The Mortgage Bankers Association's (MBA) latest analysis of underwriting criteria shows mortgage credit availability opened up in October. MBA's Mortgage Credit Availability Index (MCAI) increased 0.7 percent last month to 111.5, putting a stop to declines recorded in the previous two months. According to the association, October's gain reflects a reduction in minimum credit scores by investors on certain products; that was offset slightly by other investors reducing the availability of cash-out refinances and limiting other programs.
Read More »CFPB Issues $13M Consent Order for Utah Lender
The Consumer Financial Protection Bureau announced it has issued a proposed consent order in its enforcement action against Castle & Cooke Mortgage, LLC. Under the terms of the order, Castle & Cooke has agreed to pay more than $9.2 million in restitution to consumers and $4 million in civil penalties to settle allegations that two of its officers--president Matthew Pineda and SVP of capital markets Buck Hawkins--paid illegal bonuses to loan officers based on the interest rates of loans offered to borrowers.
Read More »NAR Predicts Flat Home Sales, Rising Prices in 2014
Speaking at the 2013 Realtors Conference & Expo Friday, National Association of Realtors (NAR) chief economist Lawrence Yun predicted steadiness in existing-home sales over the next year as prices continue to ascend. Looking over the past year, Yun said he expects existing-home sales to be up about 10 percent in 2013 to 5.13 million. Sales in 2014 are expected to hold fairly even at about 5.12 million. Reviewing price movements, he said the median existing-home price should end 2013 about 11 percent higher than 2012.
Read More »LPS Executive Named to MBA Board
Bill Griffin, EVP at Lender Processing Services (LPS), has been elected to serve on the Mortgage Bankers Association's (MBA) board of directors, the company announced.
Read More »Despite Late-Month Drop, Loan Apps Rebound in October
Mortgage application volume increased throughout October, but a substantial decline recorded in the month's final days has experts at Capital Economics doubting that the trend will continue for the time being. Using application numbers released by the Mortgage Bankers Association (MBA), Capital Economics calculated a 7.5 percent increase in applications in October, pulling activity up from a five-month streak of declines. However, for the week ending November 1, MBA reported a 7.0 percent drop.
Read More »JPMorgan-Led Effort to Employ Military Veterans Nears Goal
A private-sector initiative launched by JPMorgan Chase in early 2011, the 100,000 Jobs Mission, is less than 8,000 positions from its goal. Member companies have collectively hired 92,869 U.S. military veterans through the third quarter of 2013, the organization recently reported.
Read More »Loan Officer Survey Shows ‘Moderate’ Easing in Credit Standards
On net, a "moderate fraction" of banks polled in the Fed's Senior Loan Officer Survey reported easing standards on prime residential mortgages from August to October, with a net 8.8 percent saying credit standards have "eased somewhat." Among large banks, a net 26.5 percent reported somewhat looser standards. Meanwhile, however, demand has declined for both prime and nontraditional mortgages as mortgage rates bounce upward. Among all respondents, a net 7.2 percent reported moderately or substantially weaker demand.
Read More »Survey: Singles, First-Time Buyers Still Struggling with Financing
Findings released in the National Association of Realtors├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó (NAR) annual Profile of Home Buyers and Sellers survey demonstrate what industry experts have been saying since the housing market started to pick up: Access to credit is going to have to loosen before mortgage-dependent homebuyers can make a more meaningful contribution to the recovery. According to NAR chief economist Lawrence Yun, conditions are especially restrictive for single and first-time buyers.
Read More »Auction.com SVP Ranked Among CRE’s ‘Top 45 Under 40’
Joseph Cuomo, SVP and director of business development for online real estate marketplace Auction.com, has been recognized by Real Estate Forum magazine as one of the commercial real estate industry's Top 45 Under 40.
Read More »Sun West to Publish Lending Libraries Using AllRegs
Sun West Mortgage Company, Inc., is now leveraging AllReg's technology and publishing expertise to manage and maintain its underwriting guidelines, the companies announced.
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