A lower supply of inventory and fewer distressed sales led to stronger home price gains across the country, the National Association of Realtors (NAR) revealed in a recent report. On a national level, the median price for existing single-family homes increased 7.6 percent to $186,100 in the third quarter of this year compared to last year, the strongest annual gain since first-quarter 2006. The median price for existing homes improved in 120 out of 149 areas since last year.
Read More »Fed Governor Suggests Separate Lending Rules for Community Banks
While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is "challenging," Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers "abandon efforts for a one-size-fits-all approach." Speaking before the Community Bankers Symposium in Chicago, Duke said the Federal Reserve has received a large volume of comments from community banks expressing concern over the proposed regulatory capital requirements.
Read More »Judge Refuses to Dismiss FHFA Suit Against Merrill Lynch
Bank of America's Merrill Lynch unit lost in an attempt to throw out an action from the Federal Housing Finance Agency over mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac. Merrill's motion to dismiss the case did not hold up under scrutiny from U.S. District Judge Denise Cote, who is overseeing claims filed by FHFA against Merrill and a number of other banks. Only days prior, Cote denied a similar motion filed by JPMorgan Chase.
Read More »360 Mortgage Hires Account Executive to Expand Nevada Presence
360 Mortgage Group, a privately-owned mortgage bank, announced it is bringing on Kenny Deen to help expand the company's presence in Nevada. Deen is 360 Mortgage's newest account executive.
Read More »Credit Unions Voice Concerns over CFPB Rule
The National Association of Federal Credit Unions expressed opposition to the CFPB's proposed rule on mortgage application and settlement disclosures.
Read More »Walker & Dunlop Names New Appointees to Expanding Directorship
In Maryland, Walker & Dunlop, Inc., is preparing to welcome two new board members. Announcing the addition of Andrew Florance and Michael Malone to the firm's directorship, Walker & Dunlop filled two of three vacancies on the board.
Read More »Fannie Mae Pulls in $1.8B in Q3
Fannie Mae reported a $1.8 billion net income for Q3 this year, an improvement over the $5.1 billion loss last year.
Read More »Clear Capital: Obama Must Take Lead in Housing Recovery
Now that Obama has won a second term, his administration is charged with leading phase two of the housing recovery.
Read More »LPS: Early-Stage Delinquencies Drive Up September Total
Mortgage loan delinquencies increased 7.72 percent from August to September--the largest monthly increase since 2008, according to a report from Lender Processing Services (LPS). The upturn was substantial, even for a month historically marked by seasonal rises in delinquency, LPS said. However, company analysts say it is important to look at the longer-term trend, which shows a significant decrease in the delinquency rate since its January 2010 peak.
Read More »Mortgage Rates Stand Ground as Markets Look Ahead
It's been a tumultuous couple of weeks for Americans, but mortgage rates have been rock-steady.
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