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National Mortgage News

 

CMBS Delinquency Increases

 

Late payments on securitized commercial real estate loans worsened last month. Deterioration was driven by loans securitized five-to-seven years ago.

As of April 30, delinquency of at least 60 days on loans that are included in commercial mortgage-backed securities was determined to be 5.58 percent.

Sixty-day delinquency on CMBS loans deteriorated when compared to one month previous, a period when the rate worked out to 5.53 percent.


Mortgage Originations From Year Ago at Navy FCU

 

Navy Federal Credit Union managed to boost its quarterly home lending volume from a year ago. The firm's mortgage servicing portfolio continued to grow.

As of March 31, the Vienna, Virginia-based organization serviced 288,043 single-family loans that had an aggregate unpaid principal balance of $61.993 billion.

The servicing statistics, along with additional operating metrics, were provided by the credit union as part of the Mortgage Daily First Quarter 2018 Mortgage Origination Survey.


World's Biggest Real Estate Agent

 

A real estate agent out of North Texas has made it into the Guinness Book of World Records thanks to a phenomenal sales record.

Between 2010 and 2016, Ben Caballero sold houses that were valued at $7.2 billion -- including $1.4 billion during 2016 alone.

From his office in the Dallas suburb of Addison, Caballeron sells properties in Austin, Houston and San Antonio in addition to Dallas-Fort Worth.


Severity of Impact from ATR-QM Rules Eases

 

An overwhelming majority of bankers say the Ability-to-Repay and Qualified Mortgage rules have reduced available real estate credit. But the level of severity is diminishing.

Seventy-four percent of banks report that credit availability in real estate lending has been reduced as a result of the ATR/QM rules.

While non-QM lending had accounted for 16 percent of 2013 originations, the share has dropped to just a 10th as of 2017 -- though that was modestly higher than 9 percent a year earlier.



Mortgages Outstanding Up Despite Origination Drop

 

Although the volume of quarterly home lending has slowed, the balance of outstanding mortgages continued to expand. Loan performance, meanwhile, showed ongoing improvement.

As of March 31, there were $8.94 trillion in U.S. residential loans that were outstanding, according to data reported Thursday by the Federal Reserve Bank of New York.

America's book of mortgage business grew from the end of last year, when the total was $8.88 trillion. The balance also expanded from $8.63 trillion as of the same date last year.


 

Texas-based OJO Labs raises $20.5 million to bring AI to real estate

 

A group of real estate, financial services, and home services companies are joining together to help bring artificial intelligence to real estate and beyond. Austin, Texas-based OJO Labs announced on Friday that it raised $20.5 million in its Series B funding round. Taking part were Realogy, Royal Bank of Canada, Northwestern Mutual Future Ventures and ServiceMaster.

[PHOTOS] Shaq to sell massive Florida mansion for $28M

 

Basketball legend and sports commentator Shaquille O'Neal recently put his 31,000 square-foot home on the market for $28 million.

Property management tech provider Mynd raises $20 million

 

Property management technology provider Mynd announced this week that it raised $20 million in its Series B funding. Mynd was founded in 2016 by Doug Brien and Colin Wiel, who previously founded Waypoint Homes, a single-family rental operator that eventually grew into the largest player in the industry.

NAR midyear forecast: Despite inventory, home sales expected to rise in 2018

 

Several speakers at the 2018 Realtors Legislative Meetings and Trade Expo stated that they are forecasting a slight increase in home sales for 2018, but that growth won't come without some obstacles. Despite a strengthening economy, wage growth and improving job market, issues like low supply and affordability may threaten the rate of increase for home sales in 2018, according to the speakers.

Dodge Analytics: Residential construction starts fell 9% in April

 

Residential construction starts faltered in April as did the rest of the construction sectors, according to a report by Dodge Data & Analytics. The report showed that residential construction starts, both single-family and multifamily, totaled 303.8 billion, a 9% decrease from March. Multifamily dropped by 20%, which signaled the second declining month in a row.

MBA report indicates minor uptick in commercial and multifamily lending

 

Commercial and multifamily loan originations registered a very minor uptick in the first quarter, but it is probably not enough to fight off the overall cooling of the market as commercial real estate comes down from 2017 highs.

MBA: Mortgage delinquencies down in Q1

 

According to the Mortgage Bankers Association, the foreclosure rate is up slightly despite delinquencies sitting at pre-housing crisis lows and sliding. A strong economy is minimizing delinquency, and despite the slight uptick in Q1, foreclosures are down significantly year-over-year.

Senate narrowly passes measure to restore net neutrality

 

The Senate voted Wednesday to restore net neutrality ahead of its scheduled rollback. While real estate companies are in full support of the Senate’s decision, the measure still needs to be voted on by the House of Representatives and be signed off on by President Donald Trump.

