While last year's rising home prices brought relief to many underwater homeowners, allowing many older homeowners with increased net worth to purchase new homes, they also precluded many young first-time buyers from purchasing, according to a report from BBVA Group. ""Older homeowners are increasingly able to purchase a new residence with cash only after they sell their current home,"" said Jason Frederick, an economist for BBVA Compass.
Read More »HUD Housing Exec Joins Centennial Mortgage Team
Centennial Mortgage, Inc. (CMI), an Indiana-based mortgage bank providing funding through HUD- and U.S. Department of Agriculture-insured loan programs, added one of HUD's own to its staff. Reneé Greenman, formerly the agency's Seattle Multifamily Hub Director, joined the company as managing director.
Read More »Experts Predict Diminished Investor Activity, 4.5% Appreciation in 2014
A majority of experts surveyed by Zillow and Pulsenomics expect large-scale investors will pull out of the housing market in the next few years--and that hopefully means a smoother field for consumer buyers. While their withdrawal will most certainly affect today's still-fragile market--79 percent of those surveyed said the impact would be ""significant or somewhat significant""--Zillow chief economist Dr. Stan Humphries says it wouldn't be the worst thing to happen to housing.
Read More »PHH Exploring Sale of Mortgage Business
PHH Corp., which bills itself as one of the top 10 originators of retail residential mortgages in the United States, announced in its latest quarterly filing it is ""exploring ways to maximize shareholder value through the separation or sale of fleet business, mortgage business, or both"" in response to a 22 percent decline in fourth-quarter profits compared to the end of 2012 ($45 million compared to the prior year's $58 million). According to the company's filing, its mortgage production segment contributed a loss of $45 million in Q4.
Read More »Velocify Recognized in 2014 LEADER Awards
Awards keep rolling in for Velocify: The cloud-based sales solutions provider announced it has been recognized in the LeadsCouncil LEADER Awards for the fourth straight year.
Read More »Total Mortgage Adds EVP to Lead Wholesale Lending
n Connecticut, Total Mortgage Services recruited Andy Pettola as lead its wholesale lending division as EVP.
Read More »Yellen Tackles Tapering, GSE Reform Before House Committee
If nothing else, Janet Yellen proved on Tuesday she has stamina. The newly installed Federal Reserve chair--the first woman to take the post in the institution's century-long history--sat in front of the House Financial Services Committee for an extended session, fielding dozens of questions on topics ranging from the Fed's current direction to GSE reform. The takeaway from her prepared remarks: Don't expect a great change in policy now that she's at the helm.
Read More »Trends Showcase Affordability Issues as Prices Rise
The National Association of Realtors (NAR) released its latest quarterly reports Tuesday, highlighting deteriorating conditions for housing affordability as prices keep trending upward. The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1 percent from $178,900 in the fourth quarter of 2012. As ever, the association says the increase was driven by a tight supply of existing homes and a decline in production of new houses.
Read More »USRES Announces Enhancements to Valuation Platform
USRES, a provider of management solutions for real estate assets and the parent company of RES.NET, recently unveiled enhancements to its proprietary valuations platform designed to improve quality control and compliance efforts.
Read More »Credit Availability Grows in January
Mortgage credit access opened up in January following a flat December, the Mortgage Bankers Association (MBA) revealed Tuesday. MBA's Mortgage Credit Availability Index (MCAI), a gauge of lending standards measured with data from the AllRegs Market Clarity product, increased 1.85 percent to an even 113 last month. MBA's latest index fits with Fannie Mae's January National Housing Survey, in which more consumers expressed their belief that getting a mortgage today would be ""easy.""
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