“As one of the foremost experts and real estate lawyers in the industry, Evan is uniquely positioned to identify and capitalize on strategic initiatives that further optimize our investment platform,” Dobson said in the company’s press release. “Adding a leader of Evan’s caliber demonstrates the strength of Amherst’s platform and growth potential, and I am … [Read more…]
The volume of CRE loans coming up for repayment shows no sign of dipping after 2025, either. Analysis by TD Economics suggests that around $2.2 trillion in CRE loans are scheduled for maturity through 2027, with a slowing economic cycle potentially contributing to further pain in the medium term. That said, while interest rates are … [Read more…]
Thomas Cangemi is stepping down as president and CEO of New York Community Bancorp (NYCB) following the company’s disclosure of internal control deficiencies and a goodwill impairment of $2.4 billion.
Alessandro DiNello, appointed executive chairman of the board on Feb. 6, will replace Cangemi, effective immediately. DiNello was the president and CEO of Flagstar Bancorp, a bank recently acquired by NYCB. The company announced on Thursday that Cangemi, who has been with the company for 27 years, will remain on the board.
Long Island-based NYCB, which concluded the acquisition of Flagstar Bank in December 2022 and rescued Signature Bank in March 2023, has faced a confidence crisis due to its exposure to commercial real estate loans. The stress is leading the bank to seek to sell some of its assets and transfer some mortgage risks to improve its capital position.
Flagstar originated $15.7 billion in mortgages in 2023, according to Inside Mortgage Finance (IMF) estimates. At year’s end, it also had $84.3 billion in owned servicing rights. When including the portfolio of other companies, IMF data shows Flagstar serviced $379 billion in mortgages.
“While we’ve faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees, and shareholders in the long term,” DiNello said in a statement. “The changes we’re making to our board and leadership team are reflective of a new chapter that is underway.”
Marshall Lux, who has served as an independent director since 2022, was appointed presiding director of the board, replacing Hanif “Wally” Dahya, who is also stepping down. Lux, a former senior partner at Boston Consulting Group and chief risk officer for Chase Consumer Bank at JPMorgan,will also become chair of the board’s nominating and corporate governance committee.
Changes in the leadership come after NYCB informed on Feb. 23 the Securities and Exchange Commission (SEC) that it had completed a goodwill impairment for the fourth quarter of 2023, resulting in a $2.4 billion decrease in the annual net income available to stockholders.
However, the company said the goodwill impairment did not impact regulatory capital ratios or compliance with covenants and did not result in cash expenditures.
The company also stated that the management identified “material weaknesses” in “internal controls related to internal loan review.” It resulted from “ineffective oversight, risk assessment and monitoring activities,” but the company is working on a plan to address the issues.
Credit rating agency Moody’s raised concerns with the company’s governance when it downgraded NYCB to ‘junk status’ in early February. Moody’s mentioned a leadership transition “of second and third lines of defense, the risk and audit functions of the bank, at a pivotal time.”
To address these issues, NYCB announced on Friday the appointment of George Buchanan III as executive vice president and chief risk officer and Colleen McCullum as executive vice president and chief audit executive.
“Over the last three weeks since being appointed as executive chairman, the company has taken swift action to improve all aspects of our operations,” DiNello said in a statement. “The leadership team identified the material weaknesses disclosed yesterday and has been taking the necessary steps to address them, including appointing new executives. Our allowance for credit losses considered these weaknesses and is not expected to change.”
Questions regarding NYCB financials began at the end of January when it reported earnings for fourth-quarter 2023. The data included a $193 million net loss available to common stockholders during the three months and a provision for loan losses of $552 million, up from $62 million in the previous quarter.
Measured by its common equity tier 1 (CET1) ratio, the bank’s capitalization fell to 9.1% as of Dec. 31, 2023, down from 9.59% in the third quarter. Targeting a 10% CET1 ratio, the bank cut its quarterly dividend from $0.17 to $0.05 to assist with capital generation.
