during the quarter, and the average price for these properties was $171,971.
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Residential Finance News |
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Q&A With Chris Williams of AIMSdashboard
Chris Williams, president and chief technology officer of AIMSdashboard, Chapel Hill, N.C., discusses current valuation/appraisal processes, the desire of lenders for more control while doing business under the current appraisal independence mandates and how his company is working to streamline the new appraisal process for lenders.
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Lower Rates Spur Refi Applications, MBA Survey Says
The lowest 30-year fixed rates since April 2009 got homeowners back in refinancing pipeline, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending June 25.
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People in the News
Mortgage Banking Solutions, Austin, Texas, hired Paul Peters, CMB, as senior mortgage consultant. He will concentrate his national practice primarily on bank and credit union-owned mortgage operations.
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Commercial/Multifamily News |
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MBA News |
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CampusMBA Presents 'Location, Location, Location Commercial Property Update' July 13
CampusMBA, the education arm of the Mortgage Bankers Association, presents Location, Location, Location: Commercial Property Update, on Tuesday, July 13, from 2:00-3:30 p.m. ET.
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Join MBA LinkdedIn Group
The Mortgage Bankers Association's LinkedIn group is the place to connect with your industry peers to discuss industry issues, do business and more.
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Save on T-Mobile through MBA Member Advantage Program
Switch to T-Mobile today and join the millions who've saved. Mortgage Bankers Association members can save hundreds of dollars yearly through special discounts.
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StatLink
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QuoteLink
"The proposed rule upends any semblance of predictability that was beginning to emerge with respect to secondary market transactions. As a result, financial institutions will be forced to add an uncertainty cost to their asset-backed transactions to offset the possibility their transactions may fall outside the boundaries of the FDIC's receivership safe harbor."
--From an MBA letter to the Federal Deposit Insurance Corp. on a proposed rule to modify safe harbor requirements in securitization of assets.
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