Industry News

Mar 30, 2022 08:30 AM

Powell Says Federal Reserve Ready to be More Aggressive with Rate Hikes When Needed

Federal Reserve Chair Jerome Powell said that the central bank must move quickly and perhaps more aggressively to increase rates to combat rising prices, when needed, Reuters reported March 21. Financial experts anticipate the Fed will raise rates by a half-percentage point at one or more of its six remaining meetings this year.

Mar 30, 2022 08:30 AM

AI Offers White House Input on Task Force Action Plan

Following the release of the Property Appraisal and Valuation Equity Task Force Action Plan on appraisal bias, the Appraisal Institute on March 23 sent a letter to the White House stating that it looks forward to working with the Task Force to implement several of their regulatory initiatives and reiterating that the majority of appraisers strive to uphold high standards and maintain independence and objectivity in their work.

Mar 30, 2022 08:30 AM

White House Issues Action Plan on Bias in Appraisals

The Property Appraisal and Valuation Equity Task Force on March 23 published an Action Plan to address concerns about lower appraisals for properties owned by individuals of color. The Appraisal Institute provided input to the Task Force, whose Action Plan covers appraisal standards, diversity within the valuation profession and reporting requirements for violations of federal law.

Mar 02, 2022 08:30 AM

Office Tenants Want New Construction: Cushman & Wakefield

Newly constructed office buildings are commanding rent premiums of around 64% over existing Class A properties and 20% over trophy office assets, Cushman & Wakefield reported Feb. 22. Tenants are reportedly seeking energy-efficient projects with state-of-the-art systems and buildings that offer “elevated experiences.” Around 48.5 million square feet of new space is forecast to be delivered this year.

Mar 02, 2022 08:30 AM

Lenders Renewing Interest in Retail Properties — Even Enclosed Malls, Report Shows

Following several years of heavy lending on multifamily and industrial properties, lenders are now turning their attention to retail properties, WealthManagement.com reported Feb. 22. Loan originations for retail properties increased 73% last year, second only to industrial, which saw originations up 140%. While interest is mainly focused on proven retail sectors and properties, even enclosed malls are getting a second look.

Mar 02, 2022 08:30 AM

CFPB Seeks to Prevent Algorithmic Bias in AVMs

The Consumer Financial Protection Bureau on Feb. 23 outlined several options it's considering to ensure that the computer models used to help determine home values are accurate. CFPB wants to protect against data manipulation, avoid conflicts of interest and institute random sample testing of automated valuation models.

Feb 23, 2022 08:30 AM

Non-bank Mortgage Servicers to See Greater Scrutiny: Fitch

The servicing practices of U.S. mortgage companies are expected to come under more regulatory scrutiny this year as pandemic-related government forbearance programs end and consumers move to other loss mitigation programs or default, according to Fitch, MBA NewsLink reported Feb. 8. Fitch anticipates that greater customer complaints will drive the closer evaluation.

Feb 23, 2022 08:30 AM

Tertiary Markets Lure Investors Due to High Yields and Growth Opportunities: Data

Tertiary markets are becoming hot as investors discover better yields and growth opportunities, with sales reaching $147 billion in 2021, up 56% from the $94.2 billion in transactions recorded in pre-pandemic 2019, WeathManagement.com reported Feb. 14. Tertiary markets are those outside the top 40 metropolitan statistical areas, and include Columbus, Ohio; Jacksonville, Florida; and Louisville, Kentucky.

Feb 16, 2022 08:30 AM

Foreclosure Activity Highest Since COVID Outbreak: Data

Residential foreclosures rose to their highest level in nearly two years, up 29% between December and January and 139% from one year ago, ATTOM reported Feb. 10. The increase in foreclosures follows a typical lull during the holiday season, but were still higher than usual due to the expiration of the foreclosure moratorium.

Feb 16, 2022 08:30 AM

FHFA Seeks Input on Fiscal Year 2022-26 Strategic Plan, Feedback Due in March

The Federal Housing Finance Agency announced Feb. 9 that it is seeking input on its Draft Strategic Plan, which details the agency’s 2022-26 fiscal year priorities for Fannie Mae, Freddie Mac and the Federal Home Loan Bank System. Affordable and sustainable housing are among the items under review. Input is due by March 11.