Fixed rates made a slight upward tick this week, Freddie Mac reported in its weekly market survey. The 30-year fixed-rate mortgage averaged 3.90 percent (0.8 point) for the week ending April 19, up from last week's average of 3.88 percent, and down from last year at this time, the 30-year FRM averaged 4.80 percent. The 15-year fixed rose to 3.13 percent (0.7 point); last week the 15-year averaged 3.11 percent and 4.02 percent a year ago at this time.
Read More »Existing Home Sales Fall In March For 2nd Straight Month, Prices Rise
Existing-home sales fell to 4.48 million (seasonally adjusted annualized rate) in March from an upwardly revised February rate of 4.60 million, the National Association of Realtors (NAR) reported Thursday. Economists had forecast the March sales pace would be 4.62 million. At the same time, the median price of a new home rose to $163,800, its highest level since last November's $164,000 and up 2.5% since March 2011.
Read More »Agencies See Measurable Improvements in Consumer Default Rates
Data through March 2012, released this week by S&P Indices and Experian showed that, with the exception of bank cards, all consumer loan types saw a decrease in default rates for the third consecutive month and in March, posted their lowest rates since the end of the recent economic crisis. The first mortgage default rate decreased to 1.88 percent in March, according to the agencies' report. Second mortgage defaults declined to 1.03 percent over the same period.
Read More »Interthinx Incorporates Google’s Satellite Images to FraudGUARD
After finding that property valuation mortgage fraud risk has risen since 2006, Interthinx responded to its own research by incorporating satellite images from Google Maps as a solution.Interthinx stated that the inclusion of satellite image data within the company's FraudGUARD can improve loan quality, provides users with a more comprehensive fraud prevention report, and enables a more concise overall risk review.
Read More »ISGN Hires Tim Anderson as Director of Corporate Technology Strategy
ISGN Corporation hired Tim Anderson as director of corporate technology strategy. Anderson's background includes more than 30 years of mortgage industry and technology experience. In his new role, Anderson will lead ISGN in its delivery of products, services, and technology. Anderson has been involved in many aspects of the mortgage industry during his career, most recently on the technology side where he helped to develop one of the first e-mortgage platforms, and e-signature and e-vaulting technologies.
Read More »NFHA Files Complaint Against U.S. Bank for Discrimination
The National Fair Housing Alliance (NFHA) filed a federal housing discrimination complaint against U.S. Bank on Tuesday following an investigation of the bank's properties. The NFHA stated that the investigation of 177 foreclosed properties owned by U.S. Bank showed that REO properties in African-American and Latino neighborhoods were not as well maintained and marketed as bank-owned properties in white neighborhoods. The U.S. Bank investigation evaluated REO properties in seven metropolitan areas.
Read More »Children Who Lost Homes to Foreclosure: 2.3M, Report Reveals
While the term foreclosure victim generally brings to mind images of struggling homeowners, one report released by First Focus addressed the impact of foreclosures on an overlooked segment: children. Julia B. Isaacs of the Brookings Institution authored the report, which revealed five years into the housing crises, 2.3 million children have lost their homes to foreclosure, and 3 million more are at serious risk of losing their homes in the future. In addition, approximately 3 million children were evicted, or may face eviction, from rental properties.
Read More »California Homeowner Bill of Rights Passes Out of Committees
California Attorney General Kamala Harris announced Tuesday that seven bills in the California Homeowner Bill of Rights passed out of legislative committees. Harris, who first introduced the bills in February, is pushing for permanent reform in her state since the $25 billion national mortgage settlement expands the course of three years. AB 2314 and SB 1472, which aim to fight neighborhood blight and increase fines against owners of blighted properties from $1,000 per day to $5,000, passed the assembly and senate judiciary committees.
Read More »Fannie and Freddie Set Timeline Requirements for Short Sales
Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. The GSEs issued new guidelines Tuesday that aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales. Fannie and Freddie plan to use the new short sale timelines to evaluate servicer compliance with their Servicing Alignment Initiative.
Read More »Fitch Comments on JPMorgan’s and Wells’ Reclassification of 2nd Liens
With their 2012 first quarter earnings, JPMorgan and Wells Fargo revealed the reclassification of $1.6 billion and $1.7 billion, respectively, in second lien mortgages as nonperforming loans even though they are not yet delinquent. Fitch Ratings said it believes many U.S. banks are likely to follow suit, and that it does ""not view this as a material shift in the performance of these loans."" Both banks cited regulatory guidance as reasons for the reclassification. The reclassified loans are second liens associated with delinquent first liens. In cases involving delinquent loans, second liens are written off before a first lien takes any losses.
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