Industry Update
October 19, 2021
Source: Mortgage Daily News
Both Fannie Mae and Freddie Mac (the GSEs) will be expanding their low-income refinance programs to include those making at or below 100 percent of an area’s median income (AMI). The threshold on the programs is currently at 80 percent of AMI.
For full report, please click the source link above.
Industry Update
October 18, 2021
Source: Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) today announced two measures to sustainably advance the affordability of homeownership for mortgage borrowers across the nation, especially those in underserved communities.
For full report, please click the source link above.
Industry Update
October 18, 2021
Source: Calculated Risk Finance and Economics
The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 34 basis points from 2.62% of servicers’ portfolio volume in the prior week to 2.28% as of October 10, 2021. According to MBA’s estimate, 1.1 million homeowners are in forbearance plans.
For full report, please click the source link above.
Industry Update
October 18, 2021
Source: Mortgage Bankers Association
Kristy Fercho, MBA Chairman, and Executive Vice President and Head of Home Lending at Wells Fargo, today announced the Home for All Pledge, a Mortgage Bankers Association (MBA) member company action pledge to promote minority homeownership; affordable rental housing; and company diversity, equity, and inclusion. The action pledge was revealed during Fercho’s keynote address at MBA’s Annual Convention & Expo.
For full report, please click the source link above.
Industry Update
October 19, 2021
Source: The Anand Market
The Mortgage Bankers Association raised its genesis forecast for 2021, but the outlook of its economists remains more conservative than that of Fannie Mae and Freddie Mac.
It now predicts the industry will generate $3.85 trillion in borrowing volume this year, which compares with its September forecast of $3.74 trillion. Fannie Mae and Freddie Mac both now expect industry loan origination top $4 trillion for the second consecutive year; Freddie Mac also believes that 2021 will end with a slightly higher volume than 2020.
For full report, please click the source link above.
Investor Update
October 15, 2021
Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) today predicted the continued strength of the single-family housing market even as mortgage rates are expected to modestly increase and home prices rise. A new Quarterly Forecast released by the company’s Chief Economist estimates continued levels of homebuyer demand and a growth in purchase originations in 2022.
To access full summary, please click the source link above.
Investor Update
October 15, 2021
Source: Freddie Mac
Freddie Mac (OTCQB: FMCC) announces the pricing of the SB91 offering, a multifamily mortgage-backed securitization backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. The company expects to issue approximately $381 million in SB Certificates (SB91 Certificates), which are expected to settle on or about October 22, 2021. Freddie Mac Small Balance Loans generally range from $1 million to $7.5 million and are generally backed by properties with five or more units. This is the tenth SB Certificate transaction in 2021.
To access full summary, please click the source link above.
Industry Update
October 14, 2021
Source: 24/7 Wall St.
Based on an index of three measures (foreclosure rates, share of underwater mortgages and affordability) at the county level, 24/7 Wall St. identified the most at-risk housing markets. All data was compiled from the first-quarter 2021 Special Coronavirus Report on the susceptibility of county-level housing markets to risks arising from the coronavirus pandemic from ATTOM Data Solutions, a real estate and property data company.
For full report, please click the source link above.
Industry Update
October 14, 2021
Source: National Mortgage Professional
United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.
UWM used these payments as a model to better assess scaling cryptocurrency payments for consumers, according to the company.
Industry Update
October 14, 2021
Source: Calculated Risk Finance and Economics
In the week ending October 9, the advance figure for seasonally adjusted initial claims was 293,000, a decrease of 36,000 from the previous week’s revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000.
