Mortgage

Mortgage

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 5.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 6, 2017. The most recent week's results include an adjustment to account for the New Year's Day holiday, while the previous week's results were adjusted for the Christmas holiday.

Gene Lugat Appointed MAA Chairman for 2017-2018

The Mortgage Bankers Association (MBA) announced today that Gene Lugat, Executive Vice President of Eastern Division, National Industry and Political Relations, PrimeLending, Inc., has been appointed chairman of the Mortgage Action Alliance (MAA) for the 2017-2018 election cycle, by Rodrigo Lopez, CMB, MBA Chairman and Executive Chairman of NorthMarq Capital, and David Motley, MBA Chairman-Elect and President of Colonial Savings, F.A. and its divisions -- Colonial National Mortgage and CU Members Mortgage. Mr. Lugat will succeed Fowler Williams, CMB, who served as MAA Chairman for the 2015-2016 election cycle

Rick Arvielo Appointed Chairman of MORPAC for 2017-2018

The Mortgage Bankers Association (MBA) has announced that Rick Arvielo, CEO of New American Funding, was appointed chairman of the Mortgage Bankers Association Political Action Committee (MORPAC) for the 2017-2018 election cycle, by Rodrigo Lopez CMB, MBA chairman and Executive Chairman of NorthMarq Capital, and David Motley, MBA Chairman-Elect and President of Colonial Savings, F.A. and its divisions -- Colonial National Mortgage and CU Members Mortgage. Arvielo succeeds Jamie Korus who served as MORPAC Chairman for the 2015-2016 election cycle.

Mortgage Relief Defendant Banned from Debt Relief Business

Damian Kutzner, one of the operators of a mortgage relief scheme that bilked millions of dollars from financially distressed homeowners, has agreed to a court order banning him from the debt relief business

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES

As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent.  FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year

MBA Statement on FHA Mortgage Insurance Premium Reduction

David H. Stevens, President & CEO, Mortgage Bankers Association, released the following statement today regarding HUD's decision to reduce Mortgage Insurance Premiums for FHA single family loans

FHA Mortgage Insurance Premium Reduction a Fresh Start, Says NAR President Brown

Lower costs are coming for homebuyers seeking a Federal Housing Administration -insured mortgage. FHA announced today that they are cutting annual premiums for mortgage insurance from 0.85 percent to 0.60 percent, a move the National Association of Realtors® said breathes new life into the program.

Statement from NAHB Chairman Ed Brady on FHA’s Decision to Lower Premiums

Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., today issued the following statement regarding the announcement by the Federal Housing Administration (FHA) that it will reduce its annual mortgage insurance premiums

United Shore Financial Services LLC Agrees to Pay $48 Million to Resolve Alleged False...

United Shore Financial Services LLC (USFS) has agreed to pay the United States $48 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced today.  USFS is headquartered in Troy, Michigan

United States Sues Barclays Bank to Recover Civil Penalties for Fraud in the Sale...

The United States Department of Justice today filed a civil complaint in the Eastern District of New York against Barclays Bank PLC and several of its United States affiliates (together, Barclays), alleging that Barclays engaged in a fraudulent scheme to sell residential mortgage-backed securities (RMBS) supported by defective and misrepresented mortgage loans.  As alleged in the complaint, from 2005 to 2007, Barclays personnel repeatedly misrepresented the characteristics of the loans backing securities they sold to investors throughout the world, who incurred billions of dollars in losses as a result of the fraudulent scheme

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 16, 2016.

Revitalizing That Old House

“McMasion” is a term that came into existence in the mid-1990s to describe certain types of housing. It was not, and is not, a term of endearment but rather derision. Most suburban areas have a development or two that exemplifies this type of house that share several commonalities. That being said, there was an appeal to the marketplace that included these features

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2016.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 9, 2016.

MISMO Releases Rent Roll Standards for Commercial Property

The Mortgage Industry Standards Maintenance Organization (MISMO®) has released a new proposed data standard for the exchange of rent roll information on commercial property. The proposed standard is open for public comment. The public comment period will remain open from Monday, December 12, 2016 through Friday, January 13, 2017. The proposed rent roll standard is expected to be elevated to Candidate Recommendation status shortly thereafter

3Q Commercial/Multifamily Delinquencies Remain Low, CMBS Up Slightly

Delinquency rates for commercial and multifamily mortgage loans remained low in the third quarter of 2016, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report

Independent Mortgage Bank Volumes Up, Production Profits Stable in 3rd Quarter 2016

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $1,773 on each loan they originated in the third quarter of 2016, up from a reported gain of $1,686 per loan in the second quarter of 2016, the Mortgage Bankers Association (MBA) reported today in its Quarterly Mortgage Bankers Performance Report.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 0.7 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 2, 2016.  The prior week's results included an adjustment for the Thanksgiving holiday.

