Tag Archives: Lenders & Servicers

Personal spending in June grew 0.5 percent, its fastest pace February while personal income rose 0.3 percent, the Bureau of Economic Analysis reported Friday. Economists had expected income and spending each to grow 0.4 percent. With spending exceeding income, personal savings fell $21.7 billion in June, and the personal savings rate dropped to 4.4 percent from 4.6 percent in May.

Carrington Holding Company selected Christopher Whalen to head communications. As EVP, Whalen will take responsibility for media relations and communications for the group. He will also continue to lead industry research and support Carrington's corporate finance activities.

The nation's economy added 162,000 jobs in July as the unemployment rate fell to 7.4.percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists had forecast payrolls would grow by 175,000 and that the unemployment rate would dip to 7.5 percent. The financial sector added 15,000 jobs in July, up from the average of 10,000 for May and June. New financial jobs included 3,600 underwriters and 3,000 new real estate jobs, reflecting the uptick in home sales.

National Mortgage Insurance Corporation (National MI) announced Wednesday it will insure about $5 billion in residential mortgages in its first risk transfer transaction with Fannie Mae.

In its first-quarter report, the CoreLogic Case-Shiller Home Price Indexes experienced a double-digit national price gain for the first time since the housing bubble that took place seven years ago. Prices increased an average of 10.2 percent from the first quarter of last year to the first quarter of this year across the 380 metro markets tracked. However, gains are expected to slow over the next year, falling to 6.5 percent from Q1 2013 to Q1 2014.

Construction spending in June came to an estimated annual rate of $883.9 billion, the Census Bureau reported Thursday. June's spending was 0.6 percent below the revised May estimate of $889.4 billion but 3.3 percent above the June 2012 figure of $855.8 billion. Spending on residential construction in the private sector was at a pace of $332.1 billion, essentially flat from May and 18.1 percent above June 2012. Spending on public homebuilding was at a rate of $6.1 billion.

The latest summary shows Fannie Mae's book of business contracted at a compound rate of 1.9 percent in June, turning down from 0.3 percent and 0.2 percent gains in May and April (respectively).

Carrington Mortgage Services has announced it has expanded its portfolio of government loan programs by offering U.S. Department of Agriculture (USDA) loans through its retail and wholesale lending operations.

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.39 percent (0.7 point) for the week ending August 1.

First time claims for unemployment insurance dropped to the lowest level in five years, falling 19,000 to 326,000 for the week ended July 27, the Labor Department reported Thursday. Economists expected the number of claims to drop to edge up to 345,000, from the 343,000 originally reported for the week ended July 20.