In a discussion with MReport, Bank of America's Terry Francisco explains how the financial institution is opening up new homeownership opportunities for responsible consumers.

As we prepare to enter into 2016, one can only wonder what the next year will bring in terms of housing. One thing is for sure though, the picture will look completely different as hot markets begin to cool down.

ValuAmerica, Inc., a national title agency, appraisal management company and technology provider, recently announced that the company has teamed up with Black Knight Financial Services, Inc., a provider of integrated technology, data and analytics to the mortgage and real estate industries, to provide a fully integrated loan closing solution for lenders.

The report showed that mid-sized metros experienced some of the largest price increases in the country, while larger metros saw home prices decline.

Earlier this year, the nation's third-largest mortgage lender and the Department of Justice went back and forth in a legal battle accusing the lender of improperly originating and underwriting Federal Housing Administration-insured mortgages. This battle could very well be the lender's motivation to leave the government program alone for good.

The future of housing in America can seem so close, yet so far away, but government officials and housing experts are already hot on the case making their evaluations of the present state of the market and prediction on the future.

"The trend in the market indicates consumers appear more confident in the economy and are moving forward with their lives and borrowing money again." -Assad Lazarus, SVP, Product and Customer Experience at Equifax Personal Information Solutions.

As 2016 lies just under one month away, the mortgage industry is already on top of what to expect in the coming year with predictions on what the housing sector may or may not bring.

The Justice Department recently announced a settlement agreement to resolve allegations that a Lowell, Massachusetts-based bank practiced discriminatory lending based on race and national origin.

Construction spending in the U.S. rose to the highest level since December 2007 in October 2015, when the recession had just began.