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The Fed wants to permit interest payments on certain balances to be based on a daily rate, rather than on a maintenance period average rate, as it has existed for years. It is proposing to rewrite rules defining interest on reserve-balance (IORR) and interest on excessive-balance (IOER) rates.

In the latest Fannie Mae National Housing Survey, studying the mortgage shopping experience homebuyers navigate these days, the authors found that two-thirds of buyers‒‒particularly the young and those who’ve already bought homes‒‒obtain multiple mortgage quotes, though newbies to the process typically rely on friendly advice to find a suitable lender and terms.

The Federal Home Loan Bank of New York this week announced that it will partner with Atlanta-based mortgage clearing house Mortgage Asset Exchange (MAX Exchange) to launch a pilot program that will allow certain FHLBNY members to sell conforming and jumbo residential whole loan mortgages on an open exchange platform.

When asked what she was most proud of having accomplished with MHA, Lambert said, "There are so many things. If I had to pick one thing, I would say we're proud of the way we were able to put resources together to help homeowners and I’m proud I was able to participate in the direct assistance of homeowners in so many ways, including our PSA campaigns, online presence and outreach events.”

Since the beginning of 2013, cash purchases have comprised a steadily eroding share of the market en route to pre-crash averages. Prior to 2008, cash sales on average made up a quarter of the sale market nationally. Cash sales reached their peak during the worst of the recession, topping out at 46.5 percent in January 2011.

As for credit availability, Fratantoni said that “a number of factors contributed to a loosening of credit in March.” One factor is Freddie Mac's introduction of its 97 percent LTV program, which allows for as little as 3 percent down payment on a new home purchase. Other factors included looser parameters on jumbo loan programs, increased cash-out refinance loans offerings, and the growth of FHA’s VA Interest Rate Reduction Refinance Loan.

New Jersey-based RedVision, an independent, nationwide provider of real property title data, search examination, and curative-ready solutions, has appointed Amy Holder to the new executive role of New Jersey sales director and James Sandifer as VP of regional operations for the southeast and mid-Atlantic regions.

Reverse mortgage software and technology provider ReverseVision has grown their company with the addition of a new Operations Team, according to an announcement from the company.

According to the findings, construction of 100 single-family homes pumps an average of $28.7 million in income into a typical local economy in the first year. This, the NAHB says, adds $3.6 million to local tax rolls while providing 394 new jobs. Annually recurring benefits after construction is completed, on average, generate $4.1 million in local income, $1 million in taxes, and 69 local jobs

Variable-rate mortgages were down as well. According to Freddie, 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.83 percent this week, down from last week’s 2.92 percent. A year ago, the 5-year ARM averaged 3.09 percent. However, 1-year Treasury-indexed ARMs maintained at 2.46 percent, almost unchanged from a year ago.