News

In a report released Tuesday, researchers at the Urban Institute (UI) say that previous "traditional" observations of mortgage denial rates (calculated by dividing the number of denied mortgages by the total number of applications) provide an inaccurate look at credit availability because they include applicants with near-perfect credit profiles—those who are unlikely to be turned down for most products, in other words.

New York-based private equity firm Aquiline Capital Partners has signed a definitive agreement to become majority investor in Colorado's LenderLive Network, Inc., both companies announced this week.

According to a report released Tuesday from the Commerce Department, homebuilders began construction on new houses in November at a seasonally adjusted annual rate of 1.03 million, down 1.6 percent month-over-month and 7 percent year-over-year. Despite the retreat in housing starts, there were a few pieces of good news in Tuesday's report.

In its annual analysis of mortgage fraud across the country, LexisNexis Risk Solutions found 74 percent of mortgages submitted to its Mortgage Industry Data Exchange last year involved some sort of fraud or misrepresentation on the application. That figure compares to 69 percent in 2012 and 61 percent in 2011.

In its latest forecast, Wells Fargo's Economics Group cited a number of reasons optimistic housing market predictions for next year, namely easing of credit, job and income growth, and mortgage rates near their lowest levels in a generation.

U.S. Representative Ed Royce (R-California), a senior member of the House Financial Services Committee, has issued a statement calling the Federal Housing Finance Agency (FHFA)'s announcement that the Agency will divert GSE money to the Housing Trust Fund and Capital Magnet Fund "outrageous."

In a recent letter addressed to Treasury Secretary Jack Lew and Mel Watt, director of the Federal Housing Finance Agency (FHFA), the Community Mortgage Lenders of America (CMLA) urged the government to "take immediate action to cure the under-capitalization" of the GSEs by re-amending the payment terms established when they were forced to take a bailout after the crash.

After nearly a quarter of a century with the company, Radian EVP and CFO C. Robert Quint is stepping out of his role, according to an announcement.

Following a four-point uptick in November, the National Association of Home Builders' (NAHB) Housing Market Index dropped one point to 57 in December, the group said Monday. A reading above 50 indicates that market conditions are viewed more as good than bad.

Full-service national lender Caliber Home Loans announced a new addition to its team, naming Kevin A. Ginsburg to the role of regional VP of Texas' central and southern regions.