In The News
Midland Title's Recent News Updates
Bidding Wars Return to Home Market
Christina and Kevin Dirks have been searching for a house in the Denver area for four months at prices up to $275,000. They made offers on six homes—and were outbid on each one.
Single-Family Building Permits Climb Higher in June; Starts & Completions Lower
The U.S. Census Bureau and HUD jointly announced today in a press release new residential construction data for June 2015, finding that single-family building permits rose slightly, while housing starts and housing completions both declined.
U.S. Mortgage Rates Increase as Fed Prepares Boost
Mortgage rates for 30-year loans rose to the highest since October after Federal Reserve Chair Janet Yellen reiterated plans to increase borrowing costs this year and the likelihood of a Greek exit from the euro region faded.
U.S. Mortgage Rates Increase as Fed Prepares Boost
Mortgage rates for 30-year loans rose to the highest since October after Federal Reserve Chair Janet Yellen reiterated plans to increase borrowing costs this year and the likelihood of a Greek exit from the euro region faded.
Have the Dodd-Frank Financial Reforms Been a Success?
Has financial reform been a sterling success or a terrible failure? Expect to hear a lot of opinions and posturing on the subject this month. July marks five years since Congress passed the most sweeping financial reform legislation since the Great Depression.
New HUD rules aim to ease segregation in housing
Communities around the United States seeking federal housing grants will soon be required to grapple with segregation and inequality in housing under new federal rules announced Wednesday.
Home Prices Continue to Rise, But For How Long?
Home prices climbed 6.3% in May, marking the 39th consecutive month of year-over-year gains, according to a report by CoreLogic. Prices in 10 states, including New York and Texas, plus Washington DC, hit 40-year highs.
Federal Reserve still hesitant to raise rates
The minutes from the June meeting of the Federal Open Market Committee show that nearly all the committee members and the Federal Reserve are still hesitant to increase the federal funds rate.
Warren, McCain introduce bill to bring back Glass-Steagall
Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices.
Fannie Mae raising mortgage modification interest rate yet again
Fannie Mae is set to raise the benchmark interest rate for its Standard Modification program for the second month in a row.
What to expect when you’re expecting a CFPB administrative action
In early June, Consumer Financial Protection Bureau Director Richard Cordray issued a decision in the first appeal of an agency administrative enforcement proceeding, and a deeper look shows how the bureau will proceed with such actions.
CUNA to CFPB: Extend TRID effective date to end of 2015
The Credit Union National Association is asking the Consumer Financial Protection Bureau to push back its effective date for the Know Before You Owe mortgage disclosure rule to the end of the year.
Research Shows That Borrowers are Seriously Undereducated in Homebuying
Many borrowers are unaware of their homebuying power and are underestimating their mortgage eligibility, according to a recent study by Genworth Mortgage Insurance, a unit of Genworth Financial, Inc.
USDA Increases Costs of Guarantees for 0% Down Mortgages
The U.S. Department of Agriculture’s Rural Housing Service is raising the cost of its home-loan guarantees that enable borrowers to purchase homes in certain areas without down payments.
Contracts to Buy Homes Reaches 9-Year High
Pending home sales continued to make gains last month, rising to the highest level since April 2006, according to the National Association of REALTORS®' Pending Home Sales Index, a forward-looking indicator based on contract signings.
45% of Homes Sold in Less Than a Month
Homes are spending less time on the market. Forty-five percent of homes sold in May were on the market for less than a month, according to the National Association of REALTORS®. On average, properties in May stayed on the market for 40 days. While that is up from 39 days in April, it still marks the third shortest time since NAR began tracking days on the market in May 2011.
Title insurance is essential
Whether working with a broker or selling your own real estate, title insurance should be a part of every transaction. If you are borrowing money to purchase the property, your lender will make title insurance a requirement.
Pending Sales, Home Prices Up Slightly
The latest housing data points to minimal gains in pending sales and housing prices, although in both cases there are concerns of a recovery that is not moving with any great speed.
Housing Boosted by U.S. Millennials Finally Being Buyers
A greater share of U.S. millennials say they’re likely to buy a home this year, adding to evidence that first-time buyers are finally entering the real estate market and fueling a jump in sales.
CFPB’s TRID Flip Brings Calls for More Changes
Yesterday’s abrupt surprise announcement by the Consumer Financial Protection Bureau (CFPB) that it will be issuing a proposed amendment to delay the effective date of the TILA RESPA Integrated Disclosure (TRID) rule, until Oct. 1 was greeted with calls from across the industry that challenged the Bureau to go further to help accommodate consumers and lenders.
Bill with $838M IRS cut advances in House
The House Appropriations Committee on Wednesday advanced a spending bill that would cut $838 million from the International Revenue Service (IRS) for fiscal 2016.
MBA: Mortgage delinquencies and foreclosures drop in 1Q
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.54% of all loans outstanding at the end of the first quarter of 2015.
6 first-time homebuyer mistakes and tips to avoid them
Have you heard that 2015 is "The Year of The First-Time Homebuyer"? They're making a comeback, and builders are ramping up production of homes that they think first-time homebuyers and millennials will want.
Pavaso offering quicker transition to e-closing solution
Tech provider Pavaso announced a new solution that promises to help business implement digital closing and ensure compliance for the coming TILA-RESPA regulations.
Housing Market Continues Gradual Move Toward Recovery
Housing and economic activity has returned to or exceeded normal levels in 68 of about 360 metropolitan areas in the country (about 19 percent) as of the end of Q1 2015, according to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI) released Wednesday.
