LendingTree released on Tuesday its rankings for the top 10 customer-rated lenders in its network for Q3, showing a number of new names and a shift among those who appeared in the second quarter's rankings. The rankings are based on a weighted average of the ratings and volume of reviews, with customers judging the companies on mortgage rates, fees and closing costs, responsiveness, customer service, and their overall experience. California's Pacific Beneficial Mortgage Company took the No. 1 spot.
Read More »JPMorgan-Led Effort to Employ Military Veterans Nears Goal
A private-sector initiative launched by JPMorgan Chase in early 2011, the 100,000 Jobs Mission, is less than 8,000 positions from its goal. Member companies have collectively hired 92,869 U.S. military veterans through the third quarter of 2013, the organization recently reported.
Read More »Loan Officer Survey Shows ‘Moderate’ Easing in Credit Standards
On net, a "moderate fraction" of banks polled in the Fed's Senior Loan Officer Survey reported easing standards on prime residential mortgages from August to October, with a net 8.8 percent saying credit standards have "eased somewhat." Among large banks, a net 26.5 percent reported somewhat looser standards. Meanwhile, however, demand has declined for both prime and nontraditional mortgages as mortgage rates bounce upward. Among all respondents, a net 7.2 percent reported moderately or substantially weaker demand.
Read More »Survey: Singles, First-Time Buyers Still Struggling with Financing
Findings released in the National Association of Realtors├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó (NAR) annual Profile of Home Buyers and Sellers survey demonstrate what industry experts have been saying since the housing market started to pick up: Access to credit is going to have to loosen before mortgage-dependent homebuyers can make a more meaningful contribution to the recovery. According to NAR chief economist Lawrence Yun, conditions are especially restrictive for single and first-time buyers.
Read More »Auction.com SVP Ranked Among CRE’s ‘Top 45 Under 40’
Joseph Cuomo, SVP and director of business development for online real estate marketplace Auction.com, has been recognized by Real Estate Forum magazine as one of the commercial real estate industry's Top 45 Under 40.
Read More »Home Prices Up 12% in September, Greater Increases Ahead
With recent predictions forecasting a falloff in home price increases over the next year, gains nevertheless continued at a strong pace in September, CoreLogic reported Tuesday in its monthly Home Price Index (HPI) report. The company recorded a 12 percent annual gain in its HPI (including distressed sales) for September, representing the 19th straight monthly year-over-year increase and bringing the index to its highest point since May 2008.
Read More »Analysts: Fannie Mae LTV Threshold Will Reduce Options, Not Risk
With Fannie Mae enacting tighter requirements on eligibility for loan purchases, experts at the Urban Institute's Housing Finance Policy Center are speaking out against the move. In a blog post on the Urban Institute's Metro Trends Blog site, the center's Laurie Goodman and Taz George said, "This change places yet another barrier in front of low- and moderate-income families, who are already facing a tightening credit box." They also commented that if Fannie Mae's intent was to reduce risk, "this was a crude way to accomplish it."
Read More »Sun West to Publish Lending Libraries Using AllRegs
Sun West Mortgage Company, Inc., is now leveraging AllReg's technology and publishing expertise to manage and maintain its underwriting guidelines, the companies announced.
Read More »Fannie Mae Reports Continued Drop in Business
Fannie Mae has released its September book of business, revealing further declines as new business acquisitions came to their lowest level in more than a year.
Read More »Buyer Demand Rebounds as Government Returns to Business
Homebuyers shook off their fears and returned to the market in force following the re-opening of the government in October, according to data presented by Redfin's Research Center. Despite reports of consumer confidence waning, Redfin customers seemed relatively unfazed. "My clients think the ugly showdown we saw in October is unlikely to happen again," reported Philip Gvinter, a Redfin agent based in Washington, D.C. "After putting their home search on hold during the shutdown, they are ready to get back out there."
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