What Judge Kavanaugh Confirmation Means for the Future of the CFPB

  • October 16, 2018

Earlier this month, the Senate voted to confirm Judge Kavanaugh to the Supreme Court, solidifying a conservative tilt.