The recovery is stalling out again. Is the economy actually in … a recession?
The U.S. economy barely grew at the start of the year, and it's barely growing any more than that now. It's bad enough that it's not completely crazy to wonder whether we've somehow slipped back into a mini-recession.
CoreLogic: Homes prices rose in March up 5.9% annually
Home prices nationwide, including distressed sales, increased by 5.9% in March 2015 compared with March 2014, according to the latest home price index from CoreLogic (CLGX).
Interthinx: Mortgage fraud risk rose in 4Q14
The Interthinx (FAF) National Mortgage Fraud Risk Index rose 3% in the fourth quarter of 2014, rising to a reading of 101.
FHFA's Conservatorship of GSEs Has No Clear End, Ratings Company Says
Fitch Ratings affirmed that while Fannie Mae and Freddie Mac maintained a "Stable Rating Outlook" in April due to direct financial support from the U.S. government, the ratings company said it expected the controversial FHFA's conservatorship of the two Enterprises would continue indefinitely.
Fed: Loan demand surges as standards ease heading into spring
The housing market started off on solid footing this year as lenders experienced an increase in mortgage lending demand, while credit standards eased simultaneously.
GSEs Would Need Up To $157 Billion Bailout in Economic Downturn
Fannie Mae and Freddie Mac would likely need another sizable draw from the U.S. Department of Treasury should an economic downturn occur, according to data released by the Federal Housing Finance Agency (FHFA) on Thursday.
1 in 4 renters use half their pay for housing costs
More than one in four U.S. renters have to use at least half their family income to pay for housing and utilities.
More Buyers Than Usual Enter Spring Market
An unusually high volume of home-buyer demand is flooding the spring market, as pending home sales rose in March for the third consecutive month and hit the highest level since June 2013, according to the National Association of REALTORS®.
Mortgage rates pushed up by mixed economic reports
Mortgage rates were pushed up slightly by mixed economic reports, according to the latest data released by Freddie Mac.
FHA Extends Single-Family Handbook Effective Date to Sept. 14
FHA announced yesterday that it extended the effective date for the policies contained within its new Single-Family Housing Policy Handbook from June 15 to September 14.
Mortgage rates hovering near all-time lows
Mortgage rates continue to hover near all-time lows as the spring home-buying season heats up, according to the latest data released Thursday by Freddie Mac.
Sales of U.S. New Homes Fell in March from Seven-Year High
Sales dropped 11.4 percent to a four-month low 481,000 annualized pace, Commerce Department figures showed Thursday in Washington. The median estimate of 79 economists surveyed by Bloomberg called for a 515,000 rate.
FHFA Reiterates Vow to Protect GSE-Backed Loans From 'Super-Priority' Liens
The Federal Housing Finance Agency (FHFA) has issued a statement saying it has not consented nor will it consent to the foreclosure of a GSE-backed mortgage loan when initiated by a homeowners association (HOA) that has attached "super-priority" lien status to a mortgage loan.
Black Knight: March foreclosure starts skyrocket 18% from February
The March delinquency rate dropped 12% month-over-month, the largest monthly decline in nine years, but at the same time foreclosure starts skyrocketed 18% in March, according to the Black Knight Financial Services report for March.
Over 60 Percent of Top 100 U.S. Housing Markets Improving
Freddie Mac (OTCQB: FMCC) today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize and getting back on track heading into the spring homebuying season after a slight stumble last month. The latest release of MiMi now tracks the top 100 metro housing markets across the country. Of the top 100 metro areas, 60 percent are showing an improving three-month trend.
1.5M Buyers Are Coming Back
Former home owners who lost their home to a foreclosure or a short sale are re-entering the housing market. Some housing analysts believe they could provide a big boost in housing demand for years to come.
Treasury Department: Fannie, Freddie Bailout Wasn't A Loan
At the beginning of the month, U.S. Senator Charles Grassley (R., Iowa) sent the U.S. Treasury Department a letter asking a simple question that has been on the lips of shareholders of Fannie Mae FNMA +0.18% and Freddie Mac FMCC 0.00% for years.
What Fannie Mae's and Freddie Mac's Fee Changes Mean To You
Late Friday, mortgage-finance companies Fannie Mae, Freddie Mac and their regulator, the Federal Housing Finance Agency, unveiled changes to the fees they charge to back mortgages and disclosed finalized capital requirements for private-mortgage insurers who want to do business with the companies.
Q1 Foreclosure Activity Drops to Eight-Year Quarterly Low
RealtyTrac has released its Q1 and March 2015 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 313,487 U.S. properties in the first quarter of 2015, down seven percent from the previous quarter and down eight percent from the first quarter of 2014 to the lowest quarterly total since the first quarter of 2007. There were a total of 122,060 U.S. properties with foreclosure filings in March, a 20 percent jump from a 104-month low February and up 4 percent from a year ago—the first month with a year-over-year increase in overall foreclosure activity since September 2010.
CFPB Sets Rules For Housing Counseling Lists
The Consumer Financial Protection Bureau issued guidance on how to provide mortgage applicants with a list of local home ownership counseling organizations. The new guidelines, which overwrite ones originally issued in 2013, offer guidance to lenders on how to provide applicants abroad with home ownership counseling lists; permissible geolocation tools; disclosures; and high-cost mortgage counseling qualifications.
Mortgage lending and finance industry get boost in housing regulatory reform bills
The home lending and mortgage finance industry saw big gains this week on Capitol Hill, as a number of bipartisan bills from the House Financial Services Committee were passed during "Financial Independence Week."
