News

NewOak announced the appointment of Neil McPherson as head of business development. McPherson, who was part of the original business development team when NewOak launched in 2008, returns to the firm with responsibility for coordinating NewOak's client development efforts across all its business lines.

The HOPE NOW Alliance announced an estimated 50,000 homeowners received permanent, affordable loan modifications from mortgage servicers during October. This total includes mods completed under both proprietary programs and the government's Home Affordable Modification Program (HAMP). Short sales also served as an effective foreclosure aversion tool, with 19,000 completed during the month.

Mortgage rates began 2014 with a round of increases, kicking off a trend many experts believe will continue through the rest of the year. Freddie Mac's weekly survey shows the 30-year fixed-rate mortgage up five basis points to an average of 4.53 percent for the week ending January 2. Bankrate reported similar results, with the 30-year rate up six basis points to 4.69 percent.

The housing market recovery is entering a new phase, according to the analysts at Capital Economics. They say the rapid bounce in home prices seen this year, which was driven by investors and tight supply conditions, will soon start to moderate, and the next stage of the recovery will be characterized by strengthening activity among owner-occupants and mortgage-dependent buyers, as well as a much more moderate pace of house price inflation.

Trulia, an online marketplace for homebuyers, sellers, and real estate professionals, announced it is now an industry partner for the Real Estate Standards Organization (RESO), a nonprofit group dedicated to standardizing real estate data in order to promote accuracy and consistency within the industry. The company's own VP of industry services, Alon Chaver, has joined RESO's board of directors, effective January 1.

Consumer confidence saw a boost in December on heightened optimism for the job market, the Conference Board reported. The group's Consumer Confidence Index, which took a tumble following the government shutdown in October, rebounded to 78.1 from November's revised reading of 72. The increase made up most--but not all--of the ground lost in the previous months.

As the year closes, the Federal Housing Finance Agency is celebrating a critical milestone. The GSEs' conservator announced that Fannie Mae and Freddie Mac have completed more than 3 million foreclosure prevention actions since the start of their conservatorship in September 2008. Another 2.9 million mortgages have been refinanced at today's lower interest rates, providing borrowers with significant savings.

Both the 10- and 20-city composite readings of the S&P/Case-Shiller Home Price Indices saw annual increases of 13.6 percent during the month of October, recording their largest yearly gain since February 2006. October marked the 17th consecutive month home prices have risen on a year-over-year basis, with average home prices nationwide recovering to mid-2004 levels.

In Virginia, McLean Mortgage Corporation announced the release of its RateFlex Program, a new concept designed to aid homeowners and prospective homebuyers in today's volatile interest rate environment. Under the program, borrowers purchasing a home or refinancing their loan can lock in on an interest rate, protecting them against rate increases during the application process.

Rep. Mel Watt (D-North Carolina) won't be sworn in as director of the Federal Housing Finance Agency (FHFA) until next week, but he's already making waves with a statement explaining that he plans to delay the increase in guarantee fees (g-fees) that was announced by acting director Edward DeMarco on December 9. Watt said he wants more time to evaluate """"the rationale for the plan.""""