In The News

Mortgage Capital Trading, Inc. (MCT), a mortgage hedge advisory and secondary marketing software firm, reported a slight 4.76% decline in mortgage lock volume over the prior month.

CV3 Financial Services, LLC, has officially launched. The company is a private lender, providing financing for fix-and-flip and rental properties to real estate investors in more than 20 states. CV3 was founded by William J. Tessar, former President of CIVIC Financial Services.

MISMO, the real estate finance industry’s standards organization, reported that the MISMO Servicing Transfer Catalog (MSTC) has reached “Candidate Recommendation” status, which means it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.

Massachusetts-based NewFed Mortgage Corp. (NewFed Mortgage), a multi-state residential mortgage lender, has been approved by the Oklahoma Department of Consumer Credit to lend in the state to serve Oklahoma residents with a wide array of mortgage programs.

The Data & Analytics division of Black Knight, Inc. (NYSE:BKI) released a high-level summary of the latest Home Price Index for July 2023. Even with interest rates hovering near 7.25%, home price growth continued in July to push home prices to yet another record high.

Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 25, 2023. 

While home prices have shown a lot of strength so far in 2023, elevated mortgage rates are making it difficult for many potential buyers to purchase properties, which will likely keep a lid on additional gains for the rest of the year. Nevertheless, home prices are still expected to continue to reaccelerate and reach mid-single-digit growth rate by the year’s end, according to CoreLogic’s latest Home Price Index forecast.

MISMO, the real estate finance industry’s standards organization, published a new set of enhanced work products designed to create a standardized exchange for closing instructions information. The Master and Transactional Closing Instruction templates and XML mapping specification have reached “Candidate Recommendation” status, which means that they have been thoroughly reviewed by a wide range of organizations and industry participants and are available for use across the industry.

ATTOM released its third-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,277,612) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation – the same as in the second quarter of this year. Here’s what it showed: