Tag Archives: Agents & Brokers

The Federal Reserve released a report on Wednesday that suggests a "steady pace" of economic growth throughout most of the country, with intermittent spots of economic activity slowing in four of its 12 regional districts, namely Philadelphia, New York, Atlanta, and Chicago. The central bank's regularly published Beige Book indicated that construction and real estate markets continued to show widespread weakness. No district seemed to see an increase in home prices.

Mortgage loan applications fell by 0.4 percent nationwide over the last week, spreading unease among lenders concerned about the potential for a dip in the housing market, according to a study released by the Mortgage Bankers Association (MBA) on Wednesday. The decline in loan applications coincides with the lowest rates for mortgages in the last six months and the fewest applications for home purchases in nearly 15 years. Market analysts say people are "nervous," which can preclude signing on the bottom line to buy a home.

Homebuyers can now review the latest mortgage loan quotes right from their phone for loan shopping on the go. On Tuesday, Zillow released a statement publicizing the launch of its newest innovation: a mobile app that allows iPhone users to navigate the mortgage market and receive the latest custom quotes from lenders and mortgage bankers, with tools to determine the amount of their monthly payments and decide whether refinancing packages would make sense for their homes.

Caliber Funding, LLC, a wholesale and retail mortgage lender, announced Monday that it would appoint Brian Simon its chief executive officer. Caliber Funding has an excellent strategic position within the mortgage lending industry, and I am very excited to join the company, Simon said in the release.

A recent national survey finds that approximately three in every four Americans regard home ownership as an important investment and want to own homes. A survey by Lake Research Partners and Public Opinion Strategies, found that 2 in 1 Americans who owe more on their homes agreed that home ownership is worth the risk, despite the perception of risk in the housing market. Participants from all age groups also agreed that owning a home is the best long-term investment, according to the survey.

As consumer advocates and mortgage lenders take to the streets fighting the implementation on the Qualified Residential Mortgage Rule. Potential home buyers were polled to see what they think about coming up with 20 percent for a home. The National Foundation for Credit Counseling shows no improvement on the ability for potential homeowners to raise 20 percent for a down payment from 2010 to 2011.

Three is not a crowd at the Federal Reserve Bank of Philadelphia who is promoting three employees. [IMAGE] [COLUMN_BREAK] The Philadelphia Fed promoted Constance H. Wallgren to vice president and chief examinations officer in the bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós supervision, regulation and credit (SRC) department.

Home values plummeted more in the first quarter of this year than they have in any quarter since 2008, according to Zillow's first quarter Real Estate Market Report. The Zillow Home Value Index fell 3 percent from the fourth quarter of 2010 and declined 8.2 percent year-over-year to $169,600. Home values have fallen 29.5 percent since they peaked in June 2006.

Icon Residential Lenders recently bolstered the company's West Coast sales team with two notable promotions from within the organization and a new hire joining Icon from 360 Mortgage Group. Rhett Hubbard was promoted to area sales manager for Orange and San Diego counties, and Justin Smith will also take on an upgraded role as area sales manager for Los Angeles, Riverside, San Bernardino, and Ventura counties. New to Icon, Debbie Hood has been appointed as the area sales manager for the Pacific Northwest.

Texas Representative, Jeb Hensarling, reconfirmed his commitment to eliminating Fannie Mae and Freddie Mac within five years saying, "We have waited for years to do something. It is time to start doing something." Referring to the two-time rejection of his legislation by a Democrat-controlled chamber, he added, Hopefully, the third time is a charm. The fourth-ranking House Republican said he would reintroduce his legislation to end the conservatorship of Fannie and Freddie within two years of passage.