Foreclosure Completions Down Two-Thirds From 2010 Peak
In a sign that housing continues to move toward stability, February 2015's total of 39,000 completed foreclosures nationwide represented a decline of 15.7 percent from the previous February – and a decline of 67 percent from their peak reached in September 2010, according to CoreLogic's February 2015 National Foreclosure Report released Tuesday.
Fannie Mae Launches Program to Assist First-Time Buyers With Closing Costs
Fannie Mae has announced the launch of the HomePath Ready Buyer program, through which qualifying homebuyers can receive up to 3 percent of the home's purchase price in closing cost assistance toward the purchase of a HomePath property.
House passes lending reform bills
One measure, approved 401-1, would direct the Consumer Financial Protection Bureau (CFPB) to establish a two-year program to allow individuals to apply for rural area designations for purposes of eligibility for qualified mortgages. Currently, the CFPB uses rural designations established by the Department of Agriculture.
Fed Seeks Input on Proposed Regulatory Changes
The Federal Reserve announced Monday that it wants public comment on changes to Regulation D (Reserve Requirements of Depository Institutions), which requires Reserve banks to pay one-quarter of a percent interest on "balances up to the top of the penalty-free band." This reflects a bank's reserve balance requirement, plus $50,000, or 10 percent of the balance, whichever is more.
U.S. Congressman Proposes Common Sense Housing Investment Act
U.S. Representative Keith Ellison (D-Minnesota) is looking to expand homeownership opportunities across middle America with his newly proposed bill, HR 1662.
Applying for reverse mortgages will get tougher
Interested in a reverse mortgage without a lot of hassles? Better get your application in fast. As of April 27, the federal government is imposing a series of extensive "financial assessment" tests that will make applying for a reverse mortgage tougher — much like applying for a standard home mortgage.
Lawmakers Ask CFPB to Delay Enforcement of TILA-RESPA
Two Republican lawmakers have written a letter to the Consumer Financial Protection Bureau (CFPB) director asking for the delay of the combined Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosure forms.
Commercial Property Lending Reached $400 Billion in 2014: MBA
Loans made for office buildings, hotels, malls and other U.S. commercial property grew to $400 billion in 2014 from $358 billion the prior year, the third-highest mark on record, according to a survey by the Mortgage Bankers Association.
MBA: New home purchases jump 17% in March
Mortgage applications for new home purchases increased by 17% relative to the previous month, the March Mortgage Bankers Association's Builder Application Survey said.
Zillow: Homebuying pays off quickly
Even though buyers in most markets can break even on a home purchase in less than two years, nearly half of renters in a newly released survey said their credit or finances keep them from buying a home.
How to Maximize Small Business Tax Deductions
According to the Q1 2015 Spark Business Barometer from Capital One, 55 percent of small business owners are very confident they are taking advantage of small business tax deductions, but what about the other 45 percent?
Home Price Values Still on the Rise Nationally
National home prices in February were up, year-over-year, for the third consecutive year, according to the latest Home Price Index report by CoreLogic, released Tuesday.
A Cost-Saving Move for 7.1M Owners
An estimated 7.1 million home owners could benefit from refinancing their mortgage and reduce their monthly mortgage payments, finds a new report released by Black Knight Financial Services.
MBA: Independent Mortgage Bank Profits Drop in 4th Quarter
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $744 on each loan they originated in the fourth quarter, down from $897 per loan in the third quarter, the Mortgage Bankers Association reported.
Fed's Dudley: Rate hikes' pace tied to markets
The pace of Federal Reserve interest rate hikes will largely depend on financial markets' response to the increases, New York Federal Reserve president William Dudley said Monday.
What lenders need to know about CFPB's mortgage shopping toolkit
On March 30, the Consumer Financial Protection Bureau published a revised consumer publication related to mortgage loans. This publication, a replacement of the "Settlement Cost Booklet" or "Special Information Booklet," is a widely anticipated companion to the Truth in Lending Act and Real Estate Settlement Procedures Act, or TILA-RESPA, Integrated Disclosure (collectively referred to as TRID) requirements.
Report: Short Sales, REO Experience Largest Increase in Three Years
The percentage of short sales and REO sales jumped by 2.2 percentage points in the first quarter of 2015, the largest increase since the first quarter of 2012, according to data released by Clear Capital on Monday.
Vacation-Home Sales Hit High, Realtor Group Says
Continued stock-market gains and low interest rates drove sales of vacation homes to the highest level on record last year, putting one segment of the housing market above its prerecession peak.
Industry Hears Call for Credit Scoring Changes
The way companies calculate people's credit scores needs to change to reflect how people live their lives today, or millions of people will continue to fall outside traditional calculation models and not be able to become home owners.
HUD Secretary: FHA is Exploring Alternative Credit Scoring for Mortgage Borrowers
HUD secretary Julian Castro said the Federal Housing Administration (FHA) is exploring alternative credit scoring models, in a discussion with a diverse group of housing industry stakeholders. The event sought to discuss how alternative credit scoring models could expand access to mortgage credit for responsible borrowers who may have thin credit histories or extenuating circumstance like medical debt.
Study Reveals Housing Market To Be At Its 'Healthiest' Level Since 2001
In its first-ever analysis of the U.S. housing market released Thursday, Nationwide Economics indicated that the national market was at its healthiest level in 14 years.
