News from mbaa.com about Commercial During 2005 and Report on Mortgage Fraud for MBA
New MBA Study Shows $345 Billion in Commercial/Multifamily Originations During 2005
The Mortgage Bankers Association's (MBA's) Commercial Asset Administration and Technology Conference, MBA released a ground breaking report detailing $345 billion in commercial/multifamily closed loans during 2005. This report, the 2005 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation , surveyed 125 top commercial/multifamily finance firms and compiled origination volumes across different roles, investor types, property types, and finance structures. The $345 billion in closed loans represents a 49.9 percent increase over 2004.
"This report sets a firm base for origination activity during 2005 and serves as a valuable indicator of overall market size and for understanding the composition of the commercial/multifamily market," said Doug Duncan, MBA's Chief Economist and Senior Vice President of Research and Business Development. "Thanks to the participation of an extensive and diverse group of leading lenders, MBA is able to release this comprehensive report that covers institutional origination activity during the record-setting 2005 calendar year."
In addition to the $345 billion of closed loans tracked, firms reported $378.6 billion in direct originations during 2005 - loans on which firms worked directly with the borrower and either closed the loan in their own name or worked with a lender to close the loan. Firms intermediated $114.2 billion during the year while the report captured $318.1 billion in originations for third parties - loans on which firms served as an intermediary or closed the loan with the intent of selling it to a third party.
According to the MBA report, multifamily owned the largest share of originations among property types. The CMBS conduit category was the leading investor type. Totals for all property and investor types - along with intermediated and direct lender totals - are available in the full report.
Additionally, on a related note, MBA also has available a report that provides firm by firm origination volumes across over 140 different categories. For a copy of either of these two products, they are available for sale through MBA's Online Store.
New MBA Study Shows $345 Billion in Commercial/Multifamily Originations During 2005The Mortgage Bankers Association's (MBA's) Commercial Asset Administration and Technology Conference, MBA released a ground breaking report detailing $345 billion in commercial/multifamily closed loans during 2005. This report, the 2005 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation , surveyed 125 top commercial/multifamily finance firms and compiled origination volumes across different roles, investor types, property types, and finance structures. The $345 billion in closed loans represents a 49.9 percent increase over 2004.
"This report sets a firm base for origination activity during 2005 and serves as a valuable indicator of overall market size and for understanding the composition of the commercial/multifamily market," said Doug Duncan, MBA's Chief Economist and Senior Vice President of Research and Business Development. "Thanks to the participation of an extensive and diverse group of leading lenders, MBA is able to release this comprehensive report that covers institutional origination activity during the record-setting 2005 calendar year."
In addition to the $345 billion of closed loans tracked, firms reported $378.6 billion in direct originations during 2005 - loans on which firms worked directly with the borrower and either closed the loan in their own name or worked with a lender to close the loan. Firms intermediated $114.2 billion during the year while the report captured $318.1 billion in originations for third parties - loans on which firms served as an intermediary or closed the loan with the intent of selling it to a third party.
According to the MBA report, multifamily owned the largest share of originations among property types. The CMBS conduit category was the leading investor type. Totals for all property and investor types - along with intermediated and direct lender totals - are available in the full report.
Additionally, on a related note, MBA also has available a report that provides firm by firm origination volumes across over 140 different categories. For a copy of either of these two products, they are available for sale through MBA's Online Store.
Mortgage Application Volume Up In Latest Survey ARM Applications Rise 9.8 PercentThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 12. The Market Composite Index, a measure of mortgage loan application volume, was 588.0, an increase of 4.6 percent on a seasonally adjusted basis from 562.1 one week earlier. On an unadjusted basis, the Index increased 4.8 percent compared with the previous week and was down 14.7 percent compared with the same week one year earlier.
The seasonally-adjusted Purchase Index increased by 2.4 percent to 426.7 from 416.5 the previous week whereas the Refinance Index increased by 8.4 percent to 1546.8 from 1427.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 4.9 percent to 869.7 from 828.8 the previous week, and the Government Index, which increased 0.7 percent to 118.3 from 117.5 the previous week. The four week moving average for the seasonally-adjusted Market Index is up 0.8 percent to 573.9 from 569.3. The four week moving average is up 1.2 percent to 416.5 from 411.7 for the Purchase Index, while this average is up 0.3 percent to 1507.3 from 1502.1 for the Refinance Index.
The refinance share of mortgage activity increased to 35.0 percent of total applications from 33.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 29.9 percent of total applications from 28.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.66 percent from 6.61 percent, with points increasing to 1.17 from 1.14 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 6.26 percent from 6.20 percent, with points decreasing to 1.17 from 1.23 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.07 percent from 6.04 percent, with points increasing to 0.89 from 0.87 (including the origination fee) for 80 percent LTV loans.
