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Author Archives: Seth Welborn

New Homes Purchases and Applications Jump

New home purchases are on the rise. Recent reports show increases in new home purchases. According to the Survey, year-over-year new home purchases for March 2017 increased 6.7 percent compared to March 2016. Month-over-month, applications grew 23 percent. Average loan size decreased in March, from $330,208 in February to $328,192.

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NMSA Announces New Chairperson

The National Mortgage Servicing Association (NMSA), recently announced the appointment of Ray Barbone, EVP, of Mortgage Services at BankUnited, as the new NMSA Chairperson. Barbone assumed the seat recently vacated by J.K. Huey, SVP at Wells Fargo, during the NMSA annual member meeting on April 5 in Washington D.C.

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CFPB Clarifies Information Collection Requirements

The increased amount of data which the CFPB has required lenders to report has led increased complications. Several lenders and trade groups have asked for clarification on the definition and reporting requirements for new HMDA reporting categories, such as “loan purpose” the unique identifier for the originator of the loan. In a statement, the CFPB let firms know that they can avoid reporting on those topics if they do not have the information due to loans which were purchased from a third party.

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Dart Appraisal Announces Collaboration with HouseCanary

Dart Appraisal, an independent appraisal management company, recently announced its collaboration with HouseCanary, a San Francisco-based real estate data analytics company. Through this collaboration, Dart Appraisal will offer a new valuation product to its lender clients.

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Refinance Volume Drops as Mortgage Rates Rise

Refinances fell in February as mortgage rates rose, according to the Federal Housing Finance Agency’s (FHFA) February 2017 Refinance report. The average interest rate on a 30-year fixed rate mortgage in February 2017 was 4.17 percent, up from January 2017’s 4.15 percent.

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