Fannie Mae to Begin Auctioning Defaulted Home Loans to Investors
Fannie Mae will begin bulk auctions of mortgages, including some sales targeted for non-profit groups and small investors, as the company moves to cut the number of non-performing loans on its books.
Federal Flood Insurance Premiums for Homeowners Rise
As of April 1, new rates took effect under the National Flood Insurance Program that increase individual policy premiums for homeowners in high-risk areas by as much as 25 percent. Plus, policyholders will see new surcharges, $25 for owner-occupied primary homes and $250 for second homes.
Mortgage rates hold steady
The 30-year fixed-rate average inched up to 3.7 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.69 percent a week ago and 4.41 percent a year ago.
Complaints Start Rolling In for CFPB's Mortgage Shopping Toolkit
The red pens have come out as members of the real estate industry start to critique the Consumer Financial Protection Bureau's new mortgage shopping toolkit less than a day after its release.
How to Finance a Vacation Home
In the U.S., vacation-home sales jumped over 50% in 2014, up from 717,000 homes in 2013, according to preliminary data from the National Association of Realtors (NAR), a trade group. And second-home sales are expected to continue climbing in 2015, says Lawrence Yun, NAR's chief economist.
OCC: Delinquencies Down, Mortgage Performance Up for Eight National Banks
Eight national banks saw the performance of their first-lien mortgages improve in the fourth quarter of 2014, while the delinquency rate on those mortgages and the foreclosure activity continued to decline, according to a quarterly report on mortgage performance by the Office of the Comptroller of the Currency (OCC) released Friday.
Emerging housing markets keep pace in 2015
Industry experts say emerging housing markets are positioned to compete with major markets such as New York, Boston and Washington in 2015. With lower costs of living and better-than-average employment opportunities, these up-and-coming cities may be just the place to call home.
The dark side of rising home prices
Former Federal Reserve Chairman Ben Bernanke was correct in saying at the time* that there had never been a decline in housing prices on a nationwide basis. What he was oblivious to was that home prices were rising nationwide faster than they ever had because his predecessor, Alan Greenspan, had brought the federal funds rate down to 1 percent. By mid-2007 the housing market party was over and prices began a four-year nationwide decline.
Market Is Healthiest in Years, New Index Says
A newly unveiled forward-looking housing index by Nationwide says the U.S. housing market is at its healthiest level since 2001. The Health of Housing Markets Report will analyze the housing health outlook on a quarterly basis throughout 373 metro areas.
Mortgage applications surge on spring demand
Despite volatility in interest rates, mortgage applications moved decidedly higher last week, continuing their strong stride into spring.
Don't Ignore Boomerang Buyers
The housing market is ignoring the largest pool of prospects: Boomerang buyers, according to Daren Blomquist, vice president of RealtyTrac.
CFPB releases 'Know Before You Owe' shopping toolkit
In light of the Consumer Financial Protection Bureau's "Know Before You Owe" mortgage rule coming in affect in August, the CFPB released a new toolkit to guide consumers through the process of shopping for a mortgage and buying a home.
Mortgage Disclosure Training Heats Up as Deadline for Changes Nears
Mortgage lenders and settlement-service providers are making sure their clientele and referral partners understand the nuances of the new disclosure forms that take effect Aug. 1.
Hiring slowed in March, with 126K jobs added; unemployment rate at 5.5 percent
The U.S. economy added a disappointing 126,000 jobs last month, the weakest growth in more than a year and a sign that the labor market is finally being tripped up by a broader economic slowdown.
An alternative to HELOCs: Financing tied to future home appreciation
WASHINGTON — So you've watched your home equity holdings grow steadily since the end of the recession, and now you want to tap into that wealth to fund a remodeling, college tuition or some other worthy but cash-consuming project?
HUD Seeks to Educate Public on Fair Housing
April marks Fair Housing Month and the U.S. Department of Housing & Urban Development is signifying the event by launching a national media campaign that sets out to help the public recognize housing discrimination and teach them what to do if their housing rights are ever violated. The campaign coincides with the 47th anniversary of the passage of the 1968 Fair Housing Act.
Which age group is buying most homes?
Despite the general notion that young people are reluctant to enter the homebuying market, a study by the National Association of Realtors found that for the second consecutive year, those ages 34 and younger comprised the largest share of recent homebuyers.
MBA notes top commercial originators in 2014
Wells Fargo topped the list of commercial/multifamily mortgage originators in 2014, according to the annual ranking released by the Mortgage Bankers Association (MBA).
eClosings to impact industry, closing agents say
Proactive title agents are preparing today for eClosings. One title group in Utah said the prep work for its first eClosing transaction was more involved than with paper closings, but was worth the effort.
Compliance implementation can be beneficial, painful, part 2
As regulations have increased around the title industry, the attention paid to compliance and implementation has grown as well. In the second of our two-part story, we look at how the compliance work can benefit companies as Aug. 1, 2015, approaches.
Housing Affordability Edges Up in the Fourth Quarter
Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.
Another Compelling Reason Why Housing Could Soar in 2015
According to a recent report, the Consumer Finance Protection Bureau, or CFPB, is proposing changes intended to increase access to mortgages for borrowers in rural and underserved areas. If successful, it would be yet another way that mortgage financing is becoming much easier to afford and obtain in 2015, and could give the U.S. housing market a nice boost.
Home Prices Are Up, Supply Is Down—Expect Bidding Wars
It's getting more expensive to buy a house. Prices rose 6% in the fourth quarter of 2014 as buyers competed for fewer and fewer available homes for sale, according to new data from the National Association of Realtors®.
