Upticks in construction have boosted the economy in some states. States such as Tennessee and Colorado rank highly on Forbes' American Dream Index due to high amounts of building permits, as well as declines in unemployment. similarly influenced by high building permits and low unemployment. Meanwhile, states such as Alabama are hindered by high rates of bankruptcy.
Read More »Homebuyers Hindered by Affordability
The national affordability index noted that consumers would need to spend 33.6 percent of wages to buy a median-priced home nationally. Though this is below the historic average of 34.6 percent, it is still the highest amount since Q4 2008. However, 25 percent of counties covered by the index noted that the share of average wages necessary to buy a median-priced home is above the historic average.
Read More »James B. Lockhart III Elected to Sun Bancorp Boards
On Tuesday, Sun Bancorp, Inc, the holding company of Sun National Bank, announced that the board of directors has elected James B. Lockhart III as a Director. Lockhart Vice Chairman of WL Ross & Co. LLC, serves as a Director ...
Read More »Fannie Mae Clarifies Clear Boarding Policies
The GSE no longer allows plywood to be used on homes in preforeclosure, however, this rule does not apply to Fannie Mae’s REO properties. As of March 29, servicers have 90 days to re-glaze/repair or clear board all unsecured and previously plywood boarded windows. Additionally, Fannie Mae will allow servicers seven days to secure a property after it has been found vacant, by re-glazing/repairing or clear boarding.
Read More »Freddie Mac Predicts Drop in Sales Over 2016
According to a recent outlook report from Freddie Mac, total U.S. home sales will come in slightly under 2016’s numbers. This is due to a drop in refinancing activity, rising interest rates, and declining affordability. The outlook predicts originations will drop more than 25 percent in 2017.
Read More »FHFA Releases GSE Progress Report
Fannie Mae and Freddie Mac have made headway on goals set forth in the 2016 Scorecard by the Federal Housing Finance Agency, according to the FHFA's Progress Report released on Wednesday. GSE efforts to improve credit access, assist borrowers, and reduce taxpayer credit risk were all noted in the agency's report. FHFA is currently soliciting comments on the Progress Report at FHFA.gov.
Read More »Preparing OCC for the Future
Comptroller of the Currency Thomas J. Curry touched on a few of the ways the OCC is preparing for the future during his speech at the National Community Reinvestment Coalition Conference in Washington, D.C., on Wednesday. Among the agency’s recent developments Curry mentioned were: the Office of Innovation, the Compliance and Community Affairs Department, and a supplement regarding FinTech national bank charters. The OCC is soliciting comments on the supplement through April 14.
Read More »Mortgage Cadence Updates Borrower Center
According to Mortgage Cadence, this new release of Mortgage Cadence’s cloud-based technology should provide a superior experience for borrowers and a more-efficient, cost effective process for lenders.
Read More »VirPack Lanches Preconfigured Document Management and Delivery System
While traditional LOS-provided document management implementation have placed the burden of creating and managing electronic loan delivery profiles on the lender, VirPack's preconfigured implementation technology removes that problem.
Read More »OCC Rates Wells Fargo, While the Bank Settles Suit
Wells Fargo announced an agreement in principal to settle a class action lawsuit, regarding claims that Wells Fargo opened accounts without the consent of its customers. This comes on the heels of the announcement of the bank's Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement."
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