Housing industry readies to meet fast-growing demand
In today’s Daily Download episode, HousingWire Digital Producer Alcynna Lloyd covers an announcement from the Mortgage Industry Standards Maintenance Organization.
For some background on the story, here’s a summary of the article:
The Mortgage Industry Standards Maintenance Organization, or MISMO, a subsidiary of the Mortgage Bankers Association that sets rules for handling the registration of home loans, announced Monday it would assess a new fee for every origination.
The fee is just 75 cents per mortgage, but that would add up to more than $4.4 million a year if all purchasers used a home loan, based on Fannie Mae’s projection of 5.8 million sales of new and existing homes in 2021. And, that doesn’t include refinanced mortgages.
The fee will be collected by the Mortgage Electronic Registration Systems when it registers a new loan on its system
The announcement cited the COVID-19 pandemic and the need to advance technology for electronic mortgages, including remote notarization, although the new fee was approved by the MBA board in October.
Following the main story, Housingwire discusses a report from PropertyNest that indicates more New York renters are falling behind on rent, three mortgage lenders that are pumping up their hiring volume and a survey from the National Association of Realtors that claims homebuyers and sellers are ready to return to open houses.
The Daily Download examines the most captivating articles reported from the HousingWire newsroom. HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: