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One year after the Consumer Financial Protection Bureau issued new mortgage servicing rules, some lenders still are not up to speed and collectively incurred fines of $11.6 million for violations involving nearly 80,000 consumers, HousingWire reported June 23.
Low mortgage rates and servicing costs are helping more Americans purchase homes, Freddie Mac reported June 23 in its monthly U.S. Economic and Housing Market Outlook. The report noted that the housing market is shifting from boomers to millennials, who are now just entering their prime homeownership years.
Banks still hold the majority of the country’s mortgage servicing assets, although non-bank mortgage servicers are not a new phenomenon and were major players in the late 1980s, according to a joint mortgage servicing white paper from the Mortgage Bankers Association and PwC, MBA NewsLink reported June 25.
Only 64.5 percent of Americans owned homes in 2014, the 10th consecutive year in which the homeownership rate dropped, and the decline continued through the first quarter of 2015, according to the State of the Nation’s Housing report from the Joint Center for Housing Studies of Harvard University, HousingWire reported June 24.
Average fixed mortgage rates held steady during the past week, Freddie Mac reported June 25 in its Primary Mortgage Market Survey.
Rents for prime office space are up worldwide, increasing 2.9 percent year-to-year in the U.S. alone, according to real estate services firm CBRE, MBA NewsLink reported June 25. Offices in London’s West End topped the most-expensive list while Asian markets accounted for the other four spots on the top-five list.
Following rapid growth in recent years, the single-tenant retail sector is leveling out as investors in the sector watch for a potential interest-rate increase later this year, according to real estate investment services firm Marcus & Millichap, MBA NewsLink reported June 25.
The Appraisal Institute on July 1 posted the documents it has sent to and received from The Appraisal Foundation in recent weeks regarding issues facing the valuation profession.
Representatives of some of the world’s largest commercial real estate valuation and advisory firms discussed possible solutions to issues facing the valuation profession June 26 at an Appraisal Institute President’s Council meeting in Chicago.
The Appraisal Institute conferred 70 designations in June, including 40 MAI designations, eight SRA designations, 19 AI-GRS designations and five AI-RRS designations.
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