News

Increased mortgage-related revenue pushed both Wells Fargo and JPMorgan Chase to record quarterly profits in 3Q 2012, the banks reported.

Even with the record-low mortgage rates seen today, refinancing numbers are still not as high as expected. In CoreLogic's most recent MarketPulse report, Sam Khater and Molly Boesel noted, "the overall level of refinancing is still low given current mortgage rates, and there are still many homeowners nationwide with above market rates." Despite the new expansions from HARP 2.0, including the removal of its 125 percent LTV ceiling, other restrictions are still preventing homeowners from refinancing.

According to a report from Opera Solutions, Texas pays one of the nation's highest weight average coupon rates on its mortgages.

Mortgage direct mail may be down, but it's not dead and buried, marketing firm Mintel Comperemedia reported. A release from the company showed 62 million acquisition offers for mortgages were mailed to customers across the country in August, the highest monthly mail volume since May 2008. With the Federal Reserve committing to keep mortgage rates low until mid-2015 and demand for home loans improving, the environment is right for lenders to go full force with their direct marketing efforts, the firm said.

About 56 percent of respondents to a recent survey by the National Low Income Housing Coalition said they support replacing the current mortgage interest tax deduction with an alternative that offers the same percentage deduction to all homeowners without taking income into account. The survey of a little more than 1,000 Americans also found that 63 percent believe tax deductions should only apply to those whose mortgages are $500,000 or less. The same percentage said the federal government should use savings it would incur from revising the mortgage interest tax deduction to end homelessness.

Listing his estate in Beverly HIlls for just under $10 million, Oscar-winning actor Billy Bob Thornton is moving on. The 11,012-square-foot mansion, a Spanish-style home built in the 1920s, is currently on the market for $9.995 million.

Workforce Housing in the New Economy took center stage during a recent conference hosted by the University of Miami's School of Business Administration, School of Architecture, and Office of Civil and Community Engagement. Featuring expert commentary from past and present leaders for the Department of Housing and Urban Development (HUD), the Bipartisan Policy Center, the Consumer Federation of America, and Habitat for Humanity, the Florida-based event provided insight into the policies, programs, and regulations that are impacting housing for U.S. workers.

In a September National Association of Realtors (NAR) survey related to home appraisals over the past three months, 11 percent of Realtors said a contract was cancelled because a home was appraised at a value below the negotiated price. Another 9 percent said a contract was delayed, and 15 percent said a contract was renegotiated to a lower sale price. One reason for the low values, according to the NAR, is because some appraisers are not taking into account the difference between distressed and non-distressed homes when making comparisons.

Two former Goldman Sachs executives have joined forces to establish Kingsguard Advisors, LP. Announcing the November 1 launch date of their new venture, the co-founders of the company also revealed that they have formed a strategic partnership with Investcorp.

The Mortgage Bankers Association released a letter urging the CFPB to avoid proposals that may lead to consequences harmful to the industry.