The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
MARI Releases Eighth Annual Report on Mortgage Fraud for MBA
Final - 8th Annual Case Report to MBAThe Mortgage Bankers Association (MBA) today announced that the Mortgage Asset Research Institute, Inc. (MARI®) has delivered its eighth annual fraud report to MBA. The report, Eighth Periodic Mortgage Fraud Case Report to Mortgage Bankers Association, examines the current composition of residential mortgage fraud and misrepresentation in the United States based on reports by participating lenders to MARI.
Over the past few years, MBA has been a leader in raising the national profile of mortgage fraud against lenders by hosting a National Fraud Summit in 2005, launching a Mortgage Fraud Against Lenders Resource, improving communications between law enforcement and mortgage lenders, advocating additional resources for law enforcement, and hosting today's first annual National Fraud Issues Conference.
"As we have seen from attendance at today's National Fraud Issues Conference, the mortgage industry has come together to combat the burgeoning crime of mortgage fraud against lenders and innocent consumers," said Kurt Pfotenhauer, senior vice president of government affairs at MBA. "Yet, mortgage fraud continues to increase and affect more and more companies and communities. The MARI report helps the industry understand where we need to focus our efforts in combating mortgage fraud."
Some highlights in the report include the following:
* Florida had the most reported mortgage fraud against lender cases for 2005, followed by Utah, Georgia, Colorado and Illinois. * Georgia, which had lead the nation in total reported mortgage fraud against lender cases from 2002-2004, has dropped to third position for mortgage fraud. MBA believes this is likely due to aggressive efforts at the state level, including passage of the Georgia Residential Mortgage Fraud Act one year ago. * Colorado and Illinois show steadily increasing problems over the past five years. Colorado was number 21 in 2001 and now ranks fourth in highest number of reported fraud cases. Illinois dropped from 11th in 2001, to fifth in 2005. * South Carolina shows the greatest improvement in its MARI Fraud Index, moving from the state with the highest number of cases in 2001, to number 19 in 2005.
"As the mortgage industry continues its efforts to fight mortgage fraud against lenders, it is vital that all segments of the industry work collaboratively," said Merle D. Sharick, manager of national business development for MARI. "MARI is pleased to be part of this effort by providing current data to MBA members through our fraud report."
MARI provides MBA members the annual reports as well as discounted fees to participate in MARI's database, the Mortgage Industry Data Exchange (MIDEX®). The MIDEX® system allows mortgage lenders, insurers and agencies to exchange information about companies and professionals that have been involved in loan transactions containing alleged fraud or material misrepresentations.
MBA and MARI have also joined forces to provide the Mortgage Fraud Alert System (MFAS) to MBA member companies. This system issues periodic alerts to MBA members about suspicious activities related to mortgage lending.
source from : mbaa.com
The Mortgage Bankers Association's (MBA's) Commercial Asset Administration and Technology Conference, MBA released a ground breaking report detailing $345 billion in commercial/multifamily closed loans during 2005. This report, the 2005 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation , surveyed 125 top commercial/multifamily finance firms and compiled origination volumes across different roles, investor types, property types, and finance structures. The $345 billion in closed loans represents a 49.9 percent increase over 2004.
"This report sets a firm base for origination activity during 2005 and serves as a valuable indicator of overall market size and for understanding the composition of the commercial/multifamily market," said Doug Duncan, MBA's Chief Economist and Senior Vice President of Research and Business Development. "Thanks to the participation of an extensive and diverse group of leading lenders, MBA is able to release this comprehensive report that covers institutional origination activity during the record-setting 2005 calendar year."
In addition to the $345 billion of closed loans tracked, firms reported $378.6 billion in direct originations during 2005 - loans on which firms worked directly with the borrower and either closed the loan in their own name or worked with a lender to close the loan. Firms intermediated $114.2 billion during the year while the report captured $318.1 billion in originations for third parties - loans on which firms served as an intermediary or closed the loan with the intent of selling it to a third party.
According to the MBA report, multifamily owned the largest share of originations among property types. The CMBS conduit category was the leading investor type. Totals for all property and investor types - along with intermediated and direct lender totals - are available in the full report.
Additionally, on a related note, MBA also has available a report that provides firm by firm origination volumes across over 140 different categories. For a copy of either of these two products, they are available for sale through MBA's Online Store.
New MBA Study Shows $345 Billion in Commercial/Multifamily Originations During 2005The Mortgage Bankers Association's (MBA's) Commercial Asset Administration and Technology Conference, MBA released a ground breaking report detailing $345 billion in commercial/multifamily closed loans during 2005. This report, the 2005 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation , surveyed 125 top commercial/multifamily finance firms and compiled origination volumes across different roles, investor types, property types, and finance structures. The $345 billion in closed loans represents a 49.9 percent increase over 2004.
"This report sets a firm base for origination activity during 2005 and serves as a valuable indicator of overall market size and for understanding the composition of the commercial/multifamily market," said Doug Duncan, MBA's Chief Economist and Senior Vice President of Research and Business Development. "Thanks to the participation of an extensive and diverse group of leading lenders, MBA is able to release this comprehensive report that covers institutional origination activity during the record-setting 2005 calendar year."
