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Industry Modification Efforts Have Matured But Loans Are Harder To Get

Black Knight Financial Service’s Mortgage Monitor Report reports effective loan modification efforts have shown far fewer defaults, which helps those underwater already in homes. However, those looking to get a home that have had some trouble in the past may hit a brick wall, as only 30% of loans last year went to borrowers with credit scores below 720, which isn't even close to the subprime score of 620.

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HUD: March Housing Scorecard Shows Progress

The U.S. Department of Housing and Urban Development's (HUD) latest Housing Scorecard for March, released in conjunction with the U.S. Treasury, showed progress in the housing market, but cautioned that the national economy is still healing from the Great Recession. In particular, the report commented that foreclosure starts continued to decrease while January home prices remained stable.

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Fed Survey Finds Increased Interest in RMBS

The Board of Governors of the Federal Reserve System released findings from its Senior Credit Officer Opinion Survey for March, 2014. The report found that credit officers are experiencing an increased demand for residential mortgage-backed securities (RMBS).

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Caliber Home Loans Welcomes New Sales Director

Caliber Home Loans announced that Karen Bausman has joined the company as Managing Sales Director of Correspondent Lending for the company’s Eastern Region. Bausman joins Caliber’s existing sales team of 10 sales directors who service customers nationwide.

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Home Prices Expected to Thaw in Spring Months

Homevestors of America expects home prices to surge in the coming months, recovering from the winter storms that plagued large swaths of the country, limiting home prices and home sales. Three Texas cities led the list—Homevestors noted Fort Worth, Houston, and Austin as prime metros for home price growth.

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Job Growth Surges in March; Unemployment Stays Put

The Department of Labor reported 192,000 new jobs in March, down slightly from February’s revised growth of 197,000 (from 175,000 originally reported). Despite last month’s apparent strength, the overall unemployment rate stubbornly stayed at 6.7 percent, unchanged from February (which was a slight step up from January’s 6.6 percent).

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Affordability Issues Create Housing Bubble Concerns

A look into 35 major markets by Zillow reveals that buyers making the median income in Southern California, the Bay Area, Portland (Oregon), Denver, and Miami face markets where more than half the available homes are beyond their price range—which could mean the beginning of a new housing bubble.

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Ellie Mae: Cyber Attackers Could Have Mortgage Industry Knowledge

The recent technological attack on Ellie Mae could have been carried out by individuals with mortgage industry experience, the vendor says. The attacks occurred over a two-day span from March 31 to April 1, overwhelming the company’s servers with data requests that appeared to be legitimate communications.

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Light Economic Reporting Leaves Mortgage Rates Relatively Flat

New Homes

A slow week for economic news led to relative flatness in mortgage rates to kick off April. Freddie Mac’s Primary Mortgage Market Survey revealed the average rate on a 30-year fixed-rate mortgage (FRM) came up to 4.41 percent (0.7 point) for the week ending April 3—a minor increase from 4.40 percent last week.

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