Saying it is too difficult to calculate individual pay early in the origination process, the Consumer Financial Protection Bureau (CFPB) now says loan officer compensation should not be included in the three percent cap threshold under the qualified mortgage rule. However, as nationalmortgagenews informs MHProNews, compensation paid by the creditor …
According to the huffingtonpost.ca, Keith Dewey used eight 20-foot shipping containers to construct a 2,000 square-foot house on a lot of 40 feet by 42 feet in Victoria, British Columbia, Canada. Thought to be Canada’s first shipping container building, residential designer Dewey says Zigloo Domestique was inspired by a 20-foot …
The Napa Valley Register in Calif. offers definitions of mobile, manufactured and modular homes and the appropriate financing. Mortgage banker Chris Salese notes that fateful day of June 15, 1976 when manufactured homes came under the jurisdiction of the Department of Housing and Urban Development (HUD) and the regulated production …
After nearly seven years of planning, tworiverstribune tells MHProNews ground was finally broken May 17 for the Hoopa Valley Tribal Housing Authority project in northwestern California. Comprised of ten apartments and 13 single-family modular homes, the housing will be built in the Campbell Field Subdivision. The initial phase for the …
The washingtonpost informs MHProNews seniors whose income does not qualify them for a mortgage or refinancing a home under current tight credit, may now have more income for purposes of underwriting: Due to a rule change by the top home lenders, borrowers may now use retirement assets to improve their …
According to what Trulia tells MHProNews, based on housing starts, existing home sales, and the delinquency/foreclosure rate, the housing market is 54 percent back to normal. April housing starts dropped to an annualized rate of 853,000, down 16 percent from March to the lowest level since Nov. 2012, putting it …
The National Association of Home Builders (NAHB) reports HUD and Census Bureau figures show sales of newly-built single-family homes rose 2.3 percent in April to a seasonally-adjusted annual rate (SAAR) of 454,000 homes. “Today’s report is further evidence of the gradual, consistent improvement we have been seeing in housing market …
The National Association of Home Builders (NAHB) reports the inventory of newly-built homes because of the recession has led to both houses of Congress with legislation seeking to resolve some ongoing credit access problems for builders. S. 1002 Senators was introduced by Robert Menendez (D-NJ) and Johnny Isakson (R-Ga). Similar …
MHProNews has learned from CNNMoney the National Association of Realtors (NAR) released figures today that show total home sales rose 0.6 percent in April to just under an annual pace of five million, up nearly ten percent from a year ago. Lawrence Yun. Chief economist for NAR, noting consumer traffic …
NewsChannel34 reports the city of Binghamton, New York partnered with city, state and private sources to acquire and demolish four blighted homes and replace them with three affordable, energy-efficient, single-family modular homes at a cost of $700,000. Community housing developer First Ward Action Council’s (FWAC) Executive Director Jerry Willard says, …
According to inman, estimates released by the National Association of Hispanic Real Estate Professionals (NAHREP) say proposed immigration reform would result in the purchase of 3,000,000 homes by Hispanics, generating over $500 billion in home sales. An additional $233 billion in commissions, fees and spending connected to home-ownership would further …
Immigration Reform Could be Boon to Housing Industry Read More
Investors, hearing that the Federal Reserve may continue its Quantitative Easing policy, sent the Dow and the S&P to new highs during today’s trading session. CNNMoney reports the Dow Jones Industrial Average gained +0.34 percent, +52.3 points, to close the day at 15,387.58. The Nasdaq advanced +0.16 percent, +5.69 points, …
Dow and S&P Hit New Highs; Tracked Housing Stocks Mixed Read More
Ahead of official forecasts by the National Association of Realtors (NAR) and the Commerce Dept., nationalmortgagenews informs MHProNews a survey of economists by Bloomberg reports new and existing home sales rose to a seasonally-adjusted-annual-rate (SAAR) of 5.41 million in April. This marks the highest number since Nov. 2009 when the …
Having re-branded 18-year-old SSK Communities as “You Got it Homes,” co-founder Nathan Smith says the company sold no new manufactured homes in 2011, 60 in 2012, and they are already ahead of last year’s sales, due to aggressive TV ads. As the owner/operator of 22 land lease communities with 4,900 …
As the postandcourier informs MHProNews, modular homes have been slow to catch on in the Charleston, South Carolina area, although there are pockets in the city that have them, most notably north Charleston-based, Hunley Waters, which is all modular homes. Supplied by Nationwide Homes in Martinsville, Vir., the dwellings are …
The nationalmortgagenews reports in a survey of credit unions responding to the QM Rule issued by the Consumer Financial Protection Bureau (CFPB), 44 percent say they will no longer originate non-qualified mortgages and another 44 percent will reduce originations. In the survey conducted by the National Association of Federal Credit …
Lanka Business Today reports the demand in Sri Lanka for shipping containers converted into modular homes has begun a trend causing one modular home builder to double production in order to meet demand. Dharshana Fernando, Managing Director of Hybrid Homes (pvt) Limited, says, “We have received considerable amount of orders …
The postandcourier reports from Ladson, South Carolina, Equity Homes salesman Allen Croft recalls in 1997 the company sold 986 new homes, but changed its business model as sales declined and now sells only refurbished homes. Although the majority of the firm’s homes come from auctions, 37 percent are from individual …
The National Association of Home Builders (NAHB) reports while housing starts fell 16.5 percent to a seasonably-adjusted annual rate (SAAR) of 853,000 in April, housing permit issuance rose 14.3 percent to a SAAR of 1.02 million units, the highest rate since June of 2008. Based on data from HUD and …
PRWeb informs MHProNews that through the Department of Housing and Urban Development (HUD) Oklahoma City’s Bank2 is partnering with First Interstate Bank of Montana, Wyoming and South Dakota to provide affordable housing loans to Native Americans. Offering competitive interest rates and a low down payment, Section 184 Indian Home Loan …
