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National Mortgage News

 

DOJ Touts Record RMBS-Related Penalty

 

A penalty included in a settlement between the Department of Justice and The Royal Bank of Scotland Group plc is reportedly largest of its kind ever for the department.

Between 2005 and 2008, RBS was involved in the underwriting and issuance of residential mortgage-backed securities. The business earned the bank "hundreds of millions of dollars," according to the Justice Department.

But RBS is accused by the government of misleading investors by not disclosing systemic problems with originators' underwriting and providing them with inaccurate data.


Regions Bank's Home Lending, Delinquency Improve

 

In Regions Financial Corp.'s mortgage business, earnings were lower and the servicing portfolio diminished. New originations and delinquency improved, however.

Its second-quarter earnings report revealed income from continuing operations before income taxes of $467 million during the three months ended mid-year.

Earnings at the Birmingham, Alabama-based bank-holding company rose from $449 million one year prior. But results came up short versus $542 million in the first three months of 2018.


GSEs Unloading Nearly $6 Bil in Reperforming Loans

 

The government-sponsored enterprises are moving nearly $6 billion in reperforming residential loans off of their balance sheets.

The Federal National Mortgage Association said Tuesday that it is marketing the sale of approximately 18,400 loans that have an aggregate unpaid principal balance of $3.59 billion.

The home loans were previously delinquent but are performing again. The mortgages were cured with and without the use of a loan modification.


Q2 Mortgage Metrics Strong, HELOC Weak

 

Although quarterly mortgage debt outstanding ascended, home-secured credit lines contracted. As mortgage originations increased, lenders were more restrictive than a year ago.

Aggregate household indebtedness -- including credit cards, student loans and loans secured by automobiles and single-family properties -- totaled $13.29 billion in the second quarter.

Consumer debt outstanding expanded 0.6 percent from the first quarter, has increased for 16 consecutive quarters, and now stands at its highest level ever,

The details were reported Tuesday by the federal Reserve Bank of New York in its Quarterly Report on Household Debt and Credit based on data provided by Equifax.


Home Loan Performance Improves

 

Serious mortgage delinquency and the foreclosure rate moved lower on a month-over-month basis, while both metrics -- along with the non-current rate -- improved on a year-over-year basis.

Delinquency of at least one month on U.S. loans that are secured by single-family properties was 4.2 percent as of May. The rate included loans that are in foreclosure.

The non-current rate had no movement compared to one month previous. But it did show an improvement versus the same 31-day period last year, when it was 4.5 percent.


 

Home Depot earnings surge as more homeowners renovate

 

Home improvement retailer The Home Depot reported a surge in its sales during the second quarter of 2018 as more homeowners choose to age in place and renovate their homes rather than move into a newer home.

Cory Treffiletti, CMO of Voicera, to speak at engage.marketing

 

I love shiny new technology — we all do! But beyond the cool factor, evaluating which new technology your company needs to embrace for marketing can feel like reading tea leaves. That’s why I’m so excited about the panel on The Next Big Thing at our engage.marketing event. We’ve invited Cory Treffiletti, the chief marketing officer of Voicera, to give us the inside scoop on virtual reality, augmented reality and voice, among other promising new technologies.

Bloomberg: Fed study says every American lost $70,000 in the financial crisis

 

According to a study by the Federal Reserve Bank of San Francisco, America has yet to take back the ground it lost in the 2008 financial crisis. Bloomberg reports that gross domestic product remains below where its 2007 trend predicted the nation would be by now.

NPR: Rural America's future at risk thanks to lack of 'adequate housing'

 

Rural America is facing a shortage of “adequate housing.” Despite a dwindling population and the expectation that housing prices would fall, NPR reports that affordability is worsening in rural areas due to “aging-in-place” and the gradual obsolescence of their housing inventories.

HUD seeks public comment on AFFH amendments

 

On Monday, HUD announced it is moving forward with its goals of “streamlining” the controversial Affirmatively Furthering Fair Housing Rule by inviting public comment on proposed amendments to it. The embattled regulations were originally enacted by the Obama administration to assess and encourage diversity in communities receiving HUD funds.

Real estate CEO: We need more affordable housing to support the economy

 

For local economies to thrive, affordable housing must be built. According to Blake Plumley, CEO of Capital Pursuits, a real estate development and management firm, the affordable housing crisis is having tangible effects on local economies as it puts the squeeze on service workers who must relocate to find places to live.

Marketers: Come hear Chris Heller, CEO of mello Home, at engage.marketing event

 

Our engage.marketing summit kicks off one month from today and Chris Heller, CEO of mello Home, is headlining our opening general session. The former CEO of Keller Williams is a real estate titan with 30 years of experience and he's bringing his insight on consumers, technology and real estate to our event in Dallas. Don't miss it!

