Headlines

According to the latest release, NAR’s Pending Home Sales Index (PHSI) rose to 97.4 last month, up 3.4 percent from February’s upwardly revised 94.2. It was the first real pickup in the last nine months, the association said. NAR’s chief economist, Lawrence Yun, said the increase was expected with the end of last season’s severe weather.

The South Carolina Board of Financial Institutions closed the five branches of Allendale County Bank, Fairfax, South Carolina on Friday. The FDIC was appointed as the receiver. To protect the depositors, an assumption agreement was made was made with Palmetto State Bank, Hampton, South Carolina.

W.J. Bradley Mortgage Capital, a privately held mortgage banking firm, announced a new promotion: Danya Sawyer will now serve as the SVP of Mortgage Operations.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Delio Coutinho pleaded guilty to conspiracy to commit wire fraud. The New Jersey-based Coutinho admitted to his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.

According to a report released by LendingTree, down payment percentages for 30-year fixed-rate purchase loans fell in the first quarter to an average of 15.78 percent, down from just higher than 16 percent in the last quarter of 2013. At the same time, the company found average credit scores for borrowers matched with lenders on its own network have dropped 6 percent year-over-year, opening up the credit pool a little more.

The Federal Housing Finance Agency (FHFA) announced a settlement with Barclays Bank PLC for $280 million, resolving legal claims against the bank related to allegations of violations of federal and state securities laws in connection with private-label mortgage-backed securities (MBS) purchased by the GSEs.

Market analysts are dialing back on their expectations for the housing sector this year following reports of continued sluggishness in what should have been the start of a busier season. Sales of both new and existing homes in March fell short of expectations, dashing optimistic projections of a rebound following the end of an unusually harsh winter.

Valuation Vision announced the use of their valuation technology and management platform to develop a new appraisal product solution, GEAR AP (GeoScore Evaluation/Appraisal Report). Valuation Vision has leveraged its advanced technology to develop the new GEAR product as a consumer-friendly, cost-effective alternative to traditional appraisal.

For three straight quarters, California foreclosure starts remain little changed, hovering at a level last seen in early 2006. According to a market study released by DataQuick, steady economic growth and higher home values are responsible for the steady pace of new foreclosures.

Wingspan Portfolio Advisors has announced a new promotion—Eshna Ghosh will now serve as the newly created position of SVP for business development. Ghosh brings years of experience to Wingspan and was most recently VP of business development.