“You’re going to see more of this consolidation and/or liquidation of US banks,” Pack said. “A lot more eggs are going to get broken.” The crisis won’t just hit banks. Pack estimates that roughly a trillion dollars of commercial mortgage-backed securities (CMBS) loans will mature by 2025. With properties losing value, many borrowers could find … [Read more…]
At a recent congressional hearing, Treasury Secretary Janet Yellen said that U.S. regulators are monitoring risks stemming from nonbank mortgage lenders, cautioning that a failure of one of them is possible due to market strains and a lack of access to deposits.
The Community Home Lenders of America (CHLA), which represents small and mid-sized nonbank independent mortgage banks (IMBs), appreciates the concerns regulators have about the so-called “shadow banking system” – nonbanks carrying out traditional bank financial activities. Failures of large cryptocurrency firms have harmed consumers and caused some economic panic. Firms that offer risky financial products should receive appropriate supervision like banks do.
But mortgage lenders simply don’t merit the alarms they seem to be generating. Last March, CHLA released a comprehensive report: rebutting the myths about nonbank IMBs being risky and explaining how IMBs’ business model of originate and sell significantly reduces risk.
Without risky assets on their books, turmoil in mortgage markets does not result in significant IMB losses. Instead, IMBs’ financial struggles have largely been focused on bringing down operating expenses to match a significantly reduced revenue based in response to the volume collapse in the mortgage refi business. Notably, if an IMB lender goes out of business, the main impact is — wait for it — the firm simply won’t be around to originate more mortgage loans.
As a result, we assume that FSOC’s concern is not mortgage lenders per se, but about a small handful of mega mortgage servicers. Mortgage servicers do hold assets on their books — mortgage servicing rights (MSRs) — that could decline in value. Moreover, servicers have financial requirements to advance funds to mortgage pools when a borrower does not make a mortgage payment. FSOC’s concerns are that nonbanks don’t have access to deposits (like banks do) to carry out this function.
The answer is not to clamp down on IMB lenders or servicers, but to create credit facilities commensurate with what banks enjoy, to enable servicers to perform this banking-like function.
So, in January 2023, CHLA wrote a letterto Ginnie Mae, asking Ginnie to expand its PTAP program, to increase liquidity for Ginnie servicer/issuers experiencing increases in advance responsibilities. Note we are not calling for a bailout — just a liquidity facility for this function.
And in October 2022, CHLA wrote a letter to FHFA asking that the Federal Home Loan Bank (FHLB) system use its advance capabilities to do the same for advances for Fannie Mae and Freddie Mac MBS. Both these actions would do far more to reduce risk than any more draconian actions FSOC might be contemplating for servicers.
CHLA is also asking regulators to be precise about IMBs and risk. Regulators should clarify that risks are limited to only a very small handful of mega servicers, and not to the much larger universe of nonbank IMBs. Regulators should publicly explain that the limited risks that do exist are not predominately a risk of financial loss, but a liquidity risk, arising from servicers’ obligation to effectively act as a banker to borrowers that don’t make mortgage payments.
We would also point out that an excessive focus on nonbank mortgage lender risk could divert attention from the more significant financial risks we confront. As nonbanks were on the receiving end of alarms over their financial strength, last March’s Silicon Valley Bank fiasco was followed by last week’s turmoil around New York Community Bank. While some are focused on the risks of single-family loans, the true threats to our financial stability are in the trillions of dollars of commercial real estate loans held by banks.
But the ultimate risk is that federal policy makers and members of Congress get caught up in the echo chamber of false myths about nonbank IMB lender risks — and pursue unnecessarily draconian policies which harm IMBs’ strong homeownership record. All of this comes at a time of the unparalleled twin challenges to homeownership affordability of skyrocketing mortgage rates and home prices still at near-record levels.
As our recent annual CHLA IMB Report chronicles, IMBs now originate over 80% of all new mortgage loans, demonstrably outperform banks in loans to minorities, and consistently do a much better job of access to mortgage credit for underserved first-time homebuyers than banks.
IMBs welcome scrutiny of both their finances and their performance in serving consumers’ mortgage needs. They just ask that a good narrative doesn’t get in the way of the facts.