MBA Statement on Dr. Ben Carson Being Chosen to be Nominated as HUD Secretary

David H. Stevens, CMB, President & CEO Mortgage Bankers Association, issued the following statement on Dr. Ben Carson being chosen to be nominated as the Secretary of Housing and Urban Development (HUD)
Jonathan Lee

Opes Advisors Partners with Blend to Digitize Mortgage Experience

Opes Advisors, an innovative mortgage lending and wealth management firm serving California, Oregon and Washington, today announced a partnership with Blend, a Silicon Valley technology company bringing mortgages into the modern age, to deliver a digital mortgage experience to its clients.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 9.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 25, 2016. This week's results included an adjustment for the Thanksgiving holiday.

Purchase Applications Drive Increase in Latest MBA Weekly Survey

Mortgage applications increased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 18, 2016.

MBA Opens Doors Foundation Completes Record Setting Fundraising Season

The Mortgage Bankers Association Opens Doors Foundation (MBA Opens Doors) today announced it reached its 2016/2017 fundraising campaign goal of $1.5 million during its annual convention which was recently held in Boston. MBA Opens Doors is a non-profit organization dedicated to providing assistance to families with a critically ill or injured child by making their mortgage or rent payment.

ALLY FINANCIAL AGREES TO PAY $52 MILLION TO RESOLVE INVESTIGATION INTO IMPROPER CONDUCT RELATED...

Ally Financial Inc. has agreed to pay the United States $52 million to settle allegations that its subsidiaries acted improperly in relation to 10 subprime residential mortgage backed securities (RMBS) in 2006 and 2007.

PACE Energy Efficiency Mortgages Still Risky Despite New Department of Energy Guidelines

New best practices guidelines released today by the U.S. Department of Energy (DOE) for Property Assessed Clean Energy (PACE) mortgages could encourage states and localities to begin to address some of the growing problems and potential for abuse in this market. The new guidelines are a significant improvement from earlier guidelines but far stronger, enforceable protections are needed to ensure true energy savings and to protect homeowners

MBA Commits $100,000 to Diversity and Inclusion Scholarships

The Mortgage Bankers Association (MBA) today announced that it would dedicate proceeds from its 3rd Annual Summit on Diversity and Inclusion, totaling $100,000, to its Path to Diversity & Inclusion Scholarships. The scholarships support diverse individuals who take MBA Education courses for professional development.

MBA Presents Wells Fargo Home Lending with Diversity & Inclusion Award

The Mortgage Bankers Association (MBA) today announced that it has given Wells Fargo Home Lending an inaugural Diversity & Inclusion Award for its efforts in market outreach.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 9.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 11, 2016.

FHA REPORT SAYS HEALTH OF MORTGAGE FUND IMPROVING

Earlier today, HUD released its 2016 Annual Report to Congress on the financial status of the Federal Housing Administration's (FHA) Mutual Mortgage Insurance Fund (MMIF). The report finds that the value of the MMIF, which funds FHA's single-family homeownership and reverse mortgage loans, grew by $3.8 billion to $27.6 billion in fiscal year (FY) 2016, its fourth consecutive annual increase.

MBA Statement Regarding FHA’s Annual Report to Congress

David H. Stevens, CMB, President & CEO Mortgage Bankers Association, issued the following statement regarding FHA's Annual Report to Congress. "FHA and its leadership should be commended for the steps they have taken to improve the value of the FHA MMI fund for single family mortgages since the economic crisis, at the same time they have provided access to homeownership for hundreds of thousands of low and moderate income Americans. The core strength of FHA's forward book of business is representative of growing stability of the housing market nationally

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Renwick Congdon

Imprev CEO Joins Seattle Leaders on Top Real Estate List

Renwick Congdon, CEO of Bellevue-based Imprev (www.imprev.com), was named to the Swanepoel Power 200 (SP200), a definitive ranking of residential real estate's 200 most powerful leaders. Renwick joins more than a dozen other Seattle-based leaders, who combined make up 15% of the SP200 list.

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SAVING TIME WITH MODULAR BATHROOM PODS

The Modular Building Institute (MBI) published "Saving Time with Modular Bathroom Pods," a whitepaper that provides an overview of bathroom pods answering the pertinent questions of when they should be used on a project, costs, installation, and showcases the advantages of using bathroom pods on a construction project. The whitepaper also includes case studies across various markets that successfully integrated bathroom pods