Commercial and multifamily mortgage originations were up 10% in 2006, with mortgage bankers closing a record high $406.1 billion in commercial and multifamily loans, according to the Mortgage Bankers Association.The trade group said loans backed by office properties and loans for commercial bank and savings institution portfolios led the increase. "Conduits packaging loans for commercial mortgage-backed securities, collateralized debt obligations, and other asset-backed securities continued to be the dominant investor group in 2006, and office properties surpassed multifamily as the dominant property type," said Jamie Woodwell, the MBA's senior director for commercial/multifamily research. The increase in originations in 2006 was driven both by higher loan amounts -- the average loan size rose to $11.5 million -- and by the closing of a greater number of loans. Among major investor groups, real estate investment trusts saw the greatest percentage increase in volume in 2006, followed by commercial banks/thrifts.
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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.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28