Production and profitability both increased among independent mortgage bankers last quarter, though commissions continue to decline, according to a quarterly trend report released by Richey May & Co. The quarterly benchmarking survey--put together using the company's Richey May Select analytical technology--shows overall production increased among independent mortgage banks by 11 percent from the first quarter to the second.
Read More »New MGIC Guidelines Simplify Mortgage Insurance Application Process
In an effort to streamline the mortgage insurance application process, Mortgage Guaranty Insurance Corporation (MGIC) introduced several changes to its underwriting guidelines.
Read More »Mortgage Applications Back on Downward Slope
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey, loan application volume decreased 4.7 percent for the week ending August 9.
Read More »Home Inventory Declines Ease in July
Home inventories continue to decline in many markets across the country, but the pace of those declines appears to be slowing, which may in turn slow price appreciation in some markets, according to Realtor.com. National housing inventory declined 5.24 percent year-over-year in July, which is a slowdown from the 16.47 percent year-over-year decline reported in January. At the same time, the number of markets with declining inventory year-over-year decreased to 118 in July.
Read More »FirstREX Recruits Two New Hires to Grow Funding Program
FirstREX, a real estate equity finance firm operating out of San Francisco, has brought on Don Shewmaker and Jim McGuire to help the company meet growing demand for its down payment funding program, REX HomeBuyer.
Read More »Mortgage Master Opens New Virginia Location
Mortgage Master, a super-regional mortgage bank and one of the country's largest privately owned mortgage companies, announced the opening of a new retail branch location in Northern Virginia.
Read More »Report: Demand Down in July as Inventory Regains Ground
According to Redfin's Real-Time Demand Pulse for August, the brokerage's agents continue to report declines in both the number of customers touring homes and the number of signed offers.
Read More »Realtor.com Unveils List of Top Turnaround Towns for Q2
Realtor.com released its list of the second quarter's top "turnaround towns" in terms of market recovery, and California once again dominated the list. More notable, however, was the presence of Detroit, which--despite its recent bankruptcy--showed a strong performance. In fact, Detroit may soon be "one of the most balanced markets in the nation," according to Steve Berkowitz, CEO of Move, an online real estate network. The Motor City claimed the No. 7 spot after its inventory age fell to 45 days.
Read More »Study: Americans Still Positive on Homeownership Following Crisis
Even after witnessing the aftermath of the housing collapse and the crisis that followed, Americans still hold positive perceptions of ownership, according to a research study from Harvard's Joint Center for Housing Studies. Despite these initial findings, the Center says more research is necessary to determine both the perceived and actual non-financial benefits of homeownership after the housing crisis--especially given the government's commitment to homeownership for American families.
Read More »FDIC Announces Collapse of Wisconsin Bank
The Wisconsin Department of Financial Institutions closed on Friday the Bank of Wasau, appointing FDIC as receiver. As of June 30, the bank had approximately $40.7 million in deposits and $43.6 million in total assets.
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