Since the beginning of 2013, cash purchases have comprised a steadily eroding share of the market en route to pre-crash averages. Prior to 2008, cash sales on average made up a quarter of the sale market nationally. Cash sales reached their peak during the worst of the recession, topping out at 46.5 percent in January 2011.
Read More »Mortgage Applications Rose with Credit Availability in March
As for credit availability, Fratantoni said that “a number of factors contributed to a loosening of credit in March.” One factor is Freddie Mac's introduction of its 97 percent LTV program, which allows for as little as 3 percent down payment on a new home purchase. Other factors included looser parameters on jumbo loan programs, increased cash-out refinance loans offerings, and the growth of FHA’s VA Interest Rate Reduction Refinance Loan.
Read More »RedVision Makes New Appointments for Sales, Operations Leadership Positions
New Jersey-based RedVision, an independent, nationwide provider of real property title data, search examination, and curative-ready solutions, has appointed Amy Holder to the new executive role of New Jersey sales director and James Sandifer as VP of regional operations for the southeast and mid-Atlantic regions.
Read More »Deceptive Advertising Leads to CFPB Fines for Mortgage Lender
Under the terms of the RMK Financial Corporation consent order, RMK must pay a civil penalty of $250,000 in addition to halting the practices the CFPB found issue with.
Read More »‘Great Expectations’ Remain for Housing in 2015 Despite Recent Economic Slowdown
Despite a brutal winter and a slowdown in economic activity in the first quarter, Freddie Mac is sticking to its previous prediction that 2015 will be the best year for home sales since 2007, according to Freddie Mac's U.S. Economic and Housing Report for April 2015 released Thursday.
Read More »ReverseVision Grows With Addition of New Operations Team
Reverse mortgage software and technology provider ReverseVision has grown their company with the addition of a new Operations Team, according to an announcement from the company.
Read More »NAHB Says Single-Family Residential Construction Generates Millions for Communities
According to the findings, construction of 100 single-family homes pumps an average of $28.7 million in income into a typical local economy in the first year. This, the NAHB says, adds $3.6 million to local tax rolls while providing 394 new jobs. Annually recurring benefits after construction is completed, on average, generate $4.1 million in local income, $1 million in taxes, and 69 local jobs
Read More »Freddie Mac Finds Mortgage Rate Drop Amid Underwhelming Job Growth
Variable-rate mortgages were down as well. According to Freddie, 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.83 percent this week, down from last week’s 2.92 percent. A year ago, the 5-year ARM averaged 3.09 percent. However, 1-year Treasury-indexed ARMs maintained at 2.46 percent, almost unchanged from a year ago.
Read More »U.S. Congressman Proposes Common Sense Housing Investment Act
Officially dubbed the Common Sense Housing Investment Act, HR 1662 would convert the current Mortgage Interest Deduction into a non-refundable, 15 percent flat-rate tax credit instead. This tax credit would apply to all interest paid on mortgages up to $500,000.
Read More »Lawmaker Asks Treasury, Justice Department for Transparency on GSE Profits
Grassley wrote in his letters that it is unclear whether the President asserted executive privilege to withhold documents regarding the sweeping of GSE profits into Treasury and questions whether the Justice Department was authorized to withhold the documents.
Read More »