Scott Olson is Executive Director of the Community Home Lenders of America (CHLA), the only trade group exclusively representing non-bank IMBs.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this story: Sarah Wheeler at [email protected]
In the past, real estate investing was only accessible to the affluent. However, the advent of real estate investment trusts (REITs) has altered this perception.
Investing in real estate through a REIT eliminates the need for purchasing and managing properties individually. This can be a smart way to branch out from the stock market and diversify your investments, yet it’s important to note that economic downturns may still affect your returns.
In this piece, we’ll explore the advantages and disadvantages of REITs and guide you on how to embark on this investment journey.
What is a REIT?
A real estate investment trust (REIT) is a company that owns and operates income-generating real estate. A group of investors will pool their money together to invest in a REIT, which makes it possible for you to earn rental income from real estate without buying and managing it yourself.
REITs invest in all sectors of the real estate market, including apartment buildings, hotels, retail locations, warehouses, and more.
Investing in REITs is popular due to its potential for a stable income and ease of buying and selling as most REITs are publicly traded. Additionally, the wide range of real estate sectors that REITs invest in adds to its appeal, providing investors with diverse investment opportunities.
REIT Requirements
To be recognized as a Real Estate Investment Trust (REIT) by the Internal Revenue Code (IRC), a company must adhere to several guidelines, such as:
Offering shareholders a minimum of 90% of taxable income as dividends each year.
Investing a minimum of 75% of its resources in real estate assets or cash.
Generating at least 75% of its gross income through real estate rentals, mortgage interest, or sales.
Being taxed as a corporation.
Maintaining a board of directors or trustees.
Having a minimum of 100 shareholders after its first year in operation.
Limiting the ownership of its shares by no more than five individuals, with each holding no more than 50% of the total shares
The Pros and Cons of Investing in REITs
There are upsides and downsides to any investment decision, and REITs are no exception. If you’re on the fence about investing in a REIT, here are a few things you should consider first.
Pros
Diversify your portfolio: Investing in a REIT is a good way to diversify your portfolio outside the stock market. And it allows you to invest in real estate without having to take on the risk of buying and managing the properties yourself.
Steady stream of income: Many people are drawn to REITs for the steady dividend payments. By law, a REIT must distribute at least 90% of its taxable income to its shareholders.
Less volatile investment: There is no such thing as a risk-free investment, but REITs do tend to be less volatile than the stock market.
Liquid asset: Unlike physical real estate, REITs are a liquid investment and much easier to buy and sell quickly.
Cons
Some REITs can be risky: Not all REITs are created equal and in particular, non-traded or private REITs are not as easy to sell.
They can be expensive: To begin investing, some REITs require a minimum investment of $25,000.
You may lose dividend payments: During an economic downturn, you could lose your dividend payments if the property stops producing adequate income.
Different Types of REITs
There are several kinds of REITs, depending on how the shares are bought and held. Here is an overview of the different types of REITs you can invest in.
Publicly-Traded Equity REITs
Publicly traded REITs are listed on a public stock exchange, such as the New York Stock Exchange (NYSE) or the NASDAQ. They are regulated by the U.S. Securities and Exchange Commission (SEC).
Individual investors can buy and sell REITs with an ordinary brokerage account. Publicly traded REITs tend to be more transparent and liquid than non-traded or private REITs.
Public Non-Traded REITs
A public non-traded REIT is listed with the SEC but is not listed on an exchange. They can only be purchased through certain types of brokers, and are much harder to buy and sell.
According to the SEC, it can also be much harder to determine the value of a non-traded REIT. Non-traded REITs don’t usually provide an estimate of the value per share until 18 months after the offering closes.
Private REITs
Private REITs are unlisted and aren’t typically regulated by the SEC. This makes them harder to value and a riskier investment. They also tend to be much more expensive, and often require a minimum investment of $25,000 or more.
Equity REITs
An equity REIT operates like a landlord and owns income-producing real estate. The company manages the property, provides basic upkeep, and collects monthly rent payments.
Mortgage REITs
A mortgage REIT doesn’t own the property but instead owns debt securities backed by the property. They collect the monthly payments, but someone else owns and manages the property. This tends to be a riskier investment than an equity REIT, but the shareholder dividends also tend to be higher.
