Bill Cosgrove, CMB, CEO of Union Home Mortgage Corporation of Strongsville, Ohio has been sworn in as chairman of the Mortgage Bankers Association (MBA) during the association’s 101st Annual Convention & Expo in Las Vegas. A CertiClick to continue
In this third and final installment of our look into the industry’s near future, we consider the product trends and operational concerns that will dominate the mortgage profession.
What will next year’s potential borrowers pursue? If this year’s trend is any indication, jumbo mortgages will continue to be very popular in 2015.Click to continue
As part of its ongoing efforts to fight against discrimination, the U.S.Click to continue
Affordable housing—or, more accurately, the lack thereof—has been a critical problem facing the U.S. residential market. Three new developments on this front—a new securitization endeavor, a newly announced privately funding effort and a controversy over a New York City development—show a housing segment that is a state of tumult and flux.Click to continue
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Why clients love the company: Affordable, reliable products for more than 20 years make us the number one provider.Click to continue
Some alarming numbers coming out of the MacArthur Foundation highlight that 52 percent of all Americans have had to make at least one major sacrifice in order to achieve their current level of housing, wheClick to continue
The Office of the Comptroller of the Currency (OCC) has announced that they will be rotating their big bank staffers around, to better supervise and monitor the nation’s largest banking entities.Click to continue
The affordable homes most sought after by first-time homebuyers are being kept off the market in part because nationally, those homes are almost three times more likely to be underwater than the most expensive homes, according to the first quarter Zillow Negative Equity Report. The national negative equity rate fell to 18.8 percent in the first quarter, with almost 9.7 million American homeowners with a mortgage underwater, owing more on their mortgage than their home is worth.Click to continue
Fannie Mae and Freddie Mac have completed more than 3.1 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped more than 2.5 million borrowers stay in their homes, including nearly 1.6 million who received permanent loan modifications. During 2013, Fannie Mae and Freddie Mac completed nearly 448,000 foreclosure prevention actions, 99,700 of these in the fourth quarter. The majority of these allowed troubled borrowers to save their homes.Click to continue
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed-rate mortgages (FRMs) moving down slightly after last week's uptick, and remaining within range of average fixed rates for the first quarter of 2014. The 30-year FRM averaged 4.32 percent with an average 0.6 point for the week ending March 20, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.Click to continue