Congress looks to play small ball on tax reform
Top tax writers are adamant they still want to pursue a major reworking of the tax code, but with progress hard to come by for the last several years, the Senate Finance Committee agreed to easily pass several targeted tax tweaks in the meantime.
Average 30-year mortgage rate jumps to 3.69%
WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week yet remained near historically low levels.
U.S. mortgage applications fall in latest week: MBA
(Reuters) - Applications for U.S. home mortgages fell last week as interest rates rose, an industry group said on Wednesday.
Home-Price Growth Picks Up Speed
Growth in home prices quickened at the end of last year—depending on the region.
Fannie Mae: Homebuyers, mortgage lenders getting excited about 2015 prospects
A new boost in consumer optimism is spilling over into housing, as more people believe now is a good time to buy a home.
The Best Seasons to Sell a Home
Spring is traditionally considered the best season to list a home, but it doesn't inch out the other seasons by much, according to a new analysis by the real estate brokerage Redfin.
Easier mortgage terms seem to be catching on
Mortgage lenders appear to be loosening their purse strings, largely as a result of major changes recently announced to government-based loan products.
Mortgage rates fall to 20-month low, Freddie Mac says
Fixed mortgage interest rates fell this week to their lowest level in more than 20 months, with Freddie Mac reporting that lenders were offering conventional 30-year loans at an average of 3.59%, down from 3.66% a week ago.
87% of Homes Qualify for Down Payment Aid
More prospective home buyers would likely qualify for down payment assistance than they think. Indeed, more than 68 million single-family and condo households – or about 87 percent -- would qualify for a down payment program available in the county where they are located, according to a new study by Down Payment Resource and RealtyTrac in an analysis that included a look at nearly 2,300 down payment programs nationwide.
Zillow: Mortgage rates rise due to strong economic data
The interest rate for a 30-year, fixed-rate mortgage rose last week, riding a wave of positive economic data according to a new report from Zillow.
FHA Looks to Ease Banks' Worry on Mortgage Mistakes
A U.S. housing regulator is considering limiting one of the most powerful tools federal attorneys have to punish banks for making mistakes in mortgage lending, a move the Federal Housing Administration hopes will encourage banks to give more home loans to worthy but weaker borrowers, according to people familiar with the matter.
U.S. mortgage applications rise in latest week - MBA
(Reuters) - Applications for U.S. home mortgages rose last week as interest rates fell, an industry group said on Wednesday.
Freddie Mac: The return of the refinance market
Refinance applications revived toward the end of 2014 and into the new year as mortgage rates dropped back down to levels not seen since 2013.
FHFA's Watt Says Debt Cuts Possible for Underwater Homeowners
(Bloomberg) -- Fannie Mae and Freddie Mac's overseer wants to allow debt cuts for a narrow group of borrowers who owe more than their homes are worth. The trick is figuring out a way to do it without incurring costs for taxpayers.
MBA Forecasts 7 Percent Rise in 2015 Commercial/Multifamily Originations; Mortgage Debt Outstanding to Rise to $2.7 Trillion
Feb. 4, 2015--Van Raaphorst, Rob rvanraaphorst@mba.org; Tucker, Michael mtucker@mba.org
SAN DIEGO--The Mortgage Bankers Association projects originations of commercial and multifamily mortgages will grow to $414 billion in 2015, an increase of 7 percent from 2014, and continue to rise to $430 billion in 2016.
8 things debt collectors may not do
The Fair Debt Collection Practices Act (FDCPA) makes it illegal for debt collectors to engage in abusive or deceptive practices when trying to collect money owed on delinquent credit card accounts, car loans, medical bills, mortgages and other debts. And there is a good chance the Consumer Financial Protection Bureau (CFPB) will improve consumer rights even more.
7.3 Million Boomerang Buyers Poised to Recover Homeownership in Next 8 Years
In 2015, the first wave of 7.3 million homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven-year window they conservatively need to repair their credit and qualify to buy a home. More waves of these potential boomerang buyers will be moving past that seven-year window over the next eight years corresponding to the eight years of above historically normal foreclosure activity from 2007 to 2014.
Mortgage Choice Act reintroduced in Congress
U.S. Rep. Bill Huizenga, R-Mich., reintroduced to the new Congress the "Mortgage Choice Act" – a bipartisan piece of legislation that would amend and clarify the qualified mortgage definition in the Dodd-Frank Act thereby improving access to credit and qualified mortgages for low and moderate income borrowers while protecting consumers from bad loans.
The case for the next US housing boom in 8 charts
Housing might be on the verge of a major pickup. Deutsche Bank circulated a chartbook analyzing prospects for the US housing market over the near future. While housing is still recovering from the burst of last decade's housing bubble, there are some interesting and promising signs that things may soon be returning to normal.
Lenders Split on FHA Premium Decrease
Mortgage executive participants reported being optimistic about the pace of mortgage originations this year, but split their opinions about the impact of the Federal Housing Administration's recent premium reduction, according to a new survey.
President's FY2016 HUD budget asks for $49.3B
The White House issued its proposed fiscal year 2016 budget, a wish list of the administration's funding priorities sure to find little welcome in the new Republican-controlled Congress.
Moody's: FHA premium cut will increase home sales by 45,000 this year
In the weeks since the Obama administration announced that it was directing the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, housing industry observers have each begun to share their prognostications about what the real impact of the FHA's action will be.
