In Michigan, Main Street Bank is expanding its mortgage banking operations. The financial institutions recently announced the opening of a new mortgage office in downtown Rochester.
Read More »More Americans Feel Confident About Housing: Survey
More Americans feel confident about their household finances, the housing recovery, and the prospect of an economic upturn, Fannie Mae said Wednesday. The mortgage giant drew on poll data from some 1,000 respondents to sketch a blend of guardedness and hopefulness in a National Housing Report. Thirty-five percent of Americans now believe the economy is on the right track, an increase from 19 percent in November, compared with 57 percent who still feel damp about the state of recovery. Fewer respondents fielded layoff concerns.
Read More »Report Slams FHFA, Freddie for Poor Servicer Oversight
The inspector general of the Federal Housing Finance Agency released a report Tuesday that criticizes the agency, Fannie Mae, and Freddie Mac for a series of ongoing oversight problems with mortgage servicers. The document charges that the FHFA failed to implement service guidelines for the mortgage company last year and portrays today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós environment as one in which the agency, GSEs, and servicers all punt responsibility down the ladder. It also alleges that Fannie Mae and Freddie Mac routinely fail to swap servicer information.
Read More »Falling Loan Applications Tilt Toward Still-Nascent Recovery
In signs that a stable housing rebound may still be ways off, mortgage applications contracted by 1.2 percent last week, even while the Home Affordable Refinance Program offered a still-steady buttress for refinance activity. The Mortgage Bankers Association found in a weekly survey that mortgage application volume also declined by 10.2 percent on a seasonally adjusted basis. The Purchase Index went up by a seasonally adjusted 2.1 percent from last week, while it climbed by 14.7 percent on a seasonally unadjusted basis.
Read More »Lenders One Reports Record-Breaking Statistics
Lenders One Mortgage Cooperative has started 2012 on an optimistic note. The company recently announced that it achieved a new high for origination volume last year, giving Lenders One a record breaking end to 2011.
Read More »Provident Adds New Consumer Markets Leader
Provident Bank has appointed a new consumer markets leader for its northern and central regions, with the announcement that Colleen Sousa will join the financial institution.
Read More »Group: Euro Crisis Could Choke ‘Healing’ Housing Market
A steady pace for home prices and sales signals housing recovery, but a disorderly default by any of the euro zone states overseas could choke affordability according to Capital Economics analysts.
Read More »Nationstar Signs Deal to Buy $63B in Aurora’s Servicing Rights
Nationstar Mortgage LLC seized a deal recently with Aurora Bank, formerly Lehman Brothers Bancorp, for a handover of $63 billion in residential mortgage servicing rights.
Read More »Mortgage Rates Ride Rollercoaster Ahead of Greek Deadline
All-time highs for housing affordability persisted this week as interest rates for fixed-rate mortgages hovered near their record-breaking lows, a sign that Europe continues to ward off investors. Real estate Web site Zillow found only a minor shift for the 30-year fixed-rate mortgage, which lingered between 3.70 percent and 3.75 percent before nestling at 3.69 percent Tuesday. The 15-year loan stayed near 2.95 percent, along with rates for 5-year and 1-year adjustable-rate mortgages that averaged 2.65 percent, according to the Web site.
Read More »Obama Touts Lower FHA Premiums, Vet Homeowner Relief
The Obama administration revealed recently it will relieve veterans wrongly foreclosed upon by servicers, as well as slashing refinancing rates for FHA loans.
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