Mick Mulvaney doubles down on minimalist practices at CFPB

 

CFPB Acting Director Mick Mulvaney doubled down on his mission to revamp the CFPB direction, telling a group of Realtors this week about his plans for the bureau. Mulvaney reiterated his mission to rescind regulation by enforcement, restructure the CFPB, and “get back to basics,” according to a review of the conference, which was hosted by the National Association of Realtors.

Direct homebuyer OfferPad secures $150 million in funding to power growth

 

There certainly appears to be no shortage of money interested in investing in the burgeoning direct homebuyer segment. Opendoor has been raising money hand over fist, a newcomer named Perch launched last week with $30 million in funding, plus Zillow and Redfin both recently expanded into direct buying. The other growing player is OfferPad, which announced this week that it recently secured $150 million in new funding to continue growing its direct buyer business.

Valuation Partners launches tool for appraisal process

 

Valuation Partners announced this week the launch of new appraisal tool, HomeBase, which aims to increase transparency and minimize delays associated with appraisal appointments.

Arbor Realty Trust to offer up 5.5M shares

 

Arbor Realty Trust, a real estate company specializing in investment for multifamily, seniors housing and healthcare real estate, announced plans to make a public offering of 5.5 million shares. At its current stock price, that translates to roughly $51.3 million that the company could raise through this offering.

New home construction slowly gains ground

 

New home construction increased slightly in April, while a drop in the multifamily sector caused housing starts to fall. But despite this slight increase, housing experts are not impressed and explained new construction is lagging significantly behind its historic averages.

More than half of U.S. homes in need of updates, renovations or repairs

 

The housing stock is aging in the U.S., and now nearly 65% of homes are more than 25 years old. Many of these older homes are in need of updates, renovations or repairs, according to a new Land Gorilla report.

Fannie Mae to jettison 11,000 non-performing loans

 

Fannie Mae announced plans to jettison $1.84 billion in non-performing loans, a small portion of which are from its thirteenth Community Impact Pool, a small pool for marginalized or small investors. According to a release from Fannie, there are 11,000 NPLs up for sale, and of those, 700 are from its Community Impact Pools.

New York to announce major changes for online real estate advertising

 

Real estate websites could be facing a major hurdle as New York regulators look to change the future of online real estate advertising in the state. Could this threaten programs such as Zillow’s Premier Agent advertising program, and other third-party real estate sites such as realtor.com?

Homebuilders see boost in confidence in May

 

Homebuilder confidence rose two points to 70 in May after a downwardly revised April, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index. The tough break is what everyone has been talking about lately: rising building costs are making it nearly impossible to meet the demand for reasonably priced starter homes.

Loan Officers: Your social proof is capital you can't afford to lose

 

[Commentary] Have you heard of social proof? If not, I don't blame you. It is a term that wasn't all that common 18 months ago but is now becoming a popular buzzword, with good reason. Social Proof is paramount if you want to grow your business in the internet economy and connect with the modern consumer.

The mixed property bag for Bridgeport-Stamford-Norwalk

 

The Bridgeport MSA is by no means a poor area. Per capita income is $52,344, about 25% higher than its state, which is $41,087 and 150% that of the average for the nation, which is $31,128. Its median household income of $90,123 is also about 25% higher than Connecticut's as a whole and roughly 1.5 times that for the U.S.

NAR: Housing inventory hovers at all-time lows

 

Inventory levels remained at all-time lows in the first quarter of 2018, driving up home prices. The latest report from NAR shows the most and least expensive metros for the first quarter of 2018.

Texas homeowners rush to file property tax protests before new deadline

 

Homeowners in Texas are rushing to file protests against their appraised property tax amounts before the deadline Tuesday. Here’s a look at property tax protests, which increased around 20% in some Texas counties in 2017, and why 2018 could see even more protests.

Monday Morning Cup of Coffee: Federal Reserve Board to vote on lifting Wells Fargo’s growth restrictions

 

Following pressure from Sen. Elizabeth Warren, Federal Reserve Chair Jerome Powell has indicated that the Fed's Board of Governors will hold a vote to decide whether or not to lift growth restrictions placed on the megabank. Plus, here's why Capital One putting a stop to mortgage lending is good for its investors.

More than 1,000 homes at risk in Hawaiian volcanic eruption

 

The Hawaiian volcanic eruption that began Saturday continues to threaten the Big Island as residents prepare for the worst. Data provided exclusively to HousingWire from CoreLogic shows just how many homes are at risk, and their total value.

California landlords fined for housing discrimination

 

The owners of two California apartment complexes will pay a four-figure fine to settle charges that they discriminated against prospective tenants on the basis of their race or national origin. “Denying someone an apartment because of how they look or where they come from not only deprives them of a home, it is against the law,” said Anna María Farías, HUD assistant secretary for fair housing and equal opportunity.

In the pipeline: Navigating this multifamily sellers' market

 

The multifamily market is in on hold as far new starts go with the exception of an odd permitting blip registered over the course of March, in which permit numbers spiked by 19%. That aside, researchers are predicting a slowdown in new construction starts as the market is full-up on Class-A product, and construction costs don’t allow for them to build Class-B product.

 

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