Author: PROGRESS In Lending

The newly released Q1 2023 Quarterly Credit Industry Insights Report (CIIR) from TransUnion (NYSE: TRU) shows that in this current economic climate in which inflation remains at elevated levels and interest rates have risen sharply, consumers are increasingly turning to credit to manage their household budgets, leading to record- or near-record high balances in credit cards and unsecured loans. In addition the report showed that mortgage balances are at record highs while mortgage originations are near record lows.

Total commercial and multifamily mortgage borrowing and lending is expected to fall to $654 billion this year, which is a 20 percent decline from $816 billion in 2022. This is according to an updated baseline forecast released by the Mortgage Bankers Association (MBA) at its 2023 Commercial/Multifamily Finance Servicing & Technology Conference in Chicago.

The second 2023 quarterly installment of WFG’s “Quarterly Economic Outlook,” an informative and increasingly influential webinar featuring Williston Financial Group (WFG) Chairman and Founder Patrick F. Stone and Economist and Forbes contributor Bill Conerly, Ph.D., will take place on Thursday, May 25th at 1 pm ET/Noon CT/10 am PT.

The Data & Analytics division of Black Knight, Inc. (NYSE:BKI) released its latest Mortgage Monitor report, based on the company’s mortgage, real estate and public records data sets. A modest rise in homebuyer demand led to home prices strengthening for the third consecutive month in March, as both January and February were upwardly revised to show positive movement in prices. As Black Knight Vice President of Enterprise Research Andy Walden explains, while historical trends would suggest an increase of new listings in the spring, the inventory shortage at the root of this home price strengthening has instead worsened as the country moves further into the traditional homebuying season.

Down Payment Resource (DPR), a technology for connecting home buyers with homebuyer assistance programs, has brought on four new team members to grow its sales footprint, expand its relationships with housing finance agencies (HFAs) and provide enhanced support to DPR’s growing customer base.

Higher home prices and low inventory isn’t deterring the youngest generations from seeking homeownership. A new survey report from ServiceLink, part of the FNF family of companies and the nation’s premier provider of tech-enabled mortgage services, analyzes generational trends among recent homebuyers, their sentiment about today’s housing market and the role technology plays throughout the process.

Go Mortgage, a mortgage lending company based in Columbus, Ohio, has appointed Jessica Manna as its chief marketing officer. As CMO, Manna will be responsible for overseeing all marketing initiatives and strategies to further promote Go Mortgage’s brand and drive business growth.

Commercial and multifamily mortgage loan originations were 56 percent lower in the first quarter of 2023 compared to a year ago, and decreased 42 percent from the fourth quarter of 2022, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Kriss Law/Atlantic Closing & Escrow (“KL/ACE”), a national, attorney-driven settlement services firm, has named Len Franco as President of its Commercial Services Division. He will be charged with overseeing the continued growth of the company’s commercial footprint nationwide.

MISMO®, the real estate finance industry’s standards organization, is seeking public comment on a new Consumer-Facing Charge and Fee Guide. The 60-day public comment period runs through July 3, 2023.