Fannie Mae: Mortgage lending will see dramatic growth in 2015
Lenders are quick to agree with Fannie Mae's Lender Sentiment Survey that the lending market is not only doing well, but should see a drastic growth as we enter into the spring home-buying season.
Smaller Down Payments Lure More Buyers
Recently, more borrowers are able to pay 3 percent or even less of a home's purchase price to get a mortgage – a big change from when at least 20 percent down payments were practically the norm post-recession.
Homeowners tap into equity as refinancing surges
Low interest rates and rising home values have sparked a mini refinancing boom in recent weeks, leading homeowners to pump the extra cash from their properties into remodeling projects, college tuition payments, and other investments.
Why 2015 Could Be the Best Year Yet to Buy a House
If you thought you missed out on the ultralow mortgage rates of 2012-13, then I have good news for you: They're headed back down again. As of this week, the 30-year fixed-rate mortgage is at its lowest level in over a year and a half.
Consumer bureau's mortgage rate checker doesn't disclose full costs
WASHINGTON — When the federal government's consumer protection agency for financial matters tells you how to shop for a good deal on a home mortgage, you should follow the advice, right?
Existing-Home Sales Rebound: 5 Stats to Know
Home sales picked up at the end of 2014, closing off a year that had a sluggish start but then showed encouraging signs in the second half, according to the National Association of REALTORS®' latest housing report, released Friday.
Is real estate missing a $100 billion opportunity?
In the last three years, a new class of homeowner entered our business. They are the largest in history, and they represent the beginning of something much more important to come.
Fannie Mae Expects Economy to 'Drag' Housing Toward Recovery in 2015
As Fannie Mae sees it, 2015 will be a good year for the housing market, even if residential real estate has to get dragged into the black.
FHFA: Home prices gain 0.8% in November
The Federal Housing Finance Agency home price index shows that home prices gained 0.8% in November, following a 0.4% rise the month before.
JPM, Wells Loan Officers Got Kickbacks from Title Firm, CFPB Says
WASHINGTON - Wells Fargo and JPMorgan Chase could face more than $35 million in penalties and restitution for allegedly receiving data on consumers and other services in return for directing customers to a Maryland-based title company.
Economists See Housing-Market Pickup
Economists at the International Builders Show said that while 2014 proved disappointing they expect construction and home buying to accelerate in 2015, driven by strong job growth and improving consumer confidence.
Housing Market Only 75% Back to Normal
The housing market is only about three-quarters of the way back to what is considered "normal," when factoring in new-home construction, existing-home sales, prices, mortgage delinquencies, and the Millennial employment rate, according to a newly released report by Trulia.a year ago.
Why a Jump In Mortgage-Refinancing Could Be Fleeting
On Wednesday, the Mortgage Bankers Association reported that mortgage applications rocketed 49% in the week ended Jan. 9 from the prior week. They were also up about 30% from the same week a year ago.
Freddie Mac: Housing to get boost in 2015 but it won't last
Freddie Mac says it expects mortgage rates to hover around 4% through mid-2015, and while there are some of the positive tailwinds buoying the economy at the start of the year, some may not stick around for long.
5 THINGS LENNAR'S RESULTS TELL US ABOUT THE NEW-HOME MARKET
Home-building giant Lennar Corp.'s fiscal fourth quarter results on Thursday herald moderately good news for home buyers and the broader economy but a slightly less rosy outlook for the industry's investors. Here are five things that Lennar's results for its fiscal quarter ended Nov. 30 tell us about the broader new-home industry.
New Fannie Mae program could bust deals, appraisers say
WASHINGTON — Could a controversial new program set for launch nationwide this month by giant mortgage investor Fannie Mae lead to slower and costlier home sale closings and more disputes over prices between sellers and buyers — busting deals when the appraised value comes in below what the parties agreed to in the contract?
Fannie Mae Economist Says Latest Job Data Might Not Be Good News For Housing
The U.S. labor market reported a strong gain of 252,000 jobs on the payrolls for December in data released by the Bureau of Labor Statistics (BLS) on Friday. December's job gain was close to 2014's average monthly increase and 2014 was the best year of job growth in the U.S. since 1999.
This Could Be the Biggest Mortgage Mistake of Your Life
Over the course of your lifetime you're liable to encounter a number of game-changing events. From starting a family to putting your kids through college, life has a way of throwing your retirement plans for a loop every now and then.
Windfall for Taxpayers Coming to an End
WASHINGTON — The Federal Reserve's bond-buying campaign continues to produce one clear benefit: a windfall for taxpayers. The Fed, which turns over most of its profits to the Treasury Department, said on Friday that last year, it transferred an estimated $98.7 billion, a record.
Housing market on track for more improvement this year
The housing market is expected to continue on its road to recovery this year amid stronger jobs and economic growth as well as increasing home prices.
Obama to Outline Proposals to Bolster a Lagging Housing Sector
WASHINGTON — The job market is stirring, gas prices are plunging and stocks are near record levels, but a housing sector that dragged the nation into the worst recession since the Depression remains the black spot in an otherwise resurgent economy.
3 Reasons It's Not a Seller's Housing Market
If you're considering purchasing a home, but worried that rising home prices mean you'll pay too much for a house, think again. Just because home prices have risen doesn't mean it's a seller's market out there. Here's why.
FBR: Mortgage banking will rejuvenate in 2015
Mortgage banking is projected to overcome the significant headwinds it faced last year and instead bring in a profit in 2015, according to Paul Miller, an analyst with FBR Capital Markets.
