National Mortgage News - June/July/August 2021

Spotlight on Multifamily Lending

Experts expect only a small uptick in distressed mortgages, either through default or inability to refinance, which will create some opportunity for debt buyers

The government-sponsored enterprises have been returning to normal underwriting and are buying more loans than last year, but annual limits they have in place could become a concern.

Nonprofits connecting Historically Black Colleges and Universities to mortgage career education courses seek to increase the number of Black professionals in the field, who in turn may help to increase homeownership among underserved populations.

Borrowers with loans secured by personal rather than real property made up 46% of manufactured housing borrowers in 2019 and of this group, only 5% used the loans to refinance.

Net production income was down from its peak in the third quarter of last year, but it set a survey record for the period between January and March.

Estimates suggest the government-sponsored enterprises did encourage increased lending to this demographic last year but ran into challenges related to the pandemic's impact and their own fluctuating business models.

While last year’s high valuations protected the wealth embedded in consumer residences, a new report suggests that they can also be an indication of rising risk.

While there was a small uptick in missed payments for multifamily loans, the rate remained in the same area it's been at for the last year, according to the Mortgage Bankers Association.

Storm-related reconstruction costs — a large share of which may be concentrated in the New York City area — are estimated to total $1.9 trillion for water damage and $8.5 trillion for wind damage.

Garg discusses how Better plans to maintain growth in a volatile market in an exclusive interview.

Rather than completing another equity raise, the five-year-old mortgage technology company went looking for a partner.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

The confirmation of the U.S. Housing and Urban Development secretary presents an opportunity to restore the legacy of homeownership in America, something that for communities of color has long been out of reach, writes CBC Mortgage's Tai Christensen.