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Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $150 on each loan they originated in the fourth quarter of 2013, down from $743 per loan in the third quarter, the MBA reports in its latest Mortgage Bankers Performance Report. -- Jacob Gaffney in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29448-the-cost-of-closing-mortgages-is-officially-astronomical
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Shared by Joanne Georgia, Epcot Center, Disney World Orlando FL
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Residential sales are up 7% in February 2014 over Feb 2013.
Distressed sales and short sales account for 17% of all sales in February. Trey Garrison in HousingWire http://www.housingwire.com/articles/29449-why-did-residential-sales-decline-for-fourth-month-straight
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Nat'l Real Estate Post:
Raspberry Crazy Ants are headed for Houston, TX and there are no poisons to stop them. They eat electrical wiring.
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Shared by Silvia ZK, Temple of Isis on the Isle of Philae, Egypt
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The percentage of early stage delinquencies, 30 days+ overdue is 2.6%, down 8.7% from a year ago and the lowest level at year-end since reporting began in January 2008.
Seriously delinquent mortgages—60 days+ overdue decreased to 3.5% compared with 3.6% at the end of the previous quarter and 4.4% a year earlier. -- Jacob Gaffney in HousingWire http://www.housingwire.com/articles/29469-did-the-foreclosure-rate-really-get-cut-in-half
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Members of a Philadelphia mob family seized control of a Texas-based mortgage company and used its money to buy luxury cars and a yacht, according to the firm’s former CEO. -- Ben Lane in HousingWire http://www.housingwire.com/articles/29474-firstplus-ceo-the-mob-took-over-our-mortgage-company
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Shared by Xalima Miriel, Castle Trevejo, Spain
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RealtyTrac has released an analysis of housing market health in 410 U.S. counties in two-year increments over the past eight years, finding that 96 percent of county housing markets are better off than they were four years ago when foreclosures peaked in 2010, but only eight percent of county housing markets are better off than they were eight years ago in 2006 before the housing price bubble burst. -- NationalMortgageProfessional.com
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...While all of this could mean less competition for first time homebuyers, don’t expect to see a huge wave of buying activity from owner/occupants as investors scale back.
What’s keeping first time buyers on the sideline isn’t competition from investors, it’s other factors: lack of jobs for the 25-35 year old cohort that typically makes up most of the buyers; a mountain of student loan debt that makes it difficult for these folks to afford a loan – or qualify for a QM/ATR loan; tight credit overall, which makes it hard to get loans in general; and the lack of inventory.
On that last note, new home inventory is near a 40-year low (and much of the available inventory is made up of larger, more expensive “move-up” homes); distressed inventory is lower than expected; and a high percentage of existing home owners are either underwater or don’t have enough equity to sell their current homes. -- Rick Sharga in HousingWire http://www.housingwire.com/blogs/1-rewired/post/29512-heres-what-investor-trends-mean-for-the-housing-market
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Shared by M. Friedrich, Bahnhof( Lüttich Belgien )
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Nat'l Real Estate Post:
Well now, we’ve got FHA coming out and telling lenders not to worry and go ahead and start doing lower credit scores that fit FHA guidelines. Naturally all lenders see is buybacks in their future if they do this, even if their loans are technically within guidelines, so until recently they’ve held firm on their stricter FICO guideline overlays. But, here we are. Loan volume is down so lenders are starting to adjust to compensate. Well with FHA saying they want more of the lower FICO borrowers out there, we’ll see what happens. http://thenationalrealestatepost.com/fha-wants-lower-fico-borrowers/
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Also coming up in Congress, the House Financial Services Committee will hold a special hearing on April 2 at 10 a.m. ET to look into allegations of discrimination and employee mistreatment at the Consumer Financial Protection Bureau. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/29479-johnson-crapo-mark-up-cfpb-investigation-coming-in-april
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Shared by Xalima Miriel, Museum Guggenheim, Bilbao
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The BofA analysts said, that by "affirming the QE taper and seemingly doubling down on tightening by adding the “six months” comment, the Fed seems to be saying that it is OK with the 15% decline in pending home sales and may well even be comfortable with further declines." -- Jacob Gaffney in HousingWire http://www.housingwire.com/articles/29493-bofa-fed-seems-ok-with-declining-home-sales
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Nat'l Real Estate Post:
The heat is on when it comes to appraisers, AMC’s and appraiser competency. The Fed’s are going to start looking into what kind of financial ties AMC’s have to lenders and how competent their appraisers are.
Title companies are looking to dump their reps and go direct to the consumer in an effort to save money. And the good ol’ FHA is making some changes with respect to interest due on a loan being paid off by direction from, or should we say, in agreement with the CFPB. You’d think that would be a good thing, but naturally there’s a caveat to everything including this.
http://thenationalrealestatepost.com/changes-for-appraisals-title-and-fha/
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Shared by Zuzanna Butkiewicz, Versailles France
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