Housing In 2015: Four Reasons For Optimism (And One For Worry)
Six years ago, homebuilders and Realtors were facing brutal business conditions: millions of Americans were losing their jobs and homes. As 2015 begins, hiring is strong and economic indicators are pointing up. Could this be the year when the housing market finally breaks out of its tepid recovery and takes off?
6 Market Types You'll See This Year
From the stalwarts to the tech magnets and comeback kids, the new year is likely to see several types of markets. Redfin recently highlighted six "housing market personas" that the real estate brokerage believes will be driving the continued recovery in 2015.
Nearly Half of Home Buyers Don't Shop Around for Mortgages
Nearly half of U.S. home buyers don’t consult multiple lenders when they are seeking a mortgage, a government report says, raising questions about whether consumers are getting the best possible deal.
Fee Cut, Lower Rates Could Boost Mortgage Refinancings
Hundreds of thousands of lower-income borrowers will be able to cut mortgage payments as a decline in interest rates and a reduction in federal loan fees open the door for them to refinance. But the largest mortgage lenders might not be the biggest beneficiaries of the new business.
10 Best Bets for Housing in 2015
Forbes recently spotlighted the top places to invest in the new year, whether for investors looking for rental properties or young professionals looking to make their first home purchase.
Guardian Mortgage: 4 bold predictions for housing
The past year was filled with record-low interest rates, steadily rising home prices and loosening mortgage-lending standard, making it one of the strongest years in the housing industry since the financial crisis six years ago.
Millions of Renters Could Become Homeowners in 2015
It was recently announced that the FHA, which has historically been the go-to mortgage option for borrowers with limited down payments and credit, is planning to reduce its mortgage insurance premium from 1.35% of a loan's value per year to 0.85%.
Many buyers no longer see marriage as prerequisite to a mortgage
In more than two decades as a real estate agent, Marc Tahler has seen his client base of would-be buyers shift. He used to see a lot of younger couples, married, maybe with a kid in tow or one on the way.
Young Home Buyers Return in U.S. as Economy Accelerates
After Damien and Tina Bucci were approved for a mortgage in 2012, they decided they couldn’t afford the biggest purchase of their lives without greater confidence in the U.S. economy. Next month, they will close on their first home -- a four-bedroom Colonial with a half-acre yard.
Bankrate.com: Expect Fed to move on interest rates by mid-year
As 2014 closed, oil prices cratered, quantitative easing finally went away, and the Federal Reserve is likely to start raising rates, according to Bankrate.com.
Five Things To Watch In Housing In 2015
The housing market in 2014 put to bed the idea that the hard-hit sector might see more of a V-shaped recovery.
Reverse Mortgages: What Every Retiree Needs to Know
Millions of retirees face the financial challenge of making ends meet, and for many of them, the equity they have in their homes is their largest untapped asset.
US Pending Home Climb Slightly in November
WASHINGTON — The number of Americans signing contracts to buy homes rose modestly in November as a strengthening economy helped nudge some would-be homebuyers.
Housing Market Enters 2015 Facing Affordability Pressures
The U.S. housing market failed to provide the lift to the economy over the past year that many analysts expected. It enters a new year with few signs pointing to either a renewed breakout or a sharp slowdown.
Foreclosure vs. Short Sale
In some circumstances homeowners can find themselves in a difficult position when it comes to their mortgage, whether they are struggling to make payments or the value of the mortgage exceeds that of the actual home.
Do First-Time Homebuyers Need Help?
To bring more first-time buyers into the housing market, Fannie Mae and Freddie Mac recently said they would offer certain mortgage programs that require down payments of as little as 3 percent, down from 5 percent. Because first-time buyers already make up a large share of the housing market, the wisdom of this policy change should be open to question.
Mortgage rates defy experts to close year below 4%, Freddie Mac says
Closing out a year of surprisingly low mortgage interest rates, the average rate for a conventional 30-year home loan was 3.87% this week, Freddie Mac said, up slightly from 3.83% a week ago.
Housing in 2015: 'We Are in a Slow March Back to Normal'
The thump of air hammers and the whine of mini-dozers will be heard a bit more in 2015. Housing construction should continue to climb back in the new year, although it probably won’t get all the way back to its long-run average. “We are in a slow march back to normal,” David Crowe, chief economist with the National Association of Home Builders, said in a December statement.
Home price growth slows for 11th straight month
U.S. home prices rose in October at a slightly slower pace, as real estate sales have fallen and affordability has increasingly become a challenge for potential buyers.
Black Knight: Mortgage delinquency rate surges to 10-month high
The national delinquency rate quickly came off its seven-year low, reversing course and instead surging to the highest level in 10 months, Black Knight Financial Services’ November “First Look” mortgage report said.
Homebuyers More Concerned About Affordability Than the Lack of Homes for Sale
For the first time since early 2012, homebuyers said that affordability is a bigger concern for them than a lack of homes for sale. Although inventory was down 1.5 percent in November from last year, 32.6 percent of homebuyers who responded to the Redfin Real-Time Buyer Survey indicated that “affordability in the area I want to buy” was the biggest obstacle to a home purchase. Just 11.3 percent said the biggest obstacle was “not enough homes for sale.”
The Year in Cybersecurity: 5 Threats to Watch in 2015
Scary cybersecurity news dominated the headlines constantly this year, with breaches, bugs and attacks involving Home Depot, Heartbleed, iCloud, Sony and others.
Five Traps To Avoid When Deducting Mortgage Interest
The New Year is upon us. This means that the time for preparing your 2014 tax return draws near. Soon you’ll don your tinted visor, dust off your ten-key, and get to work filling in your Form 1040.
