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Today Top Stories

Number Crunched: Is Industry Data Adding Up?

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The acclaimed writer and futurist Alvin Toffler once remarked, “You can use all the quantitative data you can get, but you still have to distrust it and use your own intelligence and judgment.”

Of course, Toffler was not talking about surplus amount of data relating to the housing industry and the mortgage market. However, the excess quantity of data servings sometimes creates a contradictory picture, creating both confusion and bemusement across the industry.Click to continue

Measuring YoY Data: Is a Slowdown Bad News?

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Sometimes, it seems that the housing data is a case of one-step-forward/two-steps-back. Despite data that shows the current market is holding steady, year-over-year (YoY) numbers suggest a slowdown in activity. But a number of industry leaders are not the least bit concerned that current numbers are below last year’s levels.Click to continue

Existing Home Sales Climb 2.6 Percent in June

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Existing-home sales increased in June and reached an annual pace of five million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of RealtorsTotal existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June from an upwardly-revised 4.91 mClick to continue

NMP's Mortgage Technology Providers Directory

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Calyx Software
Why techies love the company:
Robust, powerful and compliant, yet flexible and easy to use. Support included.

Why clients love the company: Affordable, reliable products for more than 20 years make us the number one provider.Click to continue

OCC to Loosen the Oversight Leash on Big Banks

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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

Zillow: Housing Markets to be Swimming With Underwater Borrowers for Foreseeable Future

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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

GSEs Execute Three Million-Plus Foreclosure Prevention Actions Since 2008

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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

Fixed-Rates Drop Slightly to 4.32 Percent

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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

Fifth Third Set to Shut Down Wholesale Division

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According to a memo written by Bob Lewis, president of Fifth Third Mortgage, the company is shutting down its wholesale division. The memo reads:

“As you are aware, there have been significant changes within the mortgage industry over the past several years. Fifth Third conducts regular reviews of the industries we serve based on the changing competitive and regulatory environment. Based on the current environment, and after careful consideration, we have decided to exit the wholesale business and focus third-party origination on correspondent lending.Click to continue