VRM Mortgage Services Honored by DiversityBusiness

first_img DiversityBusiness Top Businesses in America VRM Mortgage Services 2015-05-18 Staff Writer VRM Mortgage Services (VRM) was recently named to DiversityBusiness’ 15th annual “Top Businesses in America” list and received multiple awards as an African American, diversity-owned and privately held business. According to a recent DiversityBusiness press release this is the second year in a row VRM has received such honors.DiversityBusiness recognized VRM in five of its surveys, including ranking 158th of the top 500 diversity-owned businesses in the U.S. and 47th out of 100 top African-American-owned businesses, the release says. The company was also recognized locally as the 17th-ranked diversity-owned business in Texas and was listed 21st out of 100 privately held Texas businesses.“It’s an honor to be recognized again by DiversityBusiness,” said Keith Murray, president and CEO of VRM Mortgage Services. “We are committed to diversity in our daily business operations and appreciate the recognition we’ve received with this national award.”DiversityBusiness produces annual lists, provides business news information, conducts research and data collection services, and provides other services to advance best practices through diversity. The “Top Businesses in America” program was started by DiversityBusiness in 1999 and recognizes and honors diverse companies that are industry leaders who push our economy forward.More than 1.3 million businesses in the U.S. participated in this annual business survey and companies were selected based on an expansive set of criteria. VRM supports many of the industry’s major ethnic, minority, and diverse real estate organizations and even holds leadership roles with a variety of diversity initiatives, including the Mortgage Bankers Association’s Strategic Diversity Committee.VRM’s founder, Murray, believes a commitment to diversity strengthens a company’s recruiting, purchasing, and partnership decisions, the release notes. Under his leadership, the company was able to develop a sourcing solution to help ensure small and minority-owned businesses were included in its offerings. This included providing its clients a diverse network of real estate and mortgage brokers, repair contractors, closing/title agents, and appraisers.“As a minority-owned company, VRM embraces diversity as a significant driver of our performance excellence,” added Murray, “We look for every opportunity to promote diversity and inclusion with our clients and throughout our industry. These awards are recognition of those efforts and our industry achievements.” Share in Data, Headlines, News, Servicingcenter_img May 18, 2015 603 Views VRM Mortgage Services Honored by DiversityBusinesslast_img read more

Mortgage Rates Lower Following Feds Hike Deferment

first_img in Daily Dose, Data, Featured, Government, Market Studies, News Mortgage Rates Lower Following Fed’s Hike Deferment September 25, 2015 625 Views Federal Reserve Freddie Mac Mortgage Rates 2015-09-25 Staff Writercenter_img Mortgage rates lowered to 3.86 percent for the week ending September 24, 2015 after the Federal Reserve decided to keep interest rates near zero last week.Freddie Mac’s Primary Mortgage Market Survey (PMMS), showed that the 30-year fixed-rate mortgage (FRM) averaged 3.86 percent with an average 0.7 point for the week. This rate is down from last week when it averaged 3.91 percent, and a year ago at this time, it averaged 4.20 percent.”Global growth concerns and lackluster inflation convinced the Fed to defer a hike in the Federal funds rate,” said Sean Becketti, chief economist, Freddie Mac. “In response, Treasury yields fell about 9 basis points over the week, with some larger day-to-day swings along the way. In response, the interest rate on 30-year fixed rate mortgages dropped by 5 basis points to 3.86 percent.”The report also found that the 15-year FRM averaged 3.08 percent with an average 0.6 point, a decrease from last week when the rate was 3.11 percent. One year ago, the rate averaged 3.36 percent.”Global growth concerns and lackluster inflation convinced the Fed to defer a hike in the Federal funds rate.”The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent with an average 0.5 point. Last week this ARM averaged 2.92 percent and a year ago, it averaged 3.08 percent.Meanwhile, the 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point. Last week this ARM averaged 2.56 percent and a year ago, it averaged 2.43 percent.”Mortgage rates have remained below 4 percent for 9 consecutive weeks and have remained range-bound between 3.8 and 4.1 percent since May,” Becketti said. “These low mortgage rates have supported strong home sales, and 2015 is on pace to have the highest home sales total since 2007.”Last week, the Federal Reserve decided on Thursday to keep the federal funds target rate at zero to 1/4 percent, where it has been for nine years, at the September meeting of the Federal Open Market Committee (FOMC).”In determining how long to maintain this target range, the Committee will assess progress—both realized and expected—toward its objectives of maximum employment and 2 percent inflation,” the Fed said in a statement. “This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.” Sharelast_img read more

