Today’s News Synopsis:
Housing starts dropped drastically in February, leaving analysts scratching their heads and speculating it may have been a decrease in labor. The Mortgage Bankers Association reported a 3.9% decrease in mortgage applications from last week. Billions of dollars are being given to nonprofit company NeighborWorks America to help bring relief to Americans, however it is appears the process the organization is utilizing is very disorganized and disorderly.
In The News:
Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-18-15)
“Mortgage applications decreased 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 13, 2015.”
Housing Wire - “Did housing starts nose dive because of a labor shortage?” (3-18-15)
“Housing analysts are still trying to figure out why housing starts nose-dived in February. Privately owned housing starts in February plummeted 17%, down to an annualized 897,000 from the revised January estimate of 1,081,000, with drops in the Northeast, Midwest and West leading the collapse.”
Bloomberg – “The Nonprofit Behind Billions in Mortgage Aid Is a Mess” (3-18-15)
“Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners. NeighborWorks America, a nonprofit chartered by Congress, distributes much of that money to counseling groups that dispense mortgage advice and sometimes financial aid.”
Mortgage Professional America - “JPMortgan to acquire $45B of troubled company’s servicing rights” (3-18-15)
“In early March, Ocwen Financial Corp. had said it was on track to sell the servicing rights for mortgages with a balance of $55 billion. The firm had previously announced that it had sold almost $10 billion of those rights to Nationstar, but it didn’t identify who was acquiring the other $45 billion.”
“The Five Star Institute President and CEO Ed Delgado announced earlier today at the Five Star Government Forum in Washington, D.C., that the Institute would be partnering with the nation’s leading online real estate marketplace, Irvine, California-based Auction.com, and national nonprofit Operation Homefront in support of a home donation program that provides mortgage-free homes to veterans.”
Mortgage Professional America – “Daily Market Update: Housing affordability creates challenge for employers” (3-18-15)
“Employers are struggling to hire from out-of-town in some U.S. markets due to the high cost of housing. New York is particularly problematic and it’s prompting some people to live in illegally cramped shares.”
Housing Wire – “Mortgage lenders want regulatory relief” (3-18-15)
“Mortgage lenders and others told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit that the mortgage industry needs regulatory relief, or else borrowers – especially lower income and minority borrowers – will continue to be left out.”
DS News – “DhanInfo Expands Further With $1 Million State-of-the-Art Office” (3-18-15)
“India-based IT firm DhanInfo followed up last October’s move into a new office complex in Nagpur that can house up to 600 employees with more expansion in order to meet the mortgage industry’s growing demand for reputable, reliable, and accurate property preservation and data processing outsourcing and Internet marketing.”
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