Economy

Major secondary market players have been testing Fincity’s technology, which is in the final approvals stage with Fannie Mae and Freddie Mac.

The mortgage giants were authorized to give just over $1 billion combined to the National Housing Trust Fund and the Capital Magnet Fund this year, the highest contribution ever. The amount reflects refinancing growth in 2020.

Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs.

The mortgage brokerage franchisor added 30 operating offices and had its best year yet for unit sales.

The $16.9 billion in issuance marked the biggest annual number seen since the government-sponsored enterprise reconstituted its risk sharing program in 2013.

Independent mortgage banker recovery drove the weekly decrease in forbearance share, according to the Mortgage Bankers Association.

The Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday.

Moratorium extensions helped drive a weekly increase in forbearances, according to Black Knight.

The Federal Housing Finance Agency's recent allowance of a 3-month extension of CARES Act forbearances stands to upend the trend in plan exits.

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.

The offering went down to $14 from an anticipated $19 to $21 per share.

The agreement would generate $250 million in proceeds, which the nonbank mortgage company plans to use to pay down and refinance existing debt, while also investing in its servicing and origination businesses.

Volumes should rise this year but it could become more difficult to get loans for certain property types, the Mortgage Bankers Association said.

Meanwhile at Essent, more loans exited the inventory in January than in December.

2020’s mortgage employment numbers proved to be slightly higher than previously estimated when reconciled with the Bureau of Labor Statistics’ annual business census.

The acquiring company does business under the name Excelerate Capital and will extend that name to Castle in order to expand its footprint.

The uptick marks only the third increase in consecutive weeks since reaching a peak in May, according to Black Knight.

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This is the third nonbank mortgage company offering in a row to decrease its size, but the reductions were more severe than the others.

The Long Island resort towns saw 803 completed deals in the fourth quarter, the most for any three-month period in data going back to early 2005.