News

Freddie Mac: Average 30-Year Rate Fell Four Basis Points

Posted by Patrick Barnard on July 28, 2017

Mortgage rates dipped slightly this past week, with the average rate for a 30-year fixed-rate mortgage (FRM) falling to 3.92%, down from 3.96%, according to Freddie Mac’s Primary Mortgage Market Survey. The 10-year Treasury yield rose five basis points, according [Read More]

Mortgage Network Hires Laurie Souza As National Business Development Manager

Posted by Patrick Barnard on July 27, 2017

Laurie Souza recently joined Mortgage Network Inc. as a national business development manager. Souza has more than 25 years of retail and correspondent lending experience, in addition to a strong track record of building successful business relationships, developing innovative products [Read More]

Potestivo Hires Two New Attorneys

Posted by Patrick Barnard on July 27, 2017

Kimberly S. Morr recently joined Potestivo & Associates PC, as an associate attorney in the law firm’s St. Louis, Mo., office. In addition, Jeremy L. Marks has joined the firm as supervising bankruptcy attorney. He will work out of the [Read More]

Loan Vision Hires Dallas Davidson As Consultant

Posted by Patrick Barnard on July 27, 2017

Dallas Davidson has joined Bestborn Business Solutions, developer of the mortgage accounting platform Loan Vision, as a consultant. Davidson has prior experience with Microsoft Dynamics solutions that she gained in her former position with a respected accounting and consulting firm [Read More]

DIMONT Announces Two New Hires, Two Promotions, As It Focuses On Client Development

Posted by Patrick Barnard on July 27, 2017

Holly Baya and Anthony Di Staulo have joined DIMONT, a provider of insurance claims adjusting and collateral loss mitigation services to the mortgage industry, as directors of client development. In addition, Dwight Kline has been promoted to director of client [Read More]

Fed To Begin Quantitative Tightening ‘Relatively Soon’

Posted by Patrick Barnard on July 26, 2017

The Federal Open Market Committee in June voted to maintain the current Federal Funds rate at 1.0%-1.25%, raising renewed questions regarding how many more times the Fed will hike this year. Some economists say the Fed will likely be more [Read More]

Cade Holleman Joins U.S. REO Partners As Executive Director

Posted by Patrick Barnard on July 26, 2017

Cade Holleman, formerly of American Legal & Financial Network (ALFN), has joined U.S. REO Partners Inc., a national trade association representing real estate-owned (REO) brokers, mortgage servicers, default services law firms, as well as other ancillary service providers in the [Read More]

New Home Sales Increased In June, But Lack Of Inventory Is Still A Concern

Posted by Patrick Barnard on July 26, 2017

New home sales were at a seasonally adjusted annual rate of about 610,000 in June, an increase of 0.8% compared with a revised rate of about 605,000 in May and an increase of 9.1% compared with about 559,000 in June [Read More]

Castle & Cooke Mortgage Has Opened 14 New Branches So Far In 2017

Posted by Patrick Barnard on July 26, 2017

Retail lender Castle & Cooke Mortgage reports that it has added 14 new branches across the U.S. so far in 2017, representing a 33% growth rate compared with the end of 2016. The company has not only exceeded its original [Read More]

Safeguard Promotes Two On Its Technology Management Team

Posted by Patrick Barnard on July 26, 2017

Mortgage field services company Safeguard Properties recently promoted two executives on its technology management team. Steve Machovina has been promoted to assistant vice president of technology infrastructure and cloud services. Machovina joined Safeguard in November 2013 as director of information [Read More]

MBA: Applications For Purchases Decreased 2%

Posted by Patrick Barnard on July 26, 2017

Mortgage application volume increased 0.4% on an adjusted basis during the week ended July 21, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Applications for refinances increased 3%, as rates dipped slightly, while applications for purchases decreased [Read More]

Guild Mortgage Reports Record Volume For First Half

Posted by Patrick Barnard on July 25, 2017

Guild Mortgage reports that it originated $7.3 billion in mortgage loans – about $5.9 billion of which was purchase loans – during the first half of this year, setting a new record for the lender. That’s up 7.1% when compared [Read More]

Case-Shiller: U.S. Home Prices Continued To Rise In May, But There Is No Bubble

Posted by Patrick Barnard on July 25, 2017

U.S. home prices continued their upward climb in May, rising 0.2% on an adjusted basis compared with April and increasing 5.6% compared with May 2016, according to the S&P CoreLogic Case-Shiller home price index. The 10-city composite was flat compared [Read More]

Mortgage Servicer Ocwen Inks Major MSR Deal With New Residential

Posted by Patrick Barnard on July 25, 2017

“This is a great transaction for both companies, and we are extremely pleased to announce our new strategic partnership.”

Black Knight: Low Interest Rates Continue To Push Prepayments Higher

Posted by Patrick Barnard on July 24, 2017

Low interest rates continued to push prepayments higher in June, according to Black Knight Financial Service’s “First Look” report. The prepayment rate in June was 1.12%, an increase of 5.3% compared with May, according to the report. It was the [Read More]

Bay Equity Home Loans Hires Chris Carbonaro As Area Sales Manager

Posted by Patrick Barnard on July 24, 2017

Chris Carbonaro recently joined Sausalito, Calif.-based Bay Equity Home Loans as an area sales manager for the Danville, Calif., branch. Specifically, Carbonaro will focus on growing more business for Bay Equity in the Livermore Valley area southeast of Danville. During [Read More]

Waterstone Mortgage Hires Industry Veteran Pete Salamone As Regional Manager

Posted by Patrick Barnard on July 24, 2017

Mortgage industry veteran Pete Salamone recently joined Waterstone Mortgage as a regional manager overseeing the company’s growth and recruiting efforts in the southeastern Wisconsin area. A Wisconsin native, Salamone began his mortgage banking career in 1994 and has worked for [Read More]

NAR: Existing-Home Sales Fell Again In June As Inventory Remained Low

Posted by Patrick Barnard on July 24, 2017

Existing-home sales were at a seasonally adjusted annual rate of 5.52 million in June, a decrease of 1.8% compared with about 5.62 million in May but up 0.7% compared with June 2016, according to the National Association of Realtors (NAR). Lawrence [Read More]

Foreclosures Spike in D.C., Deep South

Posted by Michael Bates on July 21, 2017

According to ATTOM Data Solutions’ Midyear 2017 U.S. Foreclosure Market Report, there were a total of 428,400 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) in the first six months of 2017, down 20% from the [Read More]

Home Affordability Heavily Affected by a Lack of Inventory

Posted by Michael Bates on July 21, 2017

First American’s proprietary Potential Home Sales model for the month of June 2017 shows that a supply and demand imbalance continues to put upward pressure on house prices and is squeezing affordability. In June, potential existing-home sales increased to a [Read More]