Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

NMP News

Home Sales Picking Up Momentum During Summer Months


Home sales nationwide picked up momentum entering the summer months, according to the latest FNC Residential Price Index (RPI) released this week. The latest numbers—as of May—indicate U.S. home prices are rising at a faster pace. Constructed to gauge the price movement among normal home sales by excluding distressed properties, the index rose 1.0 percent from April to May. On a year-over-year basis, the rate of home price appreciation across the nation slowed by 1.0-2.0 percent when compared to the first quarter.Click to continue

Study Finds the Dream of African-American Homeownership Remains Unsteady

Keys to Homeownership Pic

While historical barriers that excluded Black America from the homeowner market for decades have crumbled, there are signs that emerging types of racial inequality are making homeownership an increasingly risky investment for African-American home seekers. A new study from sociologists at Rice University and Cornell University found that African-Americans are 45 percent more likely than Whites to switch from owning their homes to renting them.Click to continue

U.S. Home Prices Up 0.4 Percent in May

Home Block Wood/Credit: Phil Ashley

The Federal Housing Finance Agency (FHFA) reported that U.S. house prices rose 0.4 percent in May from the previous month. The April index value has been revised to reflect a 0.1 percent monthly price increase, above the original estimate of no change.Click to continue

MBA Foundation Opens 100th Door for Family in Need


The MBA Opens Doors Foundation announced it had made its 100th grant to a family in need. The Foundation is the Association's philanthropic entity dedicated to providing financial assistance to families with a critically ill or injured child by awarding grants toward a mortgage or rental payment.Click to continue

STRATMOR Study Highlights Better Business Through Retention

Handshake Credit: Digital Vision

STRATMOR Group has released the results of an internal statistical study that shows that direct lenders earn much more for retention loans than they do for attracting new customers. According to STRATMOR Group Managing Director Dr. Matt Lind, a statistical analysis of consumer direct lending for 2013 showed fully loaded pre-tax profit margins (as a percentage of loan balance) of 146 basis points for "retention" borrowers versus only 32 basis points for "new" borrowers.Click to continue

Illinois Home Sales See Slight Uptick in June

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

Illinois home sales reversed course in June with statewide home sales experiencing a slight year-over-year gain for the first time this year. Home prices continued to climb and marked the 22nd consecutive month of annual increases, according to the Illinois Association of Realtors (IAR).Click to continue

CFPB Now Accepting Complaints Regarding Non-Bank Products


The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional non-bank products, including debt settlement services, credit repair services, and pawn and title loans.Click to continue

New Jersey LO Gets Two Years in $40 Million-Plus Loan App Scheme

Black Gavel Pic/Credit: Brand X Pictures

An Ocean County, N.J. man who allegedly used his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million in fraudulent mortgage loan applications was sentenced to 24 months in prison for his role in a $40.8 million mortgage fraud conspiracy, U.S. Attorney Paul J. Fishman announced.Click to continue

Zillow Forecasts Three More Years of Home Price Recession

Home For Sale/Credit: Jupiterimages

Home values in half of the nation's 100 largest metro areas will not reach their pre-recession peak levels again for another three-plus years, according to the second quarter Zillow Real Estate Market Reports, proof that the recovery is still very much in its middle stages.Click to continue

FHA Celebrates its 80th Birthday at the White House


The Federal Housing Administration (FHA) celebrated its 80th anniversary at the White House with two panel discussions highlighting the past, present, and future of the agency and its impact on homeownership.Click to continue