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Daily Dose

HUD Secretary: FHA is Exploring Alternative Credit Scoring for Mortgage Borrowers

Co-hosted by the National Association of Realtors (NAR), The Asian Real Estate Association of America, and the National Association of Hispanic Real Estate Professionals, the event included two roundtable discussions and a keynote address from Castro. Realtors within these organizations believe in safe access to mortgage credit for borrower who can show they are able to own a home and keep up with payments. However, due to restrictive lending many of the qualified borrowers are not able to enter the housing market, according to NAR President Chris Polychron.

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Former FDIC Chairman Criticizes Lack of GSE Reform

On an Investors Unite Conference call Wednesday, Isaac said while in the midst of the 2008 financial crisis the government used Fannie and Freddie to stabilize housing finance, the government’s current actions could cause another, potentially worse, crisis.

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JP Morgan Chase Paid More than Half of $4 Million Settlement

Independent monitor Joseph A.Smith verified Chase's claim made in December that the bank had provided $2.24 billion in consumer relief credit to 111,924 borrowers as of the end of the third quarter (September 30, 2014). Chase has until December 31, 2017 – nearly three full years – to pay the approximate remaining amount of nearly $1.8 billion of its obligation toward consumer relief under the settlement.

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FHA to Take Mortgage Appraisals Online in 2016

The Electronic Appraisal Delivery(EAD) portal for FHA insured single family will be used to provide information necessary for mortgagees to prepare for delivering both forward and reverse origination appraisals, HUD announced through a mortgage letter. Mortgage lenders will be required to use the web-based platform for mortgagee submissions of FHA appraisal data and reports for case numbers assigned on and after June 27, 2016.

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Survey: More Homebuyers Want Energy-Efficient Homes

An NAHB survey of single-family home builders revealed that nearly 25 percent of builders installed alternative energy-producing equipment in new construction. This includes geothermal heat pumps and photovoltaic solar panels. The current 30-percent tax credit available for homeowners who install this equipment is set to expire at the end of 2016, which makes this a good time for interested buyers to consider purchases.

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Auction.com Revises March Real Estate Nowcast

Based on the latest Google Trends data and updated housing market data tracked by Auction.com – which together indicate a shift in March home sales – the adjusted Auction.com Nowcast projections are slightly higher than those released on March 24. The original nowcast called for a range between 4.83 and 5.12 million, with a targeted number of 4.97 million.

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Fannie Mae’s Mortgage Portfolio Declines 14.5 Percent

Fannie Mae's total Book of Business, which includes the gross mortgage portfolio plus the total Fannie Mae mortgage-backed securities and other guarantees less the Fannie Mae mortgage-backed securities in the portfolio, decreased at a compound annualized rate of 0.1 percent in February, down to $3.1214 trillion. It was the second consecutive month of contraction for Fannie Mae's Book of Business after expanding for three out of four months between September and December.

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HELOCs Increase 15.8 Percent Year-Over-Year

In 2014, more than $120 billion worth of HELOCs were originated, which is a 21.5 percent year-over-year increase. In addition, more than 1.2 million new HELOCs were opened in 2014, a 15.8 percent increase from the year before. These represent six year highs for HELOC originations.

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Mortgage Banks, Subsidiaries Report Loss in Fourth Quarter

Average production volume was $417 million per company in the fourth quarter of 2014, down from $437 million per company in the third quarter of 2014, but up from $367 million per company in the fourth quarter of 2013. The volume by count per company averaged 1,769 loans in the fourth quarter of 2014, down from 1,901 loans in the third quarter of 2014 but up from 1,641 loans in the fourth quarter of 2013.

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CFPB Releases New ToolKit

CFPB

The toolkit was developed as a part of the CFPB’s “Know Before You Owe” mortgage initiative and helps consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.

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