Commercial and multifamily mortgage originations totaled $34.1 billion in the third quarter, up 15.2% from the volume recorded a year earlier, according to a quarterly survey by the Mortgage Bankers Association.The volume was 2.3% higher than that of the second quarter. "Continued demand for commercial mortgages -- from both borrowers and lenders -- is setting up 2004 to break 2003's record origination levels," said MBA chief economist Doug Duncan. "And while modestly rising interest rates could take some wind out of the sails, stabilizing market conditions and low delinquency rates will likely keep capital flowing to commercial and multifamily properties." The MBA reported that purchases by commercial mortgage-backed security conduits accounted for $9.4 billion of loan originations in the third quarter, followed by commercial banks, $8.2 billion; life insurance companies, $7.4 billion; and Fannie Mae and Freddie Mac, $5.1 billion. The group can be found online at http://www.mortgagebankers.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11