Amid increases in new construction, homebuilder confidence, and existing home sales, Freddie Mac reported fixed mortgage rates reaching new record lows for the second week in a row. The average 30-year fixed-rate mortgage rate fell to 3.31 percent (0.7 point) over the week ending November 21. The 15-year fixed-rate mortgage also experienced a decline this week, falling from 2.65 percent to 2.63 percent (0.7 point), according to Freddie Mac's data.
Read More »Insurers Release Quarterly Data on Modification, Refinance Activity
Mortgage Insurance Companies of America (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means. During the third quarter of 2012, the dollar volume of insurance written by MICA members reached nearly $11.6 billion, up 62 percent year-over-year.
Read More »Bank Failure in Georgia Marks 50th This Year
Marking the 50th bank closing nationwide this year, the two branches of Hometown Community Bank in Braselton, Georgia shut their doors Friday and reopened Saturday as branches of CertusBank, National Association of Easley, South Carolina.
Read More »Bernanke: Crisis Hit Minorities, Low-Income Families Hardest
In a speech at the Operation HOPE Global Financial Dignity Summit in Atlanta, Federal Reserve Chairman Ben Bernanke spoke of the amplified effect the housing crisis has had on minorities and low-income families across the country. He pointed out that while homeownership has declined for the nation overall, the decline has been steepest among households with incomes of $20,000 or less. The homeownership decline among African Americans is also steeper than the national average, Bernanke said, referencing data from the Census Bureau.
Read More »Homeownership Down Even as Affordability Increases
The landscape of homeownership has undergone significant changes in recent years: The homeownership rate has declined, but so has the cost burden of owning a home. Both of these trends are most prevalent among young homeowners, according to a recent report from Fannie Mae. The national homeownership rate has declined in each of the past four years, according to the most recent Census data. The decline among those 25 to 44 years of age is more than twice the overall decline.
Read More »Churchill Mortgage Welcomes 23 New Mortgage Professionals
Churchill Mortgage, a provider of FHA, VA, USDA, and conventional residential mortgages, has expanded its staff with the addition of 23 employees at various branches across its 26-state reach.
Read More »Georgia MLS First to Adopt LPS reInsight System
Lender Processing Services (LPS) recently introduced reInsight MLS, and Georgia MLS became the first to launch the new offering.
Read More »Administration Reports Continued Housing Improvement
The state of the housing market continues to improve though recovery remains fragile, according to the October Housing Scorecard released Friday by the Obama administration. Along with the scorecard, the administration released special instructions for those administering the Making Home Affordable Program in areas affected by Hurricane Sandy. In areas directly impacted by Hurricane Sandy, servicers must offer at least three months forbearance to any homeowners eligible for Making Home Affordable who request forbearance.
Read More »Fed Governor Suggests Separate Lending Rules for Community Banks
While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is "challenging," Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers "abandon efforts for a one-size-fits-all approach." Speaking before the Community Bankers Symposium in Chicago, Duke said the Federal Reserve has received a large volume of comments from community banks expressing concern over the proposed regulatory capital requirements.
Read More »Credit Unions Voice Concerns over CFPB Rule
The National Association of Federal Credit Unions expressed opposition to the CFPB's proposed rule on mortgage application and settlement disclosures.
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