nmp news flash
$450 million per company in the third quarter, up from $371 million per company in the second quarter. The average volume by count per company rose to 2,010 loans in the third quarter, from 1,700 in the second quarter. The refinancing share of total originations, by dollar volume, was 57 percent in the third quarter, up from 52 percent in the second quarter. For the mortgage industry as whole, MBA estimates the refinancing share at 73 percent in the third quarter of 2012, up from 67 percent in the second quarter. Measured in basis points, secondary marketing income increased to 271 basis points in the third quarter, compared to 257 basis points in the second quarter. Total loan production expenses— commissions, compensation, occupancy and equipment, and other production expenses and corporate allocations—increased slightly to $5,163 per loan in the third quarter, from $5,128 in the second quarter. Personnel expenses averaged $3,320 per loan in the third quarter, from $3,246 per loan in the second quarter. The ‘net cost to originate’ was $3,353 in the third quarter, from $3,224 per loan in the second quarter. The ‘net cost to originate’ includes all production operating expenses and commissions minus all fee income, but excludes secondary marketing gains, capitalized servicing, servicing released premiums and warehouse interest spread. Productivity improved to 3.9 loans originated per production employee per month in the third quarter, from 3.6 in the second quarter. Ninety-seven percent of the firms in the study posted pre-tax net financial profits in the third quarter of 2012, compared to 95 percent in the second quarter.
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JANUARY 2013
Nearly 20 percent of recent movers identified “convenience to job” as the most important factor in their choice of neighborhood in 2011, according to the 2011 American Housing Survey (AHS), the definitive source of information on the quality of housing in the United States. For the first time ever, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development have made survey results available on the Census Bureau’s American FactFinder data access tool. A wide range of specific topics is covered in the survey, including plumbing and source of water and sewage dispos-
The U.S. Department of Housing & Urban Development (HUD) has announced an agreement with Bank of America (BOA) to settle a claim that the mortgage lender refused to provide financing to a lesbian couple. The agreement is the first enforcement action taken against a lender involving HUD’s recent rule ensuring that the Department’s core housing programs be open to all eligible persons, regard-
NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
HUD and Census Bureau Expand Access to Include Housing Info
al; housing problems; householder’s satisfaction with home and neighborhood; value, purchase price and type of mortgage; recent home improvement activity and costs; safety features and potential health hazards; features in home providing accessibility to people with disabilities; and socio-economic characteristics of the householder. Statistics are nationallevel only and are provided for apartments, single-family homes, manufactured housing, new construction and vacant housing units.
Bank of America and HUD Reach Agreement on LGBT Discrimination Claim
NationalMortgageProfessional.com
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Topics new to the housing survey include safety features, potential health hazards and features providing accessibility to people with disabilities. Among the accessibility features in occupied homes were floors with no steps between rooms (64 percent of homes have this feature), entry level bathrooms (48 percent), entry level bedrooms (36 percent) and handles or levers on sinks (28 percent). The least common accessibility features were elevators (found in 0.2 percent of homes), ramps (one percent), handrails or grab bars (excluding steps) in non-bathroom areas (two percent), raised toilets (seven percent) and built-in shower seats (eight percent).