Perfect economic mix set to boost housing in 2015
After a few so-so years, the housing market and related stocks could be primed for a big 2015.
Zillow: Mortgage rates stay far below 4%
The interest rate for a 30-year, fixed-rate mortgage fell last week, continuing a trend of sub-4% interest rates, according to a new report from Zillow.
Short sale tax break signed into law
Homeowners who had short sales in 2014 can now breathe a giant sigh of relief, as the Mortgage Debt Forgiveness Act was signed into law by President Barack Obama.
Minimum wage to rise in 21 states this week
The minimum wage will rise in 21 states in 2015, putting it above the federal pay floor in more than half the USA and highlighting the impact of a national movement to boost the earnings of low-paid workers.
CoreLogic: 5 drivers of housing in 2015
It’s been five years since the financial crisis, and the housing economy continues to steadily improve, paving the way for an even better 2015, CoreLogic’s 2015 Housing Outlook said.
Construction Costs Rising as Economy Improves
Building costs are rising at the fastest pace in six years, according to a new report by Rider Levett Bucknall, a property and construction consulting firm.
How the 2014 Housing Market Will Shape 2015
The real estate market has shown a build-up of housing momentum this year – “fueled by significant improvements in economic fundamentals, low mortgage rates, and compressed inventory” – that will likely translate into larger gains in 2015, according to realtor.com®’s newly released 2014 Housing Review.
Redfin: The most competitive neighborhoods for homebuyers in 2014
While home-buying competition eased nationally in 2014, only moderate relief came to buyers in some of the most competitive areas, including San Jose, Oakland, Los Angeles, Seattle and Portland, according to Redfin.
The Big Economic Unknowns of 2015, From Unemployment to Oil
Too much uncertainty clouds the crystal ball to be confident that any particular course of events will play out in the real world. But we do know something about the sources of that uncertainty, and in a season for sharing, I’d like to offer six questions whose eventual resolution will shape the economic year ahead:
Why some mortgages get suddenly canceled
You and the home seller put it to paper that you are buying your new palace. You put a big deposit down. You shell out $1,000 for an appraisal and home inspection. After all of the ridiculous mounds of documentation you supplied and seemingly endless questions answered, your loan officer finally calls to tell you that your loan is approved.
Prices are Rising For Senior Living Properties
The aging of the Baby Boom generation combined with the flood of capital into commercial real estate is driving up the costs of properties that cater to senior living.
Consumer sentiment rises strongly from November
Consumer sentiment held steady the last two weeks at a very high level of 93.6, little changed from 93.8 at mid-month and far above November's final reading of 88.8.
FHFA issues warning on “super priority” liens
The Federal Housing Finance Agency has issued a warning to homeowners, financial institutions and state authorities, citing its concern with super-priority liens created by either energy retrofit programs or homeowner association priority status.
CFPB Sues over Unclear Fees, Charges from a Third-Party
On Dec. 17, 2014, the Consumer Financial Protection Bureau announced that it was suing Sprint Corp., the major wireless provider, for “illegally cramming” consumers’ phone bills with unauthorized third party charges.
Housing Outlook 2015: 11 Predictions From The Experts
It’s been an odd year for the housing market. It kicked off with the ‘Polar Vortex,’ blamed for slowing home sales in the early part of the year. As 2014 draws to a close, the National Association of Realtors expects sales of previously owned homes to fall short of 2013’s total, while the latest monthly data on new homes show sales were up just 1.8% in October from a year earlier.
Nov. existing home sales slow across U.S.
Sales of existing homes fell all over the U.S. in November, sliding 6.1% to the slowest annual pace since May, the National Association of Realtors said Monday.
Niagara Falls Tries To Attract Young Residents With Promise To Help Repay Student Loans
It’s not unheard of for a corporation, non-profit organization or even the federal government to entice prospective employees with the promise to repay their student loans in exchange for a certain number of years of work. The city of Niagara Falls appears to be taking that idea and making it its own; offering to repay a portion of recent graduates’ student loans in exchange for living in the city for two years.
The Value Of America's Housing Market Climbed To $27.5 Trillion This Year
The value of all homes in the US increased by $1.7 trillion in 2014 to $27.5 trillion, according to Zillow.
U.S. Home Values Continue to Rebound But at Slower Pace
U.S. home values are on pace to conclude another year of strong growth, although the pace is easing up a bit, online real estate marketplace Zillow says.
Accenture: 3 big predictions for mortgage lending next year
Housing survived 2014, and now heading into next year, experts are once again weighing in on what they see for the future of the housing industry and overall economy.
Home heating oil is now cheap, but natural gas is even cheaper
Even though prices are way down, oil can’t catch a break from homeowners who remain willing to spend thousands of dollars converting their heating systems to natural gas.
Community bankers call on FHA to lower mortgage insurance premiums
The mortgage finance industry wants the Federal Housing Administration to reduce its premiums, and they’re not being shy about letting the U.S. Department of Housing and Urban Development know about it.
5 tips for sharing your charitable activities
This is the time of year when many people and businesses focus on philanthropy as charities make their pushes for year-end giving.
Fixed mortgage rate sinks to yearly low
Recent global economic concerns, including the Russian economic downturn, have sent investors fleeing for the safety of bonds. That, in turn, has caused bond prices to rise and yields to fall. And because the mortgage market loosely follows Treasury yields, mortgage rates have also tumbled.
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June 2014 Housing Report
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