Tag Archives: Service Providers

Consumers in the latest Thomson Reuters/University of Michigan survey reported their most improved financial situation in more than five years, according to Surveys of Consumers. The group's Consumer Sentiment Index rose to 84.5 in May, its highest level since July 2007 and an improvement over the preliminary reading of 83.7. April's index reading was 76.4; May 2012's reading was 79.3. The survey comes only days after the Conference Board's latest index, which showed consumer confidence climbing to a five-year high in May.

While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the "troubling trend will increase as more baby boomers enter retirement."

Restrained by drops in farm income and sequester-driven cuts in government programs, personal income slipped $5.6 billion in April, while personal consumption spending dropped $20.5 billion, the Bureau of Economic Analysis reported Friday.

360 Mortgage Group, an Austin-headquartered mortgage banker focusing on third-party origination, announced the hiring of three new wholesale account executives who possess a combined total of more than 65 years of mortgage experience.

Overall, the commercial banks and savings institutions covered by the FDIC reported an aggregate net income yielding of $40.3 billion this quarter, an impressive $5.5 billion (or 15.8 percent) rise from last year's $34.8 billion. This statistic marks the 15th consecutive quarter that has reported an overall earnings increase. The average return on assets (ROA) also increased to a positive 1.12 percent, up from last year's 1.00 percent and likewise represents the highest quarterly ROA since 2007.

While banks and lending institutions are nervous about the waves of compliance challenges coming in, NTC says the smartest companies are using regulatory changes as a springboard to grow.

Treasury Secretary Jack Lew announced Thursday that Treasury is extending the Making Home Affordable Program for another two years. The new expiration date is now set for December 31, 2015.

The National Association of Realtors (NAR) reported a disappointing 0.3 percent gain in its Pending Home Sales Index (PHSI) in April.

Encouraging economic data helped lift fixed mortgage rates to their highest level in the past year this week, according to surveys from Freddie Mac and Bankrate.com.

The nation's economy grew at a seasonally adjusted annual rate of 2.4 percent in the first quarter, slightly slower than originally reported, the Bureau of Economic Analysis (BEA) said Thursday. At the same time, BEA said corporate profits in the first quarter were $1.97 trillion, down almost $44 billion from the fourth quarter. The last time corporate profits showed a quarter-over-quarter decline was in the first quarter of 2012. Corporate profits are considered a key indicator of employment trends.