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Tag Archives: Processing

Fannie Mae Loses Confidence in Growth for 2012

Economic growth isn't looking good for the rest of the year, according to Fannie Mae's Economic & Strategic Research Group. According to the GSE's most recent Economic Outlook report, downside risks such as the European debt crisis, the fast-approaching fiscal cliff, and the recent slowdown in hiring have created a drag on the second quarter's modest economic growth. Fannie Mae is setting growth expectations to 1.8 percent, a slight increase from Q2, but under Q1's projected 2.0 percent pace.

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Mortgage Rates Slip as Markets React to Fed’s Stimulus

Fed

Financial markets reacted to the Federal Reserve's announced stimulus last week, with investors dumping their money in more safe-haven Treasury debt, lowering mortgage rates accordingly. According to real estate website Zillow, which releases weekly surveys on the subject, the 30-year fixed-rate mortgage fell from 3.38 percent to 3.34 percent last week. Rates for the 15-year home loan slid to 2.71 percent, while those for 5-year and 1-year adjustable-rate mortgages inched down to 2.45 percent.

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CAI Confirms Support for FHA’s New Guidelines

The Federal Housing Administration (FHA) is receiving industry support for its revisions to mortgage-related guidelines on condominium properties. Having been adamant about the need for changes to the previous standards, the Community Associations Institute (CAI) recently spoke out in support of the FHA's decisions, which the group says will create greater stability in the condo market.

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A10 Capital Adds Commercial Mortgage Leader

Lending specialist A10 Capital has announced the appointment of a new head of business development for the company's Tri-State market. Adding industry veteran Bruce Dashevsky, A10 is gaining a new leader for development efforts throughout Connecticut, New Jersey, and New York.

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CFPB Names CEO of HOPE to Consumer Advisory Board

The CEO of Hope Enterprise Corporation/Hope Credit Union (HOPE),Bill Bynum, has been appointed to a leadership position with the Consumer Financial Protection Bureau (CFPB). Bynum was named the vice chairman of the organization's new initiative, the Consumer Advisory Board.

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Home Prices Gain in 19 Major U.S. Markets: Redfin

Beating summer expectations, August home prices ticked up 5 percent across 19 major U.S. markets in what real estate broker Redfin called an "indicator of a housing market getting stronger." According to the broker, home sales went up 1.4 percent year-over-year, eclipsing a 2.5 percent decline in July. Home sales increased from 26.7 percent to 27.6 percent last month. Of major U.S. cities, prices in Phoenix went up by 31 percent year-over-year. Home prices meanwhile fell 4 percent from August last year.

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Sterling Savings Accused of Violating Labor Laws

Two mortgage loan officers are suing Sterling Savings Bank, based in Washington and with operations in Washington, Oregon, Idaho, Montana, and California, faces litigation for allegedly violating federal and state labor laws. According to the complaint filed in an Oregon federal court, Sterling Savings Bank and Golf Savings Bank denied mortgage loan officers and other mortgage origination employees overtime pay they are due under the federal Fair Labor Standards Act. Sterling Savings and Golf Savings merged in 2010.

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London Home Breaks World Record for Most Expensive Listing

In London, a home that's considered to be the largest single-family residence in the city has hit the market for a mind-blowing $484 million. According to Curbed, if the home achieves anything close to its list price, it will become the most expensive property ever sold in London.

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Survey: More Women Aspire to Homeownership

TD Bank is capturing the consumer perspective on the American Dream of homeownership, recently releasing the results of its Home Buyer Poll. Among TD Bank's most significant findings - statistics showing that women are nearly 10 percent more likely to aspire to purchase property than men. According to TD Bank's survey, 64 percent of women believe that homeownership is "essential in defining the American Dream."

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Could Economic Malaise Spell Just One Term for Obama?

When he ran for the presidency in 1980, Ronald Reagan, then Republican governor of California, struck at then-President Jimmy Carter over the strength of the economy. His question for Americans: "Are you better off now than you were four years ago?" That's the question Paul Ashworth and Paul Dales, senior analysts with Capital Economics, offered to answer in a report released by the consultancy on Friday. The report breaks down recent economic trends, including GDP, home sales, and median income.

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