Commercial and multifamily mortgage debt outstanding passed the $2.4 trillion mark in the second quarter, an increase of 3.1% from the level recorded in the first quarter, according to the Mortgage Bankers Association.Commercial banks held the largest share of the total, at $1.05 trillion, or 43%, the trade association said. Commercial mortgage-backed securities conduits were next, holding $467 billion, or 19%, of the debt outstanding. Life insurance companies held $258 billion, or 11% of the total, and savings institutions held $191 billion, or 8%. The government-sponsored enterprises held another 8% of the total. "This sustained investment in commercial and multifamily real estate shows up in record origination volumes, record loan servicing volumes, record levels of CMBS issuance and, here, in record levels of commercial/multifamily mortgage debt outstanding," said Doug Duncan, the MBA's chief economist. The MBA can be found online at http://www.mortgagebankers.org.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28