The market capacity for existing-home sales increased by 0.3 percent month-over-month and 12.5 percent year-over-year in May, while rising interest rates and a slight jump in unemployment countered equity-enhancing home price appreciation, according to First American.
Read More »What’s a Home Worth? A View From the Other Side of the Table
State policies offering redemption periods don’t understand time is the cause for foreclosure. That same time offered to redeem is the reason s house falls into ghoulish disrepair and distress and becomes a shell of the home it used to be. So, is the house the home it used to be?
Read More »Strong Housing Market In Urban Areas Drives More Positive Outlook on Local Economies
"Given the strength of the housing market in most urban and suburban areas, and the connection many make to home prices and a strong economy, it's not too surprising that people living in those areas have a more positive economic outlook as reported by our survey," said Doug Robinson of NeighborWorks.
Read More »CFPB Announces Proposal to Delay TRID Implementation Until October 1
This announcement comes just two weeks after the CFPB announced that a grace period will be in effect for those servicers attempting to comply in good faith with the TRID requirements that are scheduled to go into effect August 1. While the CFPB did not push back the August 1 implementation date of the rule, it attempted to ease some of those concerns by saying it would take into account a company's good faith effort to comply with the rule after it goes into effect.
Read More »Non-Foreclosure Solutions Continue to Outpace Completions Five to One
Non-foreclosure solutions continued to outpace completed foreclosures by a rate of approximately five to one in April while serious delinquencies continued their steady decline, according to data released on Wednesday by HOPE NOW, an industry-created private sector alliance of mortgage ...
Read More »Senator Proposes Legislation to Help Underwater Borrowers Avoid Foreclosure
Menendez's bill seeks to help both homeowners and lenders. In exchange for reducing the amount of principal owed, banks would be entitled to a portion of any future increase in value the home might experience. This gives the underwater homeowners relief on their mortgages while banks take a short-term reduction in exchange for a long-term gain pending the housing market recovery.
Read More »OCC to Escheat Uncashed Foreclosure Relief Funds; Restrictions Placed on Chase, Wells Fargo
Also on Wednesday, the OCC announced that it has terminated foreclosure-related consent orders against three national mortgage servicers that have met the consent order requirements and imposed business restrictions on six banks that have not met the requirements. The six institutions that the OCC determined have not met all the requirements of the IFR were (alphabetically) Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo, and therefore the OCC issued orders to restrict their business activities.
Read More »More than 1.5 Million ‘Boomerang Buyers’ Could Re-Enter Mortgage Market In Next Three Years
The study found that only about 18 percent, or 1.3 million, out of the 7 million impacted consumers had recovered enough by December 2014 to meet agency credit underwriting guidelines. The study also determined, however, that 2.2 million of the remaining 5.7 million consumers could potentially meet those underwriting guidelines over the next five years.
Read More »HUD Awards New Mortgagee Compliance Manager Contract for $42 Million
Bethsesda, Maryland-based IT and logistical support provider Information Systems & Network (ISN) Corporation has been awarded the contract to serve as Mortgagee Compliance Manager (MCM) for the U.S. Department of Housing and Urban Development (HUD).
Read More »FHFA: Uncertainty Remains as to GSEs’ Financial Sustainability
Fannie Mae reported positive net worth of $3.7 billion as of the end of 2014, slightly more than half of which ($1.9 billion) represented a dividend obligation to the Department of Treasury that was paid on March 31, 2015. Fannie Mae's net income for 2014 of $14.2 billion was only a fraction of the $84 billion the GSE reported for 2013, according to FHFA.
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