Headlines

According to a new survey, homebuilders are largely optimistic about the next two years, with 82 percent anticipating an uptick in residential construction over the period. Builders also expect most buyers to need 30-year loans or construction-to-permanent loans. The survey also polled builders on working with loan officers, buyer hurdles, and the impact of rising mortgage rates.

A new list reveals the country’s most overleveraged cities—areas where mortgage balances far outweigh home values and median incomes. San Luis Obispo, California, topped the list, with a mortgage debt-to-income ratio of more than 2,000 percent. The market’s historically low mortgage rates are likely to blame for overly ambitious buying.

A new survey revealed that millennials may not want the homebuying process to be as digital as most expect. In fact, two-thirds actually would prefer using a local real estate agent or lender over an online-based one. The survey also revealed that 56 percent of millennials plan to purchase a home in the next two years.

Goldman Sachs released its earnings from Q1 2017. Overall, the bank reported revenues of $8.03 billion, and net earnings of $2.26 billion at the end of the quarter on March 31. However, the bank still failed to meet Wall Street expectations. Thomson Reuters had predicted Goldman Sachs share value to be $5.31 a share, and the actual value was $5.15 a share.

Bank of America posted a 40 percent growth in overall net income for Q1. Growing consumer banking revenues seem to be the key. But the bank’s mortgage platform is down from a year ago, even as overall loan revenue is up.

Tight inventory is continuing to drive home prices upward, but despite the uptick in cost, sales aren’t slowing down anytime soon. According to a report covering March housing activity, existing home sales and overall home prices were both up. The expected rise in interest rates likely pushed buyers into the market ahead of the spring season.

Nationstar mortgage announced that it received the Servicer Total Achievement and Rewards (STAR) performer recognition for overall performance from Fannie Mae. Fannie Mae’s STAR Program aims to recognize the highest performing servicers for customer service. This is the third year in a row in which Nationstar has received the recognition.

Orange County, California-based LRES has named Mark R. Johnson as Chief Strategy Officer. LRES provides residential and commercial mortgage services including valuations, REO asset management, and HOA and technology solutions.

Fortune 500 company Assurant, Inc., has named Jerry Rowell as managing director of Assurant Field Servicers, under the Mortgage Services Group.

SingleSource is welcoming Rudy Dombrowski as Director of Staff Appraiser Operations. SingleSource is a provider of valuation, REO asset management, property preservation, document management, title, and settlement services nationwide and in Puerto Rico, the U.S. Virgin Islands, and Guam.