Hybrid REITs
A hybrid REIT is a combination of an equity and mortgage REIT. The company typically owns and operates both real estate properties and commercial real estate mortgages on its portfolio.
How do I invest in a REIT?
Investing in REITs can be done by buying individual REITs listed on public stock exchanges, or by investing in a REIT mutual fund or exchange-traded fund (ETF). The latter offers the advantage of exposure to real estate through a single investment, without the need to buy and manage individual REITs.
If unsure where to begin, seeking the guidance of a broker or financial planner can be helpful in finding the best investment option that suits your needs.
Is investing in a REIT the right choice for me?
Maybe, depending on your level of risk tolerance and financial goals. REITs do have a strong track record of growing dividends and long-term capital appreciation.
Many investors appreciate the steady form of income that a REIT can provide. And publicly traded REITs are regulated by the SEC and professionally managed, so they tend to be pretty transparent.
Bottom Line
Many people are interested in investing in real estate but don’t have the time or money to buy and manage properties on their own. If you find yourself in this situation, REITs could be a suitable alternative for you.
With REITs, you can diversify your investment portfolio and reap the rewards of consistent dividend payments. Additionally, REITs tend to have high liquidity, making them a simpler investment than conventional real estate.
However, non-traded and private REITs can be more risky and opaque, so it’s crucial to thoroughly understand the investment before committing. If unsure, seeking guidance from a financial advisor can help determine the best approach for you.
Interested in learning about different types of REITs? Check out our full review of Fundrise to learn more.
Real Estate Investment Trust FAQs
What is a real estate investment trust (REIT)?
A REIT is a type of investment vehicle that owns and operates income-generating real estate properties. REITs allow individual investors to invest in a diversified portfolio of real estate assets. These include office buildings, apartments, shopping centers, and warehouses.
How do REITs generate income?
REITs generate income by owning and managing a portfolio of income-producing real estate assets, such as apartment buildings, hotels, office buildings, and retail spaces. These assets generate rental income, which is then distributed to REIT shareholders in the form of dividends.
Additionally, REITs can also generate income through the sale of real estate properties or by financing real estate developments, such as mortgage origination or securitization.
How are REITs different from other real estate investment options?
One aspect that sets REITs apart from other real estate investment options is their publicly traded nature. Many REITs can be found on stock exchanges, just like regular stocks, enabling individual investors to purchase and sell REIT shares with ease and agility. This allows individual investors to access real estate investments without the hassle of directly owning and managing properties.
Are REITs a good investment?
Investing in REITs can provide a lucrative opportunity for investors seeking to diversify their portfolio and earn passive income from the real estate market. However, as with any investment, REITs are not without their own set of risks.
It’s imperative to weigh the potential rewards against these risks before making a final investment decision. Researching the investment options available to you can help mitigate potential risks and maximize your chances of success.
What are the risks of investing in REITs?
Investing in REITs can be complex and entails potential risks. Key factors such as economic downturns, interest rate fluctuations, intense competition, subpar management, and limited liquidity can negatively impact REIT returns.
To safeguard your investments, it’s imperative to perform thorough market analysis and seek professional financial advice. This approach helps you establish your investment goals and risk appetite, enabling you to make well-informed decisions and potentially lower the risks associated with REIT investments.
Can REITs be held in a retirement account?
Yes, REITs can be held in a retirement account such as a traditional IRA, Roth IRA, or a 401(k).
Are REIT dividends taxable?
Yes, REIT dividends are generally taxable as ordinary income. However, REITs may also pay capital gains distributions, which are taxable at the capital gains rate.
How do I buy REITs?
REITs can be purchased through a brokerage account, just like stocks. You can place an order to buy REIT shares online, over the phone, or through a broker.
Can I buy REITs directly from the company?
While a few REITs offer the option to buy shares directly from the company, this is not a widespread practice. Typically, REITs are listed on stock exchanges and can only be acquired through a brokerage account.
Are REITs suitable for all investors?
