WASHINGTON, D.C. (September 20, 2022) – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2022 shows mortgage applications for new home purchases decreased 10.1 percent compared to a year ago. Compared to July 2022, applications increased by 17 percent. This change does not include any adjustment for typical seasonal patterns.

MBA estimates new single-family home sales, which has consistently been a leading indicator of the U.S. Census Bureau’s New Residential Sales report, is that new single-family home sales were running at a seasonally adjusted annual rate of 699,000 units in August 2022, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors. 

“New home purchase applications were down year-over-year but rebounded in August after four consecutive months of declines, despite higher mortgage rates, declining homebuilder sentiment, and looming economic uncertainty. The average loan size decreased for the fourth straight month, which is a sign of slowing home-price growth in the new homes market,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Ongoing volatility in mortgage rates in the months ahead may lead to larger than typical swings in the pace of new home sales. Between moderating sales prices and volatile mortgage rates, buyers seem to be biding their time.”

Added Kan, “MBA’s estimate of new home sales jumped 18 percent in August, bringing the sales pace to 699,000 units, which is the strongest pace since May 2022. The current sales pace is still 23 percent lower than the November 2021 peak and is down 20 percent from last year.”

The seasonally adjusted estimate for August is an increase of 18.3 percent from the July pace of 591,000 units. On an unadjusted basis, MBA estimates that there were 58,000 new home sales in August 2022, an increase of 16 percent from 50,000 new home sales in July. 

By product type, conventional loans composed 72.1 percent of loan applications, FHA loans composed 17.0 percent, RHS/USDA loans composed 0.2 percent and VA loans composed 10.7 percent. The average loan size of new homes decreased from $416,029 in July to $415,594 in August.

MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level. This data also provides information regarding the types of loans used by new home buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application.  

For additional information on MBA’s Builder Application Survey, please click here. 

WASHINGTON, D.C. (September 19, 2022) — MISMO®, the real estate finance industry standards organization, announced today that it is seeking public comment on Version 3.6 of the MISMO Reference Model, which includes new data points and structures related to a number of important industry business, regulatory, and investor changes.

Version 3.6 of the MISMO Reference Model is the culmination of a multi-year collaborative effort amongst hundreds of volunteer contributors from across the mortgage industry ecosystem. The 90-day public comment period will run through December 16, 2022.

“The MISMO Reference Model is the foundation for most MISMO standards today and for many MISMO-based proprietary products such as the GSEs’ Uniform Mortgage Data Program (UMDP®) exchanges,” said Seth Appleton, President, MISMO. “Version 3.6 is the result of thousands of hours of collaboration by MISMO volunteers from across the spectrum of industry stakeholders, and our new standard will shape every new API, dataset, and SMART Doc® in the coming years.”    

Included in Version 3.6 of the MISMO Reference Model are updates and enhancements to support the:

• GSEs’ updated residential appraisal data exchange, Uniform Appraisal Dataset (UAD®);
• Private Label RMBS rating agency asset valuation data exchange for faster, more efficient, and more accurate due diligence necessary for securitizing private label residential mortgages;
• Exchange of closing instructions, improving communications and avoiding delays during closing between the lenders and closing agents;
• Ability to electronically verify that data is consistent with information presented in a document, such as the loan application, and that the data has not been tampered with putting trust into the data through the Version 3 Verifiable Profile SMART Doc® standard;
• Enhancements to the MISMO API Toolkit, leveraging MISMO’s initiative to develop standards for consumer transactions;
• FIPS Code API that returns loan limits based on Zip Code of the subject property address;
• New document data mappings for several industry forms including the VA Form 1880, Adverse Action, 4506T, and 4506C; and
• Maintenance changes to add, change, and deprecate data points, enumerated values, containers, as appropriate.

The MISMO Reference Model includes a logical data model which makes it easier for organizations to communicate with business partners regardless of the technologies they choose; an XML schema representation of the data and relationships that support industry business processes; the logical data dictionary (LDD) which provides a business centric view of the model; and the MISMO SMART Doc® standards which provide formats for electronic formatting of documents; and more.

The Version 3.6 MISMO Reference Model package provided for public comment contains the Version 3.6 release notes and change list detailing included updates; the logical data model; XML schema files; and the LDD.

This public comment period allows 90 days’ notice prior to final release to review and disclose any applicable Patent Rights (as defined by MISMO’s 2018 Intellectual Property Rights Policy).   

MISMO requests that any organization that may have any patent or patent applications, or other intellectual property rights that might be infringed upon by an organization that uses or is compliant with these proposed MISMO products, to disclose them at this time in writing. All comments and disclosures are due by December 16, 2022, and should be directed to This email address is being protected from spambots. You need JavaScript enabled to view it.. 

MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For information on MISMO and how to join go here. 

Moon brings nearly 30 years of risk management experience to role

WASHINGTON, DC – September 15, 2022 – Fannie Mae (FNMA/OTCQB) today announced it has appointed Anthony Moon as Executive Vice President and Chief Risk Officer (CRO), effective fourth quarter 2022. In this role, Moon will be responsible for Fannie Mae’s Enterprise Risk Management, which oversees the company’s governance and strategy for global risk management.

Moon will be a member of Fannie Mae’s Management Committee and report to David C. Benson, Fannie Mae’s President and Interim Chief Executive Officer (CEO). Andrew Brammer has served as Interim CRO since April 2022.

“With nearly 30 years of deep experience in market, credit, operational, and compliance risk, Anthony is well positioned to lead our risk management strategy, a core function of Fannie Mae’s business and vital to maintaining the company’s safety and soundness,” said David C. Benson, President and Interim CEO, Fannie Mae. “I want to thank Andrew for his leadership and expert guidance of the Enterprise Risk Management organization during this transition.”

Moon joins Fannie Mae from Morgan Stanley where he has been leading risk management for the Wealth Management and Private Bank division, a business that oversees $5 trillion in client assets. He previously held risk and operations leadership positions at GE Capital, Bank of Tokyo Mitsubishi, and Bankers Trust.

“I’m honored to be stepping into such a critical role at Fannie Mae,” said Moon. “I look forward to collaborating with my colleagues and the Board of Directors to refine and sustain a strong culture of risk management and oversight, and continue Fannie Mae’s mission to support renters and homeowners across the United States.”    

Moon holds a bachelor’s degree in economics and management science from State University of New York – Cortland and an MBA from Columbia University.