News

Nonbanks dominate FHA-backed mortgages

Is this good or bad for the industry?
Nonbank’s share of Federal Housing Administration-backed mortgages crossed $1 trillion for the first time in November. The news, while positive for nonbanks, is causing some in the industry to question the consequences nonbanks face if the industry undergoes any future stress.
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Pioneer Bank names new president and CEO

Served seven years as bank’s chief operating officer
After seven years with the company, Pioneer Bank’s board of directors named Ron Coben as its next CEO. Here’s more on Coben’s 30-year career, and what he brings to the company.
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Total value of homes sold in Northwest increases 18%+ in 2016

Closed sales transactions increase for the year
Home values increased in 2016, along with the number of homes sold throughout the year, leading to an increase of more than 18% in the total value of homes sold. The increase in sales, however, is not being replaced with new inventory as the housing shortage continues to grow.
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Industry reacts: Is Trump's suspension of FHA mortgage insurance premium cut good or bad?

Suspended indefinitely
The Department of Housing and Urban Development’s decision to suspend the reduction of Federal Housing Administration mortgage insurance premiums didn’t come as a shocker. But while the industry knew the uncertainty surrounding the situation, they’re left divided on the issue. How much disruption will this delay cause?
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HUD suspends FHA mortgage insurance premium cut

Just after Trump officially took office
Just moments after President Trump was sworn in on Friday, the Department of Housing and Urban Development announced it is indefinitely suspending the reduction of FHA mortgage insurance premiums, undoing a cut announced by the Obama administration only a few weeks ago. The suspension is effective immediately.
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Fannie Mae, Freddie Mac stock hangs in the balance after Mnuchin privatization talks

The easy and difficult road ahead for Mnuchin
The highs Fannie Mae’s and Freddie Mac’s stocks experienced toward the end last year didn’t stay long. After Trump’s Treasury Secretary nominee Steven Mnuchin retreated from his original stance on privatizing the government-sponsored entities during his confirmation hearing, both GSEs’ stock tumbled as their future got called into question.
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BB&T reports record year for earnings in 2016

But residential mortgage loans decreased in Q4
BB&T reported record earnings for 2016, and fourth quarter earnings significantly higher than the previous year. However, these increases were not driven by residential mortgage loans which actually decreased in the fourth quarter of 2016.
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