The Mortgage Bankers Association has completed the purchase of its newly constructed 10-story office building in downtown Washington and is preparing to move into the new headquarters. "With construction virtually complete and financing in place, we are ready to transition our staff into a modern, state-of-the-art facility," said MBA president and chief executive Jonathan Kempner. The 160,000-square-foot building, located at 1331 L St. NW, is believed to cost $100 million. The MBA paid a premium for the developer to make it a "green" building with the highest environmental certification. The MBA said it plans to occupy four floors and rent the remaining space to tenants. "There are currently a number of inquiries being considered for office and retail space," the association said. The MBA can be found online at http://www.mortgagebankers.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24