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NMP News

UFA House Price Forecast Shows Q1 Improvement

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UFA released its five-year nominal house price forecast for the first quarter of 2014. Future prospects for the housing market improved again this quarter. The five year forecast for the UFA 100 city composite is now 25.1 percent, up from 22.4 percent last quarter. Prospects for the 10 large cities in the Case-Shiller 10 index (CS10) are somewhat weaker with only a 13.1 percent increase forecast.Click to continue

HSH.com Releases Study on the Impact of Fracking on Housing Market

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One in 20 Americans now lives within a mile of a hydraulic fracturing, or “fracking,” operation, and in addition to the economic and environmental advantages and disadvantages that the oil-drilling method produces, fracking can have a large effect on homeowners’ mortgages, property rights and home insurance, according to new research by HSH.com.Click to continue

Colorado LO Fesses Up to Real Estate Kickback Scheme

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Christopher Tumbaga of Colorado Springs, Colo. pleaded guilty to one count of bank fraud and to one count of illegally receiving kickbacks for procuring loans. The charges stem from Tumbaga's involvement in a two‐year long scheme to defraud TARP‐ recipient Colorado East Bank & Trust of Lamar, Colo., out of approximately $1.2 million. The plea was entered before U.S. District Judge William J. Martinez in federal court in Denver.Click to continue

Loan Profit Dips Nearly $600 Quarterly in Q4

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Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $150 on each loan they originated in the fourth quarter of 2013, down from $743 per loan in the third quarter, the Mortgage Bankers Association (MBA) reported in its Quarterly Mortgage Bankers Performance Report.Click to continue

Survey Finds Banks Easing Credit Requirements

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The latest Survey of Credit Underwriting Practices shows that banks are easing credit for both consumer and commercial loans. The survey, which was conducted by the Office of the Comptroller of the Currency (OCC), indicates that "banks that eased standards generally did so in response to changes in economic outlook." This is a significant finding because banks are recognizing the improvement in the economy, and are anticipating greater demand for loans.Click to continue

CoreLogic and the Urban Institute Co-Host Forum on Private Capital in the Mortgage Marketplace

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CoreLogic, along with the Urban Institute recently hosted an interactive Capitol Hill panel event titled, Bringing Private Capital Back to the Mortgage Market. The panel featured candid discussion among participants from the government, nonprofit and private sectors. Panelists explored the technical and political challenges to be addressed before private capital can be “crowded in” to the mortgage securitization market. The focus of the discussion was on pricing, governance and servicing.Click to continue

Yellen's Comments Scare Mortgage Rates Up to 4.40 Percent

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates up a bit from last week, as the 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent. Also this week, the 15-year FRM averaged 3.42 percent with an average 0.6 point, up from last week when it averaged 3.32 percent.Click to continue

FHFA Settles With BofA for $5.83 Billion Over Countrywide Legacy Loans

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The Federal Housing Finance Agency (FHFA) has announced it has reached a settlement in cases involving Bank of America, Countrywide Financial, Merrill Lynch, and certain named individuals totaling approximately $5.83 billion. Bank of America Corporation owns Countrywide and Merrill Lynch. The cases alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007. Allegations of common law fraud were made in the Countrywide and Merrill Lynch cases.Click to continue

February Foreclosure Volume Seven Percent Higher Than 2013

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RealtyTrac has released its February 2014 Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes, condominiums and townhomes, sold at an estimated annual pace of 5,083,241 in February, a 0.2 percent decrease from the previous month but still up seven percent from a year ago. February marked the fourth consecutive month where sales activity has decreased on a monthly basis.Click to continue

Las Vegas-Area Home Sales Drastically Slow in February

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Las Vegas-area homes sold at the slowest pace for a February in five years as the inventory of homes for sale remained tight and some buyers faced credit and affordability challenges. The median price paid for a home edged up from January and rose 24 percent from a year earlier, marking the 16th consecutive month with an annual gain over 20 percent, according to San Diego-based DataQuick. In February, 3,230 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County).Click to continue