A report released by the Mortgage Bankers Association (MBA) showed that mortgage credit availability was down slightly in April, which means a tightening of standards in the mortgage industry. The results showed that the Mortgage Credit Availability Index decreased by 0.18 percent to 113.8 from March to April. Credit availability is, however, still above the index benchmark of 100, which was set in March of 2012.
Read More »New Hampshire Foreclosure Deeds Fall
The number of foreclosure deeds in New Hampshire fell in March, suggesting that New Hampshire's long term foreclosure outlook will continue to improve, according to the New Hampshire Housing Finance Authority (NHHFA). The foreclosure activity in the first quarter of 2014 was below that of every year since 2007, and is 21 percent below last year's first quarter.
Read More »Carrington Mortgage Services Hires New Sales Director
Carrington Mortgage Services announced that Chad Ruggles has been hired as National Sales Director. Utilizing Ruggles' experience, Carrington's retail sales operation will focus on growth.
Read More »Mortgage Rates Continue Downward Slide
In its Primary Mortgage Market Survey, Freddie Mac clocked the 30-year fixed-rate mortgage (FRM) at an average 4.21 percent (0.6 point), down from 4.29 percent and the lowest level since late last year. A year ago, the 30-year FRM averaged 3.42 percent. The 15-year FRM also moved down, dipping to 3.32 percent (0.6 point) from 3.38 percent in last week’s survey.
Read More »FHFA Director Speaks at FHLBanks Conference
In a recent speech at the 2014 Federal Home Loan Banks (FHLBanks) Directors Conference, director of the Federal Housing Finance Agency (FHFA) Mel Watt addressed issues related to the 12 FHLBanks. Watt spoke on a variety of topics, including franchise value, FHLBanks' core mission activities, and membership composition.
Read More »DocuTech Welcomes New Director
DocuTech, a provider of compliance and documentation technology, announced recently that Justin Summers has been named as director of implementations and professional services. Summer will be responsible for process improvement, technical solutions, and workflow analytics.
Read More »Fannie and Freddie Report Profitable First Quarter
Releasing their earnings reports simultaneously, Fannie and Freddie reported first-quarter profits of $5.3 billion and $4.0 billion, respectively—a major step back from incomes reported last year but still a fair amount for what was a slow period for the housing market. Both enterprises have reported profits each quarter for more than two years straight.
Read More »FHFAOIG Audits GSEs’ Mortgage Insurers
The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) performed an audit on the financial conditions of mortgage insurers used for loans purchased by Fannie Mae and Freddie Mac to assess their exposure to risk. The FHFA, as the regulator for Fannie and Freddie, provides oversight of the GSEs and contracted CohnReznick LLP to perform the audit.
Read More »Older Americans Carrying More Mortgage Debt
While the homeownership rate among Americans age 65 and older has remained at a constant 80 percent for the past decade, the percent of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB).
Read More »Applied Business Software Introduces New Servicing Software
Applied Business Software (ABS) recently released a new loan servicing software, The Loan Office, which is specifically designed for smaller lenders who need a powerful, yet affordable, solution for managing loans.
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