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NMP News

New-Home Sales Rise Slightly in September Over August

For Sale/Credit: Stockbyte

Sales of newly built, single-family homes inched up 0.2 percent in September to a seasonally adjusted annual rate of 467,000 units, the highest level in six years, according to newly released data by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau. Sales numbers for August were revised down from 504,000 to 466,000.Click to continue

Feds Seeking Input on Proposed Flood Insurance Rule

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Five federal regulatory agencies have announced the approval of a joint notice of proposed rule-making to amend regulations pertaining to loans secured by property located in special flood hazard areas.Click to continue

Remodeling Market Index Returns to All-Time High

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The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) reclaimed the high-water mark of 57 in the third quarter of 2014. This is the sixth consecutive quarter for an RMI reading above 50. An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.Click to continue

MBA's PAC Honors the Work of David Motley

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The Mortgage Bankers Political Action Committee (MORPAC) has awarded David Motley, CMB, president of Colonial National Mortgage, with the 2014 Schumacher-Bolduc Award. The Award was given to Motley in recognition of his outstanding work on behalf of the committee and the mortgage lending industry. Click to continue

National Credit Default Rates Rise Slightly in September

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Data through September 2014, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed an uptick in default rates. The national composite posted 1.04 percent in September, up three basis points from July 2014’s historical low. For the second consecutive month, the first mortgage default rate rose, to 0.93 percent in September.Click to continue

Refi Apps Begin to Gain Steam

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Mortgage applications increased 11.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 17, 2014. This week’s results did not include an adjustment for the Columbus Day holiday.Click to continue