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 Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17