REITs may not be suitable for all investors. Assess your financial aspirations, risk appetite, and investment timeline to determine if REITs align with your investment strategy. To make informed investment choices, it’s advisable to either seek advice from a financial expert or conduct extensive research.
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Homebuyer demand for mortgages fell for the second week in a row last week as firming rates put a damper on the surge in mortgage applications seen in January, a weekly survey of lenders by the Mortgage Bankers Association (MBA) shows.
The MBA’s Weekly Mortgage Applications Survey showed applications for purchase loans fell by a seasonally adjusted 1 percent last week when compared to the week before and were down 19 percent from a year ago. Requests to refinance were up 12 percent week over week but only 1 percent from a year ago.
Joel Kan
“Mortgage rates have stayed close to where they started the year, despite swings in Treasury yields because of slowing inflation offset by stronger than expected readings on the job market,” MBA Deputy Chief Economist Joel Kan said in a statement.
Mortgage rates no longer falling
At 6.68 percent Tuesday, rates on 30-year fixed-rate conforming mortgages were up 12 basis points from a recent low of 6.56 percent registered on Dec. 27, according to loan lock data collected by Optimal Blue.
That’s still a 1.15 percentage point drop from last year’s peak of 7.83 percent, seen on Oct. 25. However, a record number of Americans polled by Fannie Mae in January — many of whom have been priced out of markets where listings remain scarce — said they’re expecting mortgage rates to come down even more in the year ahead.
“Rates at these levels have not prompted much of a reaction in the refinance market, as most homeowners have mortgages with much lower rates,” Kan said. “Purchase activity has been strong to start 2024 compared to the final quarter of 2023. However, activity is still weaker than a year ago because of low housing supply.”
Applications for purchase mortgages picked up during the first three weeks of January after rates pulled back from 2023 highs. But with mortgage rates now slightly higher than they were at the end of the year, the MBA’s surveys show demand for purchase loans contracting during the weeks ending Jan. 26 and Feb. 2.
Bond market investors’ bets that the Federal Reserve would begin cutting rates in March had been helping bring rates down. But at the central bank’s first meeting of the year, Fed Chairman Jerome Powell warned that a March rate cut was unlikely, and Fed policymakers indicated they intend to continue “quantitative tightening” that’s trimmed $1.3 trillion from the Fed’s balance sheet.
A blowout jobs report released Feb. 2 seemed to validate the Fed’s cautious approach to fighting inflation, showing U.S. businesses and government agencies added close to twice as many jobs as expected in January.
(A survey by the National Federation of Independent Business (NFIB) that’s considered to be a leading indicator of future employment trends points to slower job growth in the second quarter of this year, economists at Pantheon Macroeconomics said Tuesday in a note to clients.)
In an interview with the CBS News program 60 Minutes that aired Sunday, Powell reiterated that while almost all 19 members of the Federal Open Market Committee expect to cut rates this year, the first cut isn’t likely to come until the middle of the year.
Inflation “has been falling steadily for 11 months,” 60 Minutes reporter Scott Pelley pointed out to Powell. “You’ve avoided a recession. Why not cut the rates now?”
Powell said that with the economy still on strong footing, “we feel like we can approach the question of when to begin to reduce interest rates carefully.”
The Fed wants to see “more evidence that inflation is moving sustainably down to 2 percent,” Powell said. “We have some confidence in that. Our confidence is rising. We just want some more confidence before we take that very important step of beginning to cut interest rates.”
At 7.29 percent, rates on jumbo mortgages that exceed Fannie Mae and Freddie Mac’s $766,550 conforming loan limit are up 73 basis points from a recent low of 6.56 percent registered by Optimal Blue on Dec. 29.
The growing “spread” between conforming and jumbo mortgage rates coincides with renewed worries that falling commercial real estate values could lead to problems for regional banks that have traditionally been a leading provider of jumbo loans.
Asked by 60 Minutes about the likelihood of real estate sparking a banking crisis on the magnitude of the 2008 financial crisis, Powell said he doesn’t think that’s likely.
“We’ve looked at the larger banks’ balance sheets, and it appears to be a manageable problem,” Powell said. “There are some smaller and regional banks that have concentrated exposures in these areas that are challenged. And, you know, we’re working with them.”
