News

Mortgage applications for new homes decline after experiencing a peak in March. The relatively strong March may have contributed to April's low numbers. Despite steady demand for housing, homebuilders continue to face rising costs for labor and materials which will continue to moderate the pace of building.

Optimal Blue, a provider of a secondary mortgage market eCommerce platform, announced a partnership with Media Center CRM, which provides customer relationship management solutions to the mortgage industry. Mortgage and real estate professionals using Media Center CRM will have access to real-time prices from Optimal Blue.

The first quarter of 2017 has seen dramatic increases in metro home prices. Although average national income has increased in recent years, affordability remains elusive due to this escalation of price. The effects of which may impact communities nationally.

This week, the National Association of Homebuilders and Wells Fargo will release their latest Housing Market Index (HMI) for May, a measure of market conditions based on three factors, with a range of zero to 100. While the March HMI was unusually high, reaching 71, April stayed steady at 65. All three individual components (present single family sales, next six-month single family sales, and prospective buyer traffic) reported losses month over month, but were still strong.

Black Knight Financial Services announced last week the release of LoanSphere Empower 7.0, a new version of its loan origination system (LOS), including updates aimed at compliance with the Consumer Financial Protection Bureau’s (CFPB) Home Mortgage Disclosure Act (HMDA) and enhanced technological integrations.

Findings show that though you may be able to get a 3,500 square foot home in Indiana for $300,000, the same dollar amount will only get you 600 square feet in Washington, D.C. Getting a realistic sense of how many square feet for the dollar can be purchased before shopping will ultimately save your potential homebuyers heartache. Learn the top, and bottom, states where homebuyers can get the most space for their dollar.

According to an executive at Wells Fargo, the bank will begin issuing private-label bonds—the first time it's done so since 2008. Backed by non-government guaranteed mortgage loans, these bonds offer lower risk to banks and, therefore, lower interest rates for borrowers. JPMorgan and Redwood Trust have also begun issuing these types of bond as of late.

A years-old case between Bank of New York Mellon and JPMorgan Chase is back on again—at least in part— after a New York state appeals court revived the suit this week. BNY claims that JPMorgan and affiliate WMC Mortgage breached contracts, failed to repurchase certain defective loans, and failed to provide notice of faulty loans. The case was originally filed in 2015.

Orlando is the single best spot for first-time homebuyers, according to a new analysis. Tampa took the No. 2, followed by other cities in the Southeast and Midwest. The analysis took into account median home value, forecasted values, inventory, and other factors.

On Thursday, FHFA Director Melvin Watt told a senate committee that the future of the U.S. housing finance system is unsustainable as-is. He implored Congress to solve numerous tough questions involved in moving Fannie Mae and Freddie Mac out from under federal conservatorship. If not, taxpayers could be on the hook.