CREFC, IRP and regulatory updates
CREFC is cautious but upbeat, the IRP Committee wants to skip IRP 6, and the Regulatory Committee is moving toward smart compromise.
Industry Standards
MISMO dinner: Talking about tipping points
I attended a dinner last week with the joint leadership of the Mortgage Industry Standards Maintenance Organization (MISMO). Attendees came from the residential mortgage business, the commercial mortgage business and the Mortgage Bankers Association (MBA, which owns and manages MISMO). I was invited because I serve as co-chair of the board for the Commercial Mortgage Industry Standards Maintenance Organization (known as cMISMO).
Strong start for CMBS in 2012
The first CMBS deals of 2012 have priced well, and interest rates being quoted by the conduit shops are now sub 5 percent for high quality CMBS loans. Investor demand has been strong enough to allow the originators to offer rates that start with a 4.
That makes CMBS more attractive vs. other loan products and supports positive momentum for a successful year. The market is on pace to reach $35 billion — and there is more and more talk of doing substantially better than that.
Reg AB II Responses Submitted to SEC
The public comments on the SEC re-proposed rules for issuing asset backed securities including CMBS, known as Reg AB II, were due this week. The SEC received comments from 23 different companies and trade groups, including one from me.
MBA taking back MISMO management
The Mortgage Bankers Association has announced it will take back management of MISMO from MERS Corp effective December 1, 2011.