Tag Archives: credit

New data shows membership, deposits, and lending are up for credit unions—especially on the real estate side.

Rates fell a bit lower this week, but buyers did not hurry to take out a mortgage loan. On top of that, mortgage credit has tightened this month, which could be the reason that buyers were unable to purchase a home.

CFPB Director Richard Cordray called attention to the mortgage industry, particularly lenders, in a speech on Wednesday, where he highlighted some of the progress and pitfalls that the housing market faces.

According to the survey, 70 percent of people who know their credit scores feel significantly more prepared to buy a home versus the 54 percent of those who do not know their credit scores. About 62 percent of homebuyers know that their credit scores could mean favorable interest rates to refinance their home.

In its latest S&P/Case-Shiller Home Price Indices report, S&P Dow Jones Indices recorded an annual price increase of 10.8 percent among both the 10- and 20-city composites. Those figures compare to year-over-year increases of 12.6 percent and 12.4 percent, respectively. A consensus of economists surveyed by Econoday called for a gain of 11.4 percent in the 20-city index.

According to the latest quarterly report by the National Association of Realtors (NAR), year-over-year home price growth continued in most metros, albeit at a slightly lessened pace. The median existing single-family home price increased in 74 percent of measured markets.

PNC Financial Services Group released its quarterly earnings, reporting a net income of $1.1 billion, or $1.82 per diluted common share. While net income was positive, it didn't reach as high as the fourth quarter of 2013, when net income was $1.1 billion or $1.87 per diluted common share.

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.

In an effort to give greater attention to what the company says is an “underserved” market, Carrington Mortgage Services announced Monday its intent to put a tighter focus on borrowers with credit scores in the sub-640 range.

Data released by S&P Dow Jones Indices and Experian found that national credit default rates during the month of February declined. The S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, found that the national composite rate was 1.30 in February, down from 1.34 in January.