First Financial Network, an Oklahoma City-based loan sale advisor, recently announced the addition of a new SVP of business development. First Financial welcomes Tim Buss, an industry veteran who began his career in 1987.
Read More »Trulia: Asking Prices Up 7.0% in February as Inventory Spiral Slows
National asking home prices have risen 7.0 percent year-over-year since bottoming out last February, Trulia revealed in its February Price Monitor Report. Seasonally adjusted, asking prices increased about 1.4 percent from January and 3.0 percent quarter-over-quarter, marking two post-recession highs. Nationally, inventory fell 23 percent year-over-year in February. Jed Kolko, Trulia's chief economist, explained that while falling inventory boosts prices, the relationship works both ways.
Read More »Vericrest Completes Onboarding of New Servicing Rights Portfolios
Vericrest Financial, Inc., announced it has completed onboarding two new portfolios of mortgage servicing rights (MSRs).
Read More »QM Critics: Mortgage Rule to Set Up Another Meltdown
Two fellows at the American Enterprise Institute (AEI) assert that the QM rule is "simply another and more direct way for the government to keep mortgage underwriting standards low."
Read More »Consumer Debt Increases in Q4 2012, Mortgage Debt Flat
Mortgage debt for U.S. households was roughly unchanged quarter-over-quarter, according to the Federal Reserve Bank of New York's Household Debt and Credit report. Mortgage debt stood at $8.03 trillion in Q4, making up the largest component of household debt. At the same time, overall consumer debt increased by $31 billion to $11.34 trillion, a slight 0.3 percent increase from the third quarter. Despite the growth, the report noted consumer debt has still seen a significant decline after peaking at $12.68 trillion.
Read More »Fitch: Home Improvement Sales Underscore Recovery
Increased profits at home improvement outlets underscore Fitch Ratings' view that the housing recovery is in its early stages.
Read More »Mortgage Lender Celebrates Implementation of LendingQB Platform
LendingQB, a California-based company specializing in loan origination technology solutions and services, announced the successful implementation of its Web-based, end-to-end mortgage lending platform for OGI Mortgage Bankers, a fast-growing lender based in Los Angeles.
Read More »GMH Mortgage Services Taps Industry Veteran as VP of Processing
GMH Mortgage Services LLC, a nationally recognized mortgage bankers headquartered in Newtown Square, Pennsylvania, announced the hiring of Penny Smith as VP of processing. Smith has more than 25 years of experience in the mortgage industry. She most recently worked at New Penn Financial, where she managed an operations channel for the company.
Read More »Credit Union Earnings Rise to All-Time High in 2012
Federally insured credit unions brought in record-high earnings last year, the National Credit Union Administration (NCUA) reported. NCUA reported earnings of $8.5 billion across the industry in 2012, the highest annual figure ever posted. Earnings last year were 36.1 percent higher from the $6.3 billion reported in 2011. The rise in earnings came largely from reductions in loan loss reserves, "a positive sign of improving economic conditions," NCUA said in a release.
Read More »Mortgage Industry Employment Grows in 2012
Employment in the mortgage industry reached a post-crisis high in 2012, according to data from Mortgage Daily's Mortgage Employment Index. The index showed a gain of 2,571 jobs during last year's fourth quarter, making it the sixth straight quarter to post an increase. However, job growth wasn't as strong as the third quarter, which saw 2,926 mortgage jobs created. For the entire year, the mortgage industry gained 8,978 new jobs, more than twice what was gained in 2011 (4,320).
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