IRS 20% business deduction brings good news to real estate agents

 

The IRS and the U.S. Department of the Treasury issued proposed regulations this week for Section 199A of the Tax Cuts and Jobs Act which passed at the end of last year. NAR explains why this will help benefit real estate professionals across the U.S.

Front Yard Residential spending $500 million to boost single-family rental business

 

Front Yard Residential, the company formerly known as Altisource Residential, is planning a significant expansion of its single-family rental business and is forking over more than $500 million to do it. Here's the full breakdown of the company's next big move.

Housing stock age shows desperate need for new construction

 

Aging housing stock tells the tale of a construction industry that continues to fall behind in the number of new homes built each year. NAHB explained the aging trend is due primarily to the slight increases in residential construction over the past decade, and it’s giving rise to a new trend in the construction industry.

Fisticuffs in Beverly Hills: Mom-and-pop multifamily vs. regulations

 

The Apartment Association of Greater Los Angeles filed a federal lawsuit against the City of Beverly Hills on behalf of apartment tenants and owners seeking relief from the city’s Rent Stabilization Ordinance. The crux of the case is what the plaintiffs feel is an unnecessary regulatory burden on mom-and-pop owner/operators.

The rise of renter nation and why it's here to stay

 

Nationwide, the percentage has been growing for the last 10 years, and though homeownership has been making a small comeback lately, escalating rents and continually rising home prices are keeping many households on the lease life. And it looks like it's going to stay that way for a while.

Home price appreciation shows first signs of slowing down

 

For the first time in almost four years, home prices have decreased for three consecutive months. While aggregate senior home equity has consistently risen in the last several years, will its growth taper off as appreciation slows?

Zillow: America will have 23 more $1M housing markets by next year

 

Over the next year, the median value of a home will soar to $1 million or more in 23 more U.S. cities, providing further evidence of the worsening affordability of housing around the nation and a harbinger of how much worse it will get. Is it time to say goodbye to affordability?

Redfin doubling down on direct home buying, plans expansion of Redfin Now

 

The race to see which company will become the truly dominant force in online real estate is heating up. Over the last few months, Zillow has been expanding its direct home buying operations and now, Redfin is ready to expand its direct buying program as well.

Housing affordability reaches 10-year low

 

Housing affordability reached a 10-year low in the second quarter of 2018, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. NAHB Chairman Randy Noel says homebuilders are struggling to ensure pricing does not outpace expected gains in wage growth.

The No. 1 U.S. market just got more affordable

 

Affordability continues to drop as home prices and interest rates rise and homebuyer demand grows. But in one market, the price for new homes just dropped, making it just a little more affordable for first-time homebuyers. Here’s why.

NAR: Home prices soar to all-time high

 

According to research from National Association of Realtors, second quarter home prices soared to an all-time high. The national median existing single-family home price in Q2 was $269,000, up 5.3% year-over-year and surpassing last year’s Q2 as the new peak.

Bottom's up: Here are 10 markets projected to see depreciation

 

Veros' Eric Fox breaks down the U.S. markets with lowest projected appreciation. Of the previous quarterly report's 10 MSAs predicted to depreciate or remain unchanged over the next year, seven moved up and out of the bottom list this quarter. Read more to find out which markets made the list.

Gateway Mortgage to acquire Oklahoma's Farmers Exchange Bank

 

With an eye on long-term growth posturing, Gateway Mortgage Group has entered into an agreement to acquire Oklahoma’s Farmers Exchange Bank. With the acquisition, Gateway anticipates the ability to expand the resulting bank’s suite of services and lower the costs of those services for consumers.

In the Pipeline: Short-term rentals are the future of commercial real estate

 

Short-term rentals are changing the face of commercial and residential real estate, right before our very eyes. Here's everything you ever wanted to know about short-term rentals and why they are going to the change the way we look at buildings forever.

Hard-up for cash? Sell your home and then buy it back

 

EasyKnock wants to help homeowners get back on their feet. They'll buy your house – handing you that equity in cold hard cash – and then rent it to you for as long as you like, or until you're able to buy it back.

Red Stone Equity Partners raises $144 million to invest in affordable housing

 

Red Stone Equity Partners just closed its eighth fund in the last seven years and will fund the construction or rehabilitation of 2,100 affordable housing units across the nation. Here are the details.

Lenders: Zillow is coming for you. Are you ready?

 

Lenders, Zillow has now entered the mortgage space. And Amazon is likely not far behind. They're coming for you. You can either get it together or get left behind. Here's how.

Pen pals with your mortgage lender? Yeah, it's a thing

 

Did you know that underwriters often reach out to borrowers via letter? According to a piece in the Wall Street Journal, borrowers shouldn’t be surprised if they are asked to provide a letter of explanation or “comfort letter” to underwriters who are curious about mushy spots in their knowledge of the borrowers’ situations.

 

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