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NMP News

Remodeling Market Index Up Three Points

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The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) rose three points to 56 in the second quarter of 2014, regaining the momentum built in 2013. This is the fifth 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.Click to continue

Urban Lending Solutions Recognized as Top Black-Owned Business

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Black Enterprise Magazine’s 2014 BE 100 list of the largest black-owned businesses in the United States, once again named Urban Lending Solutions (ULS), in the magazine’s Top 100 list. ULS, a provider of residential mortgage products and services, was listed 19th, with $168,602 million in revenue.Click to continue

SIGTARP Busts Bogus California Loan Mod Biz

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that federal agents arrested three defendants who worked at Orange County, Calif., businesses that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the fraudulent scheme allegedly run as U.S. Homeowners Relief and several related entities, hundreds of financially distressed homeowners across the United States lost millions of dollars, and many victims also lost their homes in subsequent foreclosure proceedings.Click to continue

Austin and Salt Lake City Named Top Cities for Millenial Homebuyers

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First-time homebuyers have been largely absent from the housing market in the current economic recovery, but some metropolitan areas—particularly in the Midwest and West—are well positioned to see increases in homebuying from the Millennial generation in upcoming years, according to new research by the National Association of Realtors.Click to continue

More Than Nine Million U.S. Properties Remain Seriously Underwater in Q2

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RealtyTrac has released its U.S. Home Equity & Underwater Report for the second 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.Click to continue

Home Sales Dip Over Eight Percent For Month of June

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Sales of newly built, single-family homes fell 8.1 percent to a seasonally adjusted annual rate of 406,000 units in June, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Sales numbers for May were revised downward to 442,000.Click to continue

Litvak Sentenced to Two Years in Jail for RBMS Fraud

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Deirdre M. Daly, United States Attorney for the District of Connecticut; and Patricia M. Ferrick, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation (FBI), announced that Jesse C. Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc. (Jefferies), was sentenced by Chief U.S. District Judge Janet C.Click to continue

CFPB and FTC Target Fraudulent Mortgage Relief Operations

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The Federal Trade Commission (FTC) has taken action against six mortgage relief operations charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. In each case, the FTC has sought an order stopping the illegal practices and freezing the defendants' assets pending the outcome of the litigation.Click to continue

Ginnie Mae Goes Electronic

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Ginnie Mae has announced that it is moving from a paper-based Issuer application process to an electronic system. Beginning Sept. 1, 2014, applicants will be required to file applications for Ginnie Mae Issuer approval electronically via Ginnie Mae's new Application Connection.  The new Application Connection, which will be located on Ginnie Mae’s Web site, will be available starting Sept. 1, 2014.Click to continue

Popular Product Rates Tick Upward, According to HSH

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Rates on the most popular types of mortgages ticked slightly upward, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 4.21 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.15 percent.Click to continue