In fact, the industry discovered that simply analyzing data from the CFPB is not enough, especially since the database arrives with its own built-in bias—that bias being the very nature of the database itself. It collects complaints, not praises, and ignores the larger universe of loans serviced nationwide. To fill the void of well-rounded data, Black Knight Financial Services and the Five Star Institute jumped into the missing space and used data from the CFPB database and its own analytics to inform its latest white paper on CFPB complaints. This select print feature originally appeared in the May 2015 issue of DS News magazine.
Read More »Housing Alliance to Continue Borrower Outreach Events in Midwest
Aside from the event scheduled for Chicago on May 27, HOPE NOW has announced borrower outreach events for St. Louis (June 13) and Cleveland (July 11) as part of an effort to focus on the Midwest. HOPE NOW said it plans to host events later in the year in Ft. Lauderdale, Hartford, Memphis, and Los Angeles.
Read More »Eight of the Top 10 Hottest New Home Sales Markets Are in the South
According to CoreLogic, San Jose, California, was the metro area with the second-highest year-over-year home sales growth with 14 percent. San Jose was one of only two of the top 10 markets for highest year-over-year new home sales growth; the other was Portland, Oregon, which was eighth. Atlanta, Georgia, ranked third at 10 percent.
Read More »Congressman Pittenger Says Excessive Regulation Slows Economic Growth, Hurts Entrepreneurs
“The CFPB continues to issue new regulations designed for massive, ‘systemic-risk’ financial institutions without considering how those same rules harm small businesses, community banks, and credit unions,” Pittenger said last month after H.R. 1195 passed in the House.
Read More »REO Share Still Way Above ‘Normal’ Levels in Many Metros
In CoreLogic's May 2015 MarketPulse released earlier this week, Boesel examined the question of whether or not REO share was headed back toward "a more normal level." Its most recently measured rate of 10 percent is far below the share at the worst of the crisis, which was 28 percent. In some metros, the REO share got as high as 70 percent at the worst of the crisis.
Read More »Single-Family Built-for-Rent Market Higher than Historical Average, but Still Below Peak
The market share for built-for-rent homes increased following the financial crisis of 2008, despite a share higher than the historical average in Q1, the total numbers overall are low. This particular measure includes only single-family homes that are built and rented out; it does not include homes that are sold to another party to rent.
Read More »Senate Banking Committee Approves Financial Regulatory Relief Bill
One provision of the bill prohibits increases in guarantee fees charged by Fannie Mae and Freddie Mac to offset losses or reductions in revenue, or for any other purpose besides business functions for the GSEs or housing finance reform. The bill also prohibits the sale of Treasury-owned senior preferred shares in the GSEs without approval from Congress.
Read More »Mortgage Delinquencies Experience Seasonal Rise in April
Meanwhile, foreclosure inventory – the total number of mortgage loans in some state of foreclosure – continued its decline toward pre-crisis levels in April by falling 25.5 percent year-over-year down to 1.51 percent, about 764,000 properties. It is the lowest level for foreclosure inventory since January 2008 right at the beginning of the recessi
Read More »FSOC Recommends GSEs Continue Spreading Mortgage Credit Risk Across Private Market
In its annual report released earlier this week, the Financial Stability Oversight Council (FSOC) recommended that the Federal Housing Finance Agency (FHFA) continue to encourage Fannie Mae and Freddie Mac to spread mortgage credit risk across the private market.
Read More »Forecast Calls for Moderate Economic Growth; Housing Gaining Momentum
Leading indicators for the housing sector have shown that despite the moderate economic growth predicted, housing may experience a strong season in the spring, according to Fannie Mae. In March, existing home sales rose to their highest level in nearly two years, but for Q1 existing home sales were off slightly from the previous quarter's total. Despite a slowdown in March, new single-family home sales ended the first quarter at their strongest pace in seven years.
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