A lot of capital chasing commercial real estate deals has led to a relaxation in underwriting standards, according to panelists at a session on underwriting quality at the MBA's commercial real estate finance convention in San Diego."It's an efficient market, and it's working right now," said Susan Branscome, a principal with Q10 Triad Capital Advisors, adding that she is seeing a reduced emphasis on equity in deals. Conduits have become more aggressive in the last couple of years, and the life companies have followed suit to keep up, Ms. Branscome said. Michael Bellissimo, chief underwriter at Arbor Commercial Mortgage, predicted that there may be "some hiccups" when it comes time to refinance the loans. Michael Gerdes, a senior credit officer/vice president at Moody's Investors Service, observed that the rating agency is seeing more non-stabilized assets that used to be the domain of equity investors. Collateralized debt obligations and commercial mortgage-backed securities avenues are efficient financing vehicles, and that efficiency has allowed originators to search out new property types, he said. All this "fishing" has led to a deterioration in fundamentals, he says.
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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.
8h 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.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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