Home / News (page 1645)

News

Florida Seeing Rapid Revivals but Still Haunted by Shadow Inventory

As one of the hardest hit states during the real estate downturn, Florida often pops up in market reports as having a noticeably higher foreclosure rate than other states. Even so, the state is also becoming recognized for how quickly some of its markets are climbing out of the housing slump. For example, the National Association of Realtors recently cited data from Move Inc. showing the top 10 turnaround markets. Seven out of 10 were in Florida. Yet, a recent report from Florida Realtors stated that while Florida is in a revival period, distressed properties will remain a big factor for the next 10 years.

Read More »

NAR Finds Income to Qualify for Mortgage Well-Below U.S. Median

Interest rates continue to slide further down alongside the decline in home prices. In addition to these factors improving affordability for homeowners, the National Association of Realtors (NAR) found the amount of income needed to qualify for a mortgage is actually well below the median income in most parts of the U.S. The national median family income was $61,000 in the first quarter. If a buyer wanted to purchase a home at the national median price, he or she would need an annual income of $34,700 if making a 5 percent downpayment. A 20 percent downpayment requires about $29,300.

Read More »

HUD Reaches $202M Settlement With Deutsche Bank

HUD announced Thursday that it reached a $202 million settlement with Deutsche Bank and Mortgageit over allegations of misconduct and false certifications with a government lender program. The agency said that Mortgageit acknowledged and accepted responsibility for false certifications it submitted to HUD in order to gain from a direct lender program under the Federal Housing Administration.

Read More »

CFPB Pursues Screening Standards for Mortgage Originators

The Consumer Financial Protection Bureau unveiled new rulemaking proposals Thursday that would require background checks for mortgage originators and complement a previous rule that prohibits loan officers from steering borrowers to higher-priced products. Together with these rules, others would provide consumers with discounts for paying mortgage origination points, mandate comparison plans for those interested in tracking different products, and ban brokerage firms from charging fees that vary by the loan size.

Read More »

Wells Conducting Background Checks and Fingerprinting Employees

Wells Fargo made a decision to terminate company employees with past criminal records involving dishonesty or breach of trust to comply with , the bank announced Thursday. The decision to terminate team members over criminal matters that occurred prior to their employment with Wells Fargo may seem tough we recognize that these situations are difficult for everyone involved but laws and regulations related to the employment of bank employees are designed to protect the interests of all consumers who put their trust in financial service companies, Wells Fargo said in the statement.

Read More »

Freddie Mac Appoints Private Sector Banking Exec to CEO Post

Freddie Mac said Thursday that its board of directors has selected Donald H. Layton to serve as the company's new CEO. Layton will join the GSE on May 21, and will also have a seat on the board of directors. In October 2011, the Federal Housing Finance Agency announced that Charles E. Haldeman, Jr. had informed Freddie Mac's board of his desire to step down within the year. Haldeman served as the GSE's CEO since August 2009. Layton has had a long career in the private banking and financial services sectors. He worked for nearly 30 years at JPMorgan Chase and its predecessors and more recently, served as chairman and CEO of E*Trade Financial.

Read More »

LPS: Home Prices Increased, but We’ve Been Down This Road Before

For the first time since March 2010, data from Lender Processing Services (LPS) showed an increase in home prices, but still, the analytics company warned to embrace the positive news with some caution. Nationally, February 2012 seasonally-adjusted prices rose 0.2 percent, according to the LPS Home Price Index, which incorporated residential sales concluded during February. Not only is the increase a first in almost two years, but it's also the third increase in five years.

Read More »

HAMP Expands Eligibility to More Military Members

Starting June 1, military homeowners who are permanently displaced by a job-related move may still be able to be considered owner-occupants when applying for the Home Affordable Modification Program (HAMP). This change means more people could become eligible for the government's modification program to assist struggling homeowners.

Read More »

Rates Continue to Fall Hitting New Lows Amid Economic Concerns

Just when it seemed like rates could not fall any further, Freddie Mac reported fixed mortgage rates sunk even further for the week ending May 10. The 30-year fixed-rate mortgage averaged 3.83 percent (0.7 point), down slightly from last week's average of 3.84 percent. The 15-year fixed also moved downward, ending at 3.05 percent (0.7 point) this week. Alongside Freddie Mac's figures, Bankrate.com reported record low numbers after conducting its survey, which pulls data provided by the top 10 banks and thrifts in the top 10 markets.

Read More »

Initial Unemployment Claims Dip

First time claims for unemployment insurance resumed their steady decline dipping 1,000 to 367,000 for the week ended May 5, the Labor Department reported Thursday after the previous week's total was revised upward by 3,000 to 368,000, the highest level in five months.

Read More »