CoreLogic Announces Data Milestone

first_img Data and analytics services provider CoreLogic announced Thursday that more than 700 million data records have now been delivered through its University Data Portal, an online self-service website that provides access to residential and commercial real estate data used for qualified academic research at preferred rates.The University Data Portal enables faculty and graduate and undergraduate students to run queries, extract residential and commercial tax and property transactions and deed data, and download custom reports.The information available to students through the company’s databases includes 494 million deed records representing 97 percent of U.S. property transactions, 158 million property tax records, 46 million foreclosure records and more.“The University Data Portal was created to provide the academic community with gold standard property data for their research needs, and is the only resource of its kind in the industry,” said Frank Nothaft, Chief Economist for CoreLogic. “CoreLogic is constantly looking for ways to support this community and is committed to continuously updating the portal with new and relevant data sets. It is extremely gratifying to have delivered such a significant amount of data to help fuel academic research.”The company developed the portal and preferred rate structure in response to the hundreds of requests it receives each year from academics researching various real estate, mortgage and risk-related issues. CoreLogic data has been widely used in academic research examining subjects such as housing migration, unemployment, demographics, housing reform and other topics relevant to the U.S. housing market and overall economy.For more information on the University Data Portal, click here. CoreLogic Announces Data Milestone January 23, 2017 515 Views in Headlines, Newscenter_img CoreLogic Mortgage data Real Estate Data University Data Portal 2017-01-23 Phil Banker Sharelast_img read more

Studying Affordable Housing LowCost Mortgages

first_imgStudying Affordable Housing, Low-Cost Mortgages According to the Urban Institute, families have the stable income needed to support homeownership in smaller, more affordable communities, but are unable to afford a home because they can’t access a mortgage, or don’t have cash to buy a home. The study states that there were more than 700,000 homes sold for $85,000 or less in 2018, and according to the Urban Institute, these homes are less likely to be financed with a mortgage than high-priced homes. Limited financing options becomes a barrier for homeownership. Instead, the home is sold to investors, and families may turn to riskier seller financing options, such as land contracts, which have fewer borrower protections than mortgages.The study continues by saying expanding access to small-dollar mortgages could help many households in communities with lower-than-average homeownership rates. The Urban Institute states that about 10% of the Pittsburgh, Pennsylvania’s households own a home worth less than $70,000, and 22% are renters. With average incomes of $36,000 and $32,000 for these owners and renters, respectively, they are close to suggest a small-dollar mortgage could put the renters in a position to buy a low-cost home. Statistics show that 26% of Pittsburgh’s renters are people of color, with around 10% owning a home valued at $70,000 or less. Fewer than 5% own a home worth $150,000 or more. A recent report by the National Association of Home Builders (NAHB), with data from the U.S. Census Bureau, found that homeownership rates for minorities fell to 64.2% in Q1 2019 from 64.8% to end 2018.The “all minority” homeownership rate, which includes African American, Hispanic and “other households” (Asian, Native American, etc.), came in at 47.1% in Q1 2019—a slight year-over-year decrease from 48%, and a decline from 47.7% in Q4 2018.Recent NAHB information revealed that the amount of newly-formed owner-occupied home grew in the first quarter. Expansion during Q1 2019, though, was slower than last year, indicating the decline of affordable housing due to elevated home prices. in Daily Dose, Featured, News, Origination July 3, 2019 440 Views center_img Share Affordability Minorities 2019-07-03 Mike Albaneselast_img read more