While he doesn’t see a repeat of the 2008 financial crisis, Powell does expect “there will be some banks that have to be closed or merged out of existence because of this. That’ll be smaller banks, I suspect, for the most part.”
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Less than a year after coming to the rescue of Signature Bankduring the market turmoil of March 2023, New York Community Bancorp (NYCB) faces a confidence crisis due to its exposure to commercial real estate loans.
The stress is leading to the bank to seek the sale of some of its assets to improve its capital position, executives said during a conference call on Wednesday morning. According to a Bloomberg report, the bank has already started to offer its mortgage assets to investors in order to transfer the portfolio risks.
“While we are already in a strong liquidity position, (…) we are committed to building liquidity further,” NYCB executive chairman Alessandro DiNello told analysts during the call.
Bloomberg, citing anonymous sources, reported that NYCB has contacted investors to finance a large portfolio of residential mortgages held by Flagstar Bank. The offering includes a synthetic risk transfer-backed portfolio of about $5 billion in home loans originated when mortgage rates were lower.
According to Inside Mortgage Finance (IMF) estimates, Flagstar originated $15.7 billion in mortgages in 2023. It also had $84.3 billion in owned servicing rights at year’s end. When including the portfolio of other companies, Flagstar serviced $379 billion in mortgages, IMF data shows.
Questions regarding NYCB financials began at the end of January when it reported earnings for fourth-quarter 2023. The data included a $193 million net loss available to common stockholders during the three-month period, compared to a net income of $266 million in the previous quarter.
The performance was impacted “by reserve building repricing risk in multifamily loans and deterioration in office in our ACL [allowance for credit losses] coverage,” the bank said. NYCB’s provisions for loan losses surged to $552 million in Q4 2023, up from $62 million in the previous quarter.
After the earnings report, NYCB stock shrunk 60%, from $10.38 on Jan. 30 to $4.20 on Feb. 6.
Credit rating agency Moody’s put even more pressure on Tuesday when it announced the downgrade to “junk” status of all long-term rates and assessments, as well as some short-term ones, for NYCB and its lead bank, Flagstar.
Moody’s actions reflected, among other things, an unanticipated loss on the bank’s New York office and multifamily property portfolio that “could create potential confidence sensitivity.” It also mentioned the bank’s concentration in rent-regulated multifamily properties amid an inflationary environment, as well as NYCB’s low fixed-rate multifamily loans, which could face refinancing risk.
According to Moody’s, there are also governance risks, including the leadership transition “of second and third lines of defense, the risk and audit functions of the bank, at a pivotal time.”
In response to Moody’s, NYCB president and CEO Thomas R. Cangemi said in a statement that the bank’s deposit ratings remain “investment grade” at other credit rating agencies.
Cangemi also said the bank has an orderly process of bringing in a chief risk officer and a chief audit executive with large bank experience and has “qualified personnel filling those positions on an interim basis.”
NYBC had $83 billion in total deposits as of Tuesday, with 72% of the total insured and collateralized. Total liquidity was $37.3 billion, with a coverage ratio of 163%.
The bank’s capitalization, as measured by its common equity tier 1 (CET1) ratio, fell to 9.1% as of Dec. 31, 2023, down from 9.59% in the third quarter. Targeting a 10% CET1 ratio, the bank announced that it cut its quarterly dividend from $0.17 to $0.05 to assist with capital generation.
“We will build a financial plan to gradually build capital, no ifs, ands or buts,” DiNello told investors. “We have already reduced the dividend to preserve capital, so that’s a step in the right direction. If we must shrink, then we will shrink. If we must sell non-strategic assets, then we’ll do that. We’ll do whatever it takes.”
DiNello said the bank will sell assets, including loans, and will reduce its commercial real estate concentration as soon as it can.
“As expected, the Federal Reserve maintained the holding pattern for the federal discount rate that has been in place since the Fed last raised rates in July of 2023,” Green told MPA. “Like a pilot landing a plane in fog, the Federal Reserve is being very patient and deliberate before taking additional action to reduce … [Read more…]