We've deployedBisnow's worldwide journalistic resources(well, at least one of our reporters) to spend this week in San Diego covering the Mortgage Bankers Association's annual meeting. Here are some of the hot trends.

MBA economist Jamie Woodwell says investors are now chasing yield into secondary and tertiary markets. I think one of the things you see across the investment universe is that theres a limited number of trophy properties in gateway cities, Jamie tells us. With cap rates deeply compressed in major markets, including LA,and with money coming not only from domestic but international sources, investors are eying core products in other metro markets.

Arbor Commercial Mortgages COO John Caulfield says the 2013 lending market may become about conduits. To me, its a game changer, he says. "Conduits coming back into the market means there is more capital chasing deals, in turn creating competition. But, with new capital in the marketplace, John also questions whether lenders in general will feel the pressure to be more aggressive. "We have to be careful to manage the borrowers expectations." Check out our special NationalMultifamily Bisnownewsletter today for more from the MBA CREF conference. (Subscribe here.)