In The News

Mortgage credit availability decreased in December according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology.

Groves Capital has selected LendingPad, a modern cloud-based loan origination system (LOS), to facilitate future growth. LendingPad’s system compliments Groves Capital’s tech-forward approach allowing them to focus on exceptional customer support. This collaboration provides modern and innovative technology and ensures that the unique needs of borrowers are at the forefront of the collective mission. This partnership facilitates a competitive advantage by delivering a streamlined lending experience.

MISMO, the real estate finance industry’s standards organization, released the Implementation Guide for the SMART Doc Version 3 Verifiable Profile, which outlines the requirements needed to create MISMO SMART Docs in PDF format. 

Commercial and multifamily mortgage originators are experiencing an unsettled market for borrowing and lending but anticipate those conditions will slowly stabilize over the course of 2023. That is according to the Mortgage Bankers Association’s (MBA) 2023 Commercial Real Estate Finance (CREF) Outlook Survey, which polled the leaders of the top commercial and multifamily mortgage finance firms for their outlook for the year ahead.

Black Knight, Inc. (NYSE:BKI) released its latest Originations Market Monitor report, looking at mortgage origination data through December month-end. Leveraging daily rate lock data from Black Knight’s Optimal Blue PPE – mortgage lending’s most widely used pricing engine – the Originations Market Monitor provides the industry’s earliest and most comprehensive view of origination activity.

The Consumer Financial Protection Bureau (CFPB) and the New York State Office of the Attorney General sued a predatory auto lender, Credit Acceptance Corporation, for misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars.

Flueid, a real estate technology company that uses title data and insights to fuel transactions from end-to-end, has integrated with FirstClose, Inc. (FirstClose) – a provider of fintech solutions for home equity lenders nationwide – to accelerate the home equity lending process, compressing transaction timelines from weeks to as fast as five days and supporting a seamless end-to-end consumer experience.

Veros Real Estate Solutions, a provider of enterprise risk management and collateral valuation services, released its 2022 Q4 VeroFORECAST that anticipates home prices will turn negative overall and depreciate on average by -0.5% for the next twelve months. This is a significant drop from the 1.5% annual appreciation forecast just one quarter ago.  

Total commercial and multifamily mortgage borrowing and lending is expected to fall to $700 billion this year, which is a 5 percent decline from an expected 2022 total of $740 billion. This is according to an updated baseline forecast released by the Mortgage Bankers Association (MBA).

December MCTlive! Lock Volume Indices show that year-over-year total lock volume (-67.5 percent) continues to drop, as expected, when compared to activity in 2021. Both the month-over-month rate/term refinance lock figure and purchase index decreased for the third consecutive month. Total mortgage rate locks by dollar volume decreased 19.8 percent month-over-month in December.

Mortgage applications decreased 13.2 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 30, 2022. The results include adjustments to account for the holidays.