Pam Marron Home Lending

Fannie Readies Launch of ‘Trended Data’ Initiative

May 26, 2016 by · Leave a Comment 

by Brian Collins, National Mortgage News

WASHINGTON — Lenders and credit bureaus are gearing up for Fannie Mae’s June 25 launch of its “trended data” initiative, which provides a new data element to its automated underwriting process.

The program provides a snapshot of an applicant’s revolving credit payments in an attempt to better divine a borrower’s creditworthiness. The launch marks a significant change for the mortgage industry.

Read More: http://www.nationalmortgagenews.com/news/secondary/fannie-readies-launch-of-trended-data-initiative-1078111-1.html?zkPrintable=true

Foreclosure rate is likely two years away from a return to true normal, CoreLogic economist says

May 22, 2016 by · Leave a Comment 

The U.S. foreclosure rate and mortgage delinquencies have fallen to levels not seen since before the housing crash eight years ago, but that doesn’t necessarily mean that the housing market has return to normal. CoreLogic’s Chief Economist Frank Nothaft spoke with Scotsman Guide News about the improved housing market and why the foreclosure rate could take another two years to return to its traditional norm.

Completed foreclosures ticked up for the month in March, but overall the trend has been down, right?  

When you look on a year-over-year basis, and we compare our latest data from March 2015 to March 2016, the news is very good, and it has been very good for  a number of years. The total amount of foreclosure inventory — that is the percentage of mortgaged property that is some stage of  the foreclosure process — that’s dropped 23 percent from a year ago. We are now at the lowest inventory level, the lowest foreclosure rate, since November 2007 prior to the onset of the Great Recession. It is still elevated if we compare it to what the foreclosure rate was 15, 20 years ago, so we are not back to a normal foreclosure rate yet, but we have made substantial progress in the U.S.

Do you believe we’ll get back to a foreclosure rate that would be considered normal and, if so, when?

Yes, I do think we will, but I think it is probably still a couple of years away. There are still a lot of what we refer to in the industry as “the legacy books,” that is, the book of loans that originated in ’05, ‘06 and ’07, which continue to have poor performance — in other words, high default rates. The loans that have been originated since 2009 have performed… read more here

Pam Marron Selected for HUD Housing Counseling Fed. Advisory Committee

May 22, 2016 by · Leave a Comment 

Yesterday Pam Marron received a letter from HUD Secretary Julian Castro that she has been selected to serve on the U.S. Department of Housing and Urban Development’s Housing Counseling Federal Advisory Committee.

Millions of homeowners across the U.S. have been devastated with lives changed forever due to the housing recession. I want you to know that it is your stories of challenges… how you plodded through even though you lost a great deal and did everything possible to stay afloat… before you finally had to ask for help… that changed my perspective on how I will do business in the mortgage industry forever.