Home >> Author Archives: Krista Franks Brock (page 48)

Author Archives: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

Mortgage Applications Fall 7.1%, Prompted by Refinance Decline

Mortgage applications decreased 7.1 percent over the week last week with an 8 percent decline in refinance applications contributing largely to the decrease, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The decline was the same for an unadjusted and seasonally adjusted index. The percentage of mortgage applications made up by refinance applications fell slightly from 80 percent the previous week to 79 percent for the week. Interest rates for 30-year fixed-rate loans ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô with both conforming and jumbo loan balances ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased slightly for the week.

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Home Prices Strengthen with Second Consecutive Monthly Increase

April marked the second consecutive month of monthly home price gains but posted a 2.4 percent decline year-over-year, according to FNC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Residential Price Index. However, FNC notes that the yearly decline ├â┬ó├óÔÇÜ┬¼├àÔÇ£marks the slowest pace of price declines since the housing crash.├â┬ó├óÔÇÜ┬¼├é┬Ø FNC, an appraisal technology provider, recorded a 0.6 percent price increase in April based on prices in the 100 largest metropolitan areas. FNC relies on public records and real-time appraisals of neighborhoods and properties. Some cities to experience declines in April do not appear to be anomalous.

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FHFA Files Suit Against Illinois Officials for Improper Taxation

The Federal Housing Finance Agency filed suit Friday against Illinois tax officials for imposing unlawful taxes on Fannie Mae and Freddie Mac. Several Illinois counties have attempted to collect transfer taxes from the GSEs, and some have threatened to reject future property transfers from the enterprises if they do not pay the state and county transfer taxes. Illinois officials have demanded transfer fees from both enterprises. Similar claims and demands have been made from other Illinois counties.

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CFPB Releases New Guidance on Military Relocation

Mortgage servicers received new guidance Thursday addressing protocol for dealing with military members who receive permanent change of station orders. The joint guidance was released by the Consumer Financial Protection Bureau in concert with the Federal Reserve, FDIC, National Credit Union Administration, and Office of the Comptroller of the Currency. About one-third of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós military members receive non-negotiable permanent change of station orders each year, and the new servicer guidance is intended to ensure compliance with applicable consumer laws and regulations.

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Improving Markets Index Shows Volatility in June: NAHB

After reaching 100 in May, the list of metropolitan areas with improving housing markets fell to 89 in June, according to the National Association of Home Builders/First American Improving Market Index. While the number of metros on the index dropped, a closer look shows high volatility, not a straightforward decline in improving markets. About half of last month's improving markets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 52 metros ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô maintained their improving status in June. The other 48 metros listed as improving markets in May fell off the list.

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FHFA Proposes Rule to Forbid GSEs from Purchasing PACE Loans

The Federal Housing Finance Agency, conservator of Fannie Mae and Freddie Mac, has issued a proposed rule that would prohibit the GSEs from purchasing loans affected by the Property Assessed Clean Energy program. PACE is a local government initiative designed to help homeowners finance energy-efficient and renewable energy projects for their homes. FHFA's proposed rule is open for comment for 45 days from its date of publication, June 15. PACE financing for energy-efficient projects is available in 18 states and the District of Columbia.

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Group: Housing Outlook ‘Significantly Brighter’ Than Year Ago

According to Harvard University's Joint Center for Housing Studies, the key to the housing market recovery is job growth. "What the for-sale market needs most is a sustained increase in employment to bring household growth back to its long-term pace," the Joint Center said in its recent report, The State of the Nation's Housing 2012. Multifamily starts rose 54 percent and home improvement spending rose 0.6 percent over the year in 2011 and single family housing starts declined 8.6 percent over the year.

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CFPB Counters Trade Group’s Call for Date to Resign

In an exclusive interview with MReport Tuesday, Marc Savitt, president of the National Association of Independent Housing Professionals, divulged his intentions to call for the resignation of Raj Date from his post as deputy director of the Consumer Financial Protection Bureau. Following the interview, NAIHP released an official announcement calling for just that. We obtained comments from the consumer bureau countering criticism Date received for a speech Monday in which he faulted mortgage brokers for the housing crisis.

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Exclusive: Trade Group to Call for CFPB Official to Resign After Broker Comments

Sparking indignation in the mortgage broker community, Raj Date, deputy director of the Consumer Financial Protection Bureau, laid the bulk of the blame for the housing crisis on brokers during a speaking engagement Monday. His statements have led at least one industry trade group to call for his resignation. Marc Savitt, president of the National Association of Independent Housing Professionals, called Date's comments "outrageous." He said the group will call for the official's resignation this week.

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Four Banks Close Friday, Bringing 2012 Tally to 28

Four banks were shut down Friday bringing the tally of fallen banks so far this year to 28. The banks were located in Illinois, North Carolina, Oklahoma, and South Carolina. The Illinois Department of Financial and Professional Regulation closed Shabbona, Illinois-based Farmers and Traders State Bank. The failed bank held $43.1 million in assets and $42.3 million in deposits as of the end of the first quarter of the year. First State Bank, based in Mendota, Illinois, entered a purchase and assumption agreement with the FDIC.

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