Daniel Briand is senior vice president and retail lending manager at BayCoast Bank. Briand this month was re-elected to a three-year term on the board of directors of the Massachusetts Mortgage Bankers Association. He talks with Providence Business News about the association, mortgage lending in Massachusetts and what it all means for the economy.
PBN: Congratulations on your re-election. Can you tell our readers briefly about the Massachusetts Mortgage Bankers Association?
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BRIAND: The MMBA is the largest mortgage trade association in New England and is recognized as one of the most successful in the country. We support over 225 corporate members who are mortgage lenders and service providers to the industry, supplying information, educational training and networking opportunities. The MMBA also serves as a trusted commentator on public policy and advocates for the highest ethical standards within the industry. These activities all serve to support sustainable homeownership. The MMBA produces the extremely popular New England Mortgage Bankers Conference held in Newport, R.I., each September.
PBN: As a member of its board, what are your responsibilities?
BRIAND: I serve the board by attending regular operational meetings and being active in the organization. I also serve on the Education Committee, as we strive to bring relevant content to our members concerning trending issues in real estate and mortgage finance.
PBN: How would you describe mortgage lending activity in Massachusetts right now?
BRIAND: The mortgage market has picked up considerably in the past month as the spring purchase season is unfolding with anticipation for a strong performance. Rates have ticked down from December and January levels and the probability of several Federal Reserve rate hikes has diminished. Refinance activity, forecast to be off considerably for 2017, has rebounded somewhat as the mortgage rate indicative 10-year treasury yield has fallen nearly 50 basis points in recent weeks.
PBN: What, if anything, does that activity tell you about the state’s and nation’s overall economy? Why?
BRIAND: Unfortunately, the economy may not be as strong as predicted. Sluggish housing starts, mediocre manufacturing data and disappointing retail sales activity have combined to dampen expectations. The largest wildcard will be the Fed’s plan to wind down their purchases of mortgage-related securities and shrink their balance sheet.
PBN: How, if at all, does your participation with MMBA benefit your work at BayCoast Bank?
BRIAND: Serving on the MMBA board gives me a great resource to stay abreast of current issues and trends in lending, and also the opportunity to network with and learn from some of the top mortgage people in New England. The MMBA is a great resource for mortgage lenders.
Eli Sherman is a PBN staff writer.
