MBA Releases First Commercial/Multifamily Originations Data of 2016

MBA Releases First Commercial/Multifamily Originations Data of 2016

WASHINGTON, D.C. – First quarter 2016 commercial and multifamily mortgage loan originations overall were essentially flat compared to the same period last year and first quarter originations were thirty-eight percent lower than the fourth quarter of 2015 in line with the seasonality of market, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations (more…)

Disbarred Illinois Attorney Sentenced to More Than Four Years in Prison for Deceiving Homeowners

Disbarred Illinois Attorney Sentenced to More Than Four Years in Prison for Deceiving Homeowners

(SOURCE: USDOJ) CHICAGO ― A disbarred Illinois lawyer has been sentenced to more than four years in federal prison for her role in mortgage frauda mortgage fraud scheme that bilked lenders and vulnerable homeowners out of more than $725,000.

AVALON BETTS-GASTON contrived fraudulent real estate transactions to defraud homeowners and financial institutions. She and a co-defendant, Dimona Ross, arranged for the submission of materially false information on mortgage loan documents in four Cook County real estate transactions worth more than $725,000. (more…)

Single-Family Sector Leads Housing to Higher Ground

Single-Family Sector Leads Housing to Higher Ground

(Source; NAHB) WASHINGTON – Steady job growth, affordable home prices, attractive mortgage interest rates and pent-up demand will new home saleshelp the housing market continue on a gradual upward trajectory in the year ahead, according to economists who participated in yesterday’s National Association of Home Builders (NAHB) Spring Construction Forecast Webinar. However, supply side headwinds led by a shortage of construction lots and labor, along with tight access to acquisition, construction and development (AD&C) loans, continue to hamper a more robust recovery. (more…)

NAR: Pending Home Sales Maintain Momentum in March

NAR: Pending Home Sales Maintain Momentum in March

WASHINGTON – Pending home sales increased slightly in March for the second consecutive month and decemeber 2015 home salesreached their highest level in almost a year, according to the National Association of Realtors®. Only the West region saw a decline in contract activity last month.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, climbed 1.4 percent to 110.5 in March from an downwardly revised 109.0 in February and is now 1.4 percent above March 2015 (109.0). After last month’s slight gain, the index has increased year-over-year for 19 consecutive months and is at its highest reading since May 2015 (111.0). (more…)

CFPB Monthly Complaint Snapshot Examines Mortgage Complaints

CFPB Monthly Complaint Snapshot Examines Mortgage Complaints

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint cfpbsnapshot, highlighting consumer complaints related to mortgages. The report shows that consumers continue to encounter servicing problems when they are unable to make payments. This month’s snapshot also highlights trends seen in complaints coming from California. As of April 1, 2016, the Bureau has handled approximately 859,900 complaints across all products.  (more…)

HUD Appropriations FY2017 Transportation Bill Approved by Senate Subcommittee

HUD Appropriations FY2017 Transportation Bill Approved by Senate Subcommittee

WASHINGTON, D.C. – The Senate Transportation, Housing and Urban Development, and Related Agencies Appropriations hud logoSubcommittee last week approved a $56.5 billion measure to fund the U.S. Department of Transportation, U.S. Department of Housing and Urban Development, and related agencies in fiscal year 2017.

The FY2017 Transportation, Housing and Urban Development, and Related Agencies (THUD) Appropriations Act is scheduled to be considered by the full Senate Appropriations Committee on Thursday. (more…)

Two Men Sentenced To 18 Years In Prison For $3 Million Time-Share Mortgage Fraud Scheme

Two Men Sentenced To 18 Years In Prison For $3 Million Time-Share Mortgage Fraud Scheme

CAMDEN, N.J. – An Absecon, New Jersey, man was sentenced today to 18 years in prison for his role in a $3 million conspiracy to Mortgage_fraud_SCHEMEscam customers by offering phony consulting services to owners of timeshares through the New Jersey-based Vacation Ownership Group LLC, U.S. Attorney Paul J. Fishman announced.

Ian Resnick, 41, was previously convicted in September 2013 of one count of conspiracy to commit mail and wire fraud, three counts of mail fraud and three counts of wire fraud. He was convicted following a seven-week trial before U.S. District Judge Noel L. Hillman, who imposed the sentence today in Camden federal court. (more…)

Freddie Mac: Large share of homeowners’ wealth is locked up in their homes

Freddie Mac: Large share of homeowners’ wealth is locked up in their homes

A new report by Freddie Mac says that a large share of U.S. homeowners’ wealth in tied up in their equity in their homes. The report home equityalso claims that if those homes become uninsurable and unmarketable, home values would drop drastically and could end up being worthless.

A housing market where possibly in the near future homes would be worth zero dollars and there would never be a recovery like we have seen over that last several years since the last housing crash of 2008. (more…)

CFPB Takes Action Against Co-Founders of T3Leads

CFPB Takes Action Against Co-Founders of T3Leads

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) last week took action against two co-founders of a company T3Leadsthat resold loan applications containing sensitive personal data to lenders and data brokers without assessing the sources of those leads or the purchasers they sold to. In complaints filed today in federal court, the CFPB alleged that Dmitry Fomichev and Davit Gasparyan (also known as David Gasparyan) co-founded and operated T3Leads, a lead aggregator that bought and sold payday and installment loan applications without properly vetting buyers and sellers. The CFPB filed a separate lawsuit against T3Leads and two other individuals in December 2015. (more…)

Black Knight – U.S. Home Prices Up 0.7 Percent for the Month; Up 5.3 Percent Year-Over-Year

Black Knight – U.S. Home Prices Up 0.7 Percent for the Month; Up 5.3 Percent Year-Over-Year

– At $254K, the U.S. HPI is up 27.5 percent from the market’s bottom, but remains 5 percent off the June 2006 peak of $267K

– Strong upward monthly price movement observed in many states and metro areas; California, Colorado and Washington showed particular strength

– Washington leads all states with 1.8 percent appreciation, followed by Colorado at 1.7 percent

– San Jose, Calif., leads metro areas with 2.4 percent growth from January, followed by Seattle at 2.1 percent

– Connecticut, Rhode Island and New Jersey were the only states to see negative price movement in February, and together accounted for seven of the 10 worst performing metro areas

JACKSONVILLE, Fla. -Today, the Data & Analytics division of Black Knight Financial Services, Inc. (NYSE: BKFS) released its latest home values increaseHome Price Index (HPI) report, based on February 2016 residential real estate transactions.

The Black Knight HPI utilizes repeat sales data from the nation’s largest public records data set, as well as its market-leading, loan-level mortgage performance data, to produce one of the most complete and accurate measures of home prices available for both disclosure and non-disclosure states. Non-disclosure states do not include property sales price information as part of their publicly available county recorder data. Black Knight is able to obtain the sales price information for these states by combining and matching records across its unique data assets.

Each month the Black Knight HPI reports five price levels (quintiles), along with REO discount rates, for 18,000+ U.S. ZIP codes. Findings are available with or without seasonal adjustments, although all numbers that follow have not been seasonally adjusted.
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