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CFPB Reports on Consumer Frustration With Mortgage Paperwork

Paperwork Desktop Pic

The Consumer Financial Protection Bureau (CFPB) has published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. The bureau also released guidelines for an upcoming eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process.Click to continue

Freddie Mac: Nationwide Housing Recovery Crawls Along

Home Mortgage/Credit: Photodisc

Freddie Mac has released its Multi-Indicator Market Index (MiMi) for February showing the U.S. housing market overall recovering at a slightly slower pace from the previous month. However, more than half of all states, as well as more than half of the top 50 metro areas, continue to show an improving trend. Eleven states and the District of Columbia, and four metro areas, are in their stable range of housing activity, unchanged from last month. One year ago, seven states and the District of Columbia, and zero metro areas, were in their stable range.Click to continue

Mortgage Apps Slide 3.3 Percent Week-Over-Week

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Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 18, 2014. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased three percent compared with the previous week. The Refinance Index decreased four percent from the previous week.Click to continue Mortgage Rates Climb for First Time in Weeks

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Rates on the most popular types of mortgages moved a little higher for the first time in weeks, according to's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by one basis point (0.01 percent) to 4.39 percent. Conforming 5/1 Hybrid ARM rates increased by five basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.16 percent.Click to continue

Sales of Newly-Built Homes Drop Nearly 15 Percent Last Month

For Sale Sign/Copyright: Getty Images/Credit: Hemera Technologies

Sales of newly built, single-family homes fell 14.5 percent to a seasonally adjusted annual rate of 384,000 units in March, according to data released by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

California's Q1 Foreclosures Rise Six Percent Quarterly


For the third consecutive quarter, California foreclosure starts remained little changed at a level last seen in early 2006, the result of steady economic growth and higher home values. Foreclosure processors are still mostly plowing through a pool of toxic sub-prime mortgages originated back in mid-to-late 2006, according to San Diego-based DataQuick. Lenders and their servicers recorded 19,215 Notices of Default (NoDs) on California house and condo owners during this year’s first quarter, which runs January through March.Click to continue

Zillow: Home Values in 1,000-Plus Cities to Rise Within Year

House Keys/Credit: Digital Vision

Declines in home values experienced during the recession have already been, or are close to being, erased in almost 20 percent of metro housing markets nationwide as values continue to rise, according to the first quarter Zillow Real Estate Market Reports. U.S. home values climbed 5.7 percent year-over year in the first quarter, to a Zillow Home Value Index of $169,800.Click to continue

NAR: Sales Remain Flat in March as Prices Begin to Rise

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Existing-home sales were essentially flat in March, while the growth in home prices moderated, according to the National Association of Realtors (NAR). Sales gains in the Northeast and Midwest were offset by declines in the West and South.Click to continue

NMP's Mortgage Professional of the Month: Andrew Peters, Chief Executive Officer of First Guaranty Mortgage Corporation


National Mortgage Professional Magazine is pleased to name Andrew Peters, chief executive officer of First Guaranty Mortgage Corporation (FGMC), as its Mortgage Professional of the Month for December, 2013. Beginning his career in the industry while still in college, Andrew has literally worked his way from sweeping the floors to the executive suite.Click to continue

Nine Million-Plus U.S. Properties Seriously Underwater in Q1


RealtyTrac has released its U.S. Home Equity & Underwater Report for the first quarter of 2014, which shows that 9.1 million U.S. residential properties were seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value—representing 17 percent of all properties with a mortgage in the first quarter.Click to continue