In addition to the $345 billion of closed loans tracked, firms reported $378.6 billion in direct originations during 2005 - loans on which firms worked directly with the borrower and either closed the loan in their own name or worked with a lender to close the loan. Firms intermediated $114.2 billion during the year while the report captured $318.1 billion in originations for third parties - loans on which firms served as an intermediary or closed the loan with the intent of selling it to a third party.
According to the MBA report, multifamily owned the largest share of originations among property types. The CMBS conduit category was the leading investor type. Totals for all property and investor types - along with intermediated and direct lender totals - are available in the full report.
Additionally, on a related note, MBA also has available a report that provides firm by firm origination volumes across over 140 different categories. For a copy of either of these two products, they are available for sale through MBA's Online Store.
Mortgage Application Volume Up In Latest Survey ARM Applications Rise 9.8 PercentThe Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 12. The Market Composite Index, a measure of mortgage loan application volume, was 588.0, an increase of 4.6 percent on a seasonally adjusted basis from 562.1 one week earlier. On an unadjusted basis, the Index increased 4.8 percent compared with the previous week and was down 14.7 percent compared with the same week one year earlier.
The seasonally-adjusted Purchase Index increased by 2.4 percent to 426.7 from 416.5 the previous week whereas the Refinance Index increased by 8.4 percent to 1546.8 from 1427.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 4.9 percent to 869.7 from 828.8 the previous week, and the Government Index, which increased 0.7 percent to 118.3 from 117.5 the previous week. The four week moving average for the seasonally-adjusted Market Index is up 0.8 percent to 573.9 from 569.3. The four week moving average is up 1.2 percent to 416.5 from 411.7 for the Purchase Index, while this average is up 0.3 percent to 1507.3 from 1502.1 for the Refinance Index.
The refinance share of mortgage activity increased to 35.0 percent of total applications from 33.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 29.9 percent of total applications from 28.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.66 percent from 6.61 percent, with points increasing to 1.17 from 1.14 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 6.26 percent from 6.20 percent, with points decreasing to 1.17 from 1.23 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.07 percent from 6.04 percent, with points increasing to 0.89 from 0.87 (including the origination fee) for 80 percent LTV loans.
The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
MARI Releases Eighth Annual Report on Mortgage Fraud for MBA
Final - 8th Annual Case Report to MBAThe Mortgage Bankers Association (MBA) today announced that the Mortgage Asset Research Institute, Inc. (MARI®) has delivered its eighth annual fraud report to MBA. The report, Eighth Periodic Mortgage Fraud Case Report to Mortgage Bankers Association, examines the current composition of residential mortgage fraud and misrepresentation in the United States based on reports by participating lenders to MARI.
Over the past few years, MBA has been a leader in raising the national profile of mortgage fraud against lenders by hosting a National Fraud Summit in 2005, launching a Mortgage Fraud Against Lenders Resource, improving communications between law enforcement and mortgage lenders, advocating additional resources for law enforcement, and hosting today's first annual National Fraud Issues Conference.
"As we have seen from attendance at today's National Fraud Issues Conference, the mortgage industry has come together to combat the burgeoning crime of mortgage fraud against lenders and innocent consumers," said Kurt Pfotenhauer, senior vice president of government affairs at MBA. "Yet, mortgage fraud continues to increase and affect more and more companies and communities. The MARI report helps the industry understand where we need to focus our efforts in combating mortgage fraud."
Some highlights in the report include the following:
* Florida had the most reported mortgage fraud against lender cases for 2005, followed by Utah, Georgia, Colorado and Illinois. * Georgia, which had lead the nation in total reported mortgage fraud against lender cases from 2002-2004, has dropped to third position for mortgage fraud. MBA believes this is likely due to aggressive efforts at the state level, including passage of the Georgia Residential Mortgage Fraud Act one year ago. * Colorado and Illinois show steadily increasing problems over the past five years. Colorado was number 21 in 2001 and now ranks fourth in highest number of reported fraud cases. Illinois dropped from 11th in 2001, to fifth in 2005. * South Carolina shows the greatest improvement in its MARI Fraud Index, moving from the state with the highest number of cases in 2001, to number 19 in 2005.
"As the mortgage industry continues its efforts to fight mortgage fraud against lenders, it is vital that all segments of the industry work collaboratively," said Merle D. Sharick, manager of national business development for MARI. "MARI is pleased to be part of this effort by providing current data to MBA members through our fraud report."
MARI provides MBA members the annual reports as well as discounted fees to participate in MARI's database, the Mortgage Industry Data Exchange (MIDEX®). The MIDEX® system allows mortgage lenders, insurers and agencies to exchange information about companies and professionals that have been involved in loan transactions containing alleged fraud or material misrepresentations.
MBA and MARI have also joined forces to provide the Mortgage Fraud Alert System (MFAS) to MBA member companies. This system issues periodic alerts to MBA members about suspicious activities related to mortgage lending.
source from : mbaa.com
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