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NMP News

More Than 40,000 Permanent Loan Mods Reportedly Granted in August

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HOPE NOW has released its August 2014 loan modification data, which found that an estimated 40,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

Fixed-Rates Hit Lowest Mark Since June 2013

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates hitting new lows for the year as 10-year bond yields briefly dipped below two percent. At 3.97 percent the average 30-year fixed rate is at its lowest level since the week of June 20, 2013 when it averaged 3.93 percent. This was also the last time the 30-year fixed averaged below four percent in the PMMS until this week.Click to continue

Castro Cites Agency Collaboration as Link to Solving Housing Issues

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U.S. Department of Housing & Urban Development (HUD) Secretary Julián Castro joined key leaders and experts at a national conference focused on utilizing innovative housing solutions as a platform to improve the quality of life for individuals, families and communities. The day-long event was hosted by the National Building Museum, in partnership with the John D. and Catherine T. MacArthur Foundation, the Office of Policy Development and Research, the U.S. Department of Housing and Urban Development, and the National Housing Conference.Click to continue

Builder Confidence Tails Off in October

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After four consecutive monthly gains, builder confidence in the market for newly built single-family homes fell five points to a level of 54 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

"We are seeing a return to the mid-50s index level trend established earlier in the summer, which is in line with the gradual pace of the housing recovery," said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. "While there was a dip this month, builders are still positive about the housing market."Click to continue

HUD Housing Survey Finds Neighborly Help Alive and Well

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Roughly half of all American households report getting along with their next door neighbors and are willing to lend a helping hand if needed. That’s among the findings of the 2013 American Housing Survey being released by the U.S.Click to continue

Colorado Man Sentenced to Six Years in Prison for Mortgage Fraud Scheme

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Chaval Williams of Centennial, Colo. Has been sentenced by U.S. District Court Judge William J. Martinez to serve 74 months in federal prison for wire fraud, identity theft and money laundering federal authorities have announced. Following his prison sentence, Williams was ordered to serve three years on supervised release. Williams was also ordered by Judge Martinez to pay $766,800.81 in restitution. He was ordered to report to a Bureau of Prisons facility once one is designated.Click to continue

Community Banks Struggle Against Regulatory Burdens

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Community banks did not cause the housing bubble, but they were nonetheless grouped with all lenders into absorbing the post-2008 regulatory burden placed on financial institutions by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB). And while the compliance requirements have taken a financial toll on these smaller institutions, they nonetheless persevere in pursuit of residential mortgage originations.Click to continue

Cash Sales Comprise 33 Percent of Total Sales in July 2014

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Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of a percentage point from June 2014, however, cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market.The year-over-year share has fallen each month since January 2013.Click to continue

HSH.com: Drop in Rates to Signal Refi Rebirth?

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Rates on the most popular types of mortgages declined substantially according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by 10 basis points (0.10 percent) to 4.09 percent. Conforming 5/1 Hybrid ARM rates decreased by 12 basis points (0.12 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.10 percent.Click to continue