Regulations governing real estate mortgage investment conduits are outdated and should be amended, according to the Mortgage Bankers Association and other trade groups in the commercial real estate arena.In a comment letter to the Internal Revenue Service, the groups argue that the current regulations were adopted 15 years ago and don't address situations that now arise in the market for securitized commercial mortgage loans. The groups are urging the IRS to "amend the REMIC regulations to include additional types of permitted loan modifications that are responsive to situations that now arise regularly in the context of commercial loans." Some of the changes the groups want include additional flexibility in making changes in loan collateral, in the time a loan can be prepaid, and in the recourse/nonrecourse nature of a loan. The other signatories to the letter include the American Securitization Forum, the Commercial Mortgage Securities Association, and the National Association of Real Estate Investment Trusts.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18