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Daily Dose

Firms Must be Conscious of Leaving Themselves Vulnerable to Hackers

Commentary is an ongoing series on theMReport.com that focuses on opinions, ideas, and insights from experts across mortgage banking. This advisory piece features Steven Russo, EVP of CertainSafe, discussing how legal practitioners hold, store, and transfer critical, privileged and highly sensitive information entrusted to them, which by default, makes them prime targets for hackers.

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National Appraisal Congress Launches Subcommittee to Address Valuations Workforce Shortage

National Appraisal Congress (NAC) has announced the formation of the Society of Young Appraisal Professionals, an NAC subcommittee focused on addressing the declining workforce in the residential valuations space. The new subcommittee's focus will be on actively recruiting, educating, and promoting apprentice appraisers and on brainstorming ideas and developing solutions to help appraisers who have been in the valuation space for five years or less.

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Forecast Expects Housing Market Growth to Slow Down for the Rest of 2015

Consumers grow uneasy as the spring season comes to a close and recent gains in the housing market begin to decline. Clear Capital, Inc., a provider of data and solutions for real estate asset valuation and collateral risk assessment, recently released its Home Data Index (HDI) Market Report with data through June 2015 that shows that 2015 will be a non-growth year.

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Facing the Housing Challenge Head–On: An Exclusive Interview with FHA Chief Edward Golding

Dedicated, visionary, and optimistic about the future of homeownership, Golding has spent more than 25 years in mortgage finance in both the public and private sector. Prior to joining HUD in 2013, he held several senior positions during a 23-year tenure with Freddie Mac—where he served as SVP of Economics and Policy, Program Executive of Making Home Affordable, SVP of Economics and Strategic Analysis, and SVP of Capital Oversight and Economics. Despite his busy schedule shaping the future of American homeownership, Golding sat down with us this month to address your pressing questions on the FHA, mortgage insurance, housing, down-payment assistance, and more. Editor's note: This select print feature appeared in the July 2015 edition of MReport magazine, available now.

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Mortgage Rates Reach New Highs for 2015

The average fixed mortgage rates have reached new 2015 highs, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). According to the survey, the 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.6 point for the week ending July 2, 2015. This is an increase from last week when it averaged 4.02 percent.

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Federal Agencies Find Utah has the Highest Loan-to-Deposit Ratios and Delaware has the Lowest

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) recently issued the host state loan-to-deposit ratios that the agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. The agencies reported that Utah had the highest loan-to-deposit ratio at 101 percent, while Delaware had the lowest ratio at 47 percent.

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Job Gains Reach 223,000 in June, While Wage Growth Slows

Job gains totaled 223,000 in June as the unemployment rate dipped to 5.3 percent, according to the June 2015 Employment Situation released by the Bureau of Labor Statistics (BLS) on Thursday. With June's payroll increase, the average monthly job gain for the last 12 months in the United States is 250,000. Job gains in April and May were revised downward to 187,000 and 254,000, respectively, which was a combined 60,000 lower than previously reported.

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Report Finds that Seven Housing Markets are Overvalued and Four are in Texas

Although home prices have continued to rise at a slow pace for most markets, they are still at normal price levels or undervalued, according to the CoreLogic Market Condition Indicators. However, Mark Liu, principal economist at CoreLogic identified that seven of the top 100 metropolitan markets—four in Texas alone—have been identified as being overvalued, an increase from four markets in October 2014.

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Third Fed Savings & Loan of Cleveland Reveals Stress Tests Results

The Third Federal Savings and Loan Association of Cleveland, a wholly owned subsidiary of TFS Financial Corporation, recently reported the results of its 2015 company-run stress test that is conducted in accordance with regulations of the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Millennials Favor Single-Family Homes when Establishing Households

Millennials are leaning toward single-family homes when browsing the housing market. A recent analysis from Fannie Mae titled “Rent or Own, Young Adults Still Prefer Single-Family Homes” determined that householders aged 25-34 were more likely to occupy a single-family home in 2013 than in 2006, during the peak of the last housing cycle.

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