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ยป Spohn also served at FHFA since 2008. He deferred his original retirement plans to continue working to resolve legacy business issues, according to the agency. GSE Foresees Market Volatility in Coming Months Fannie Mae predicts "continued market volatility" for at least the next few months. Consumer sentiment toward the economy and the housing market wavered in October, according to the GSE's November Economic Outlook. Looking forward, Doug Duncan, chief economist at Fannie Mae, says because many remaining policy decisions will spill over into the beginning of 2014, it is likely that both consumers and businesses will continue to pull back, leading to increased volatility in the markets. Overall, Fannie Mae expects 2013 to end with yearly economic growth around 2 percent with an uptick to 2.5 percent in 2014. The housing market contributed 0.4 percentage points to gross domestic product (GDP) in the third quarter, unchanged from the second quarter, according to the GSE's economic team. Fannie predicts existing-home sales continued to decline in the final months of 2013. At the same time, single-family home starts "have disappointed," the GSE said. In fact, they began to decline before interest rates began rising. Fannie expects mortgage originations to total about $1.83 trillion for the 2013 calendar year, down about 15 percent from 2012. Overall consumption grew at 1.5 percent in the third quarter, well below the longstanding historical norm of 3.4 percent from the end of World War II through 2000, according to Duncan. "Monthly data showed weakening momentum in real consumer spending and suggest a reluctance among consumers to take on more debt," Duncan said. While consumers were guarded, however, businesses "appeared to have shrugged off" and fiscal uncertainty, according to Fannie Mae, reporting "the strongest private sector payroll gains since February" for the month of October. Despite the improvement, Fannie reported that members of the Federal Open Market Committee (FOMC) generally view recent employment gains as "overstating the improvement in labor markets, given the drop in the labor force participation rate." Fannie Mae expects unemployment to fall to 6.5 percent by the middle of 2015. In the meantime, despite fiscal uncertainty and policy issues weighing on the economy, the GSE predicts "sustained improvement" in the labor force will lead to a tapering of Federal Reserve asset purchases in March and a final cutoff by September. Fannie Mae expects the Federal Reserve to hold off on raising interest rates until the second half of 2015. $309,768 Average loan amount for a mortgage originated in Q3 2013 in D.C., the highest in the country. Source: LendingTree rank: 5 Foreclosure Rate october 2013 Unemployment Rate 4.9% 6.7% year ago 2.9% 5.5% 7.2% year-over-year change -16.8% -10.1% -6.9% Top County 90+ Day Delinquency Rate SoMerSet county Foreclosure Rate october 2013 3.8% 9.4% year ago 3.6% 10.1% year-over-year change 6.1% -6.8% Top Core-Based Statistical Area bangor, Me 90+ Day Delinquency Rate Foreclosure Rate october 2013 3.0% 6.6% year ago 3.3% 6.7% year-over-year change -8.8% rank: 8 90+ Day Delinquency Rate Foreclosure Rate october 2013 3.3% Unemployment Rate 3.5% 6.7% year ago 4.4% 4.0% 6.8% year-over-year change -25.5% -12.2% -1.5% Top County 90+ Day Delinquency Rate SoMerSet county Foreclosure Rate 3.8% 9.4% year ago 3.6% 10.1% year-over-year change 6.1% -6.8% Top Core-Based Statistical Area caMbridge, Md 90+ Day Delinquency Rate Foreclosure Rate october 2013 3.9% 6.4% year ago 4.9% 7.8% year-over-year change -19.3% -17.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the October 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary October 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Maine 2.4% Maryland october 2013 STAT INSIGHT 90+ Day Delinquency Rate VISIT US ONLINE @ DSNEWS.COM -1.2% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the October 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary October 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Appraisal Logistics Earns ISO Certification Appraisal Logistics, a Maryland-based provider of compliant appraisal management solutions for the mortgage industry, announced it received the ISO 9001:2008 Certification for Quality Management Systems Standards by LQRA, passing a formal evaluation created to examine quality management standards in the financial services industry. Though companies aren't required to do so, Appraisal Logistics opted into the optional audit process "to provide financial institution customers a means of measuring quality," the company said. "We strive to continually improve our organizational processes," said Appraisal Logistics CEO Frank Danna. "The principles of ISO certification have been our guidelines since we began in 2008. It just made sense to make the process formally reviewed and confirmed so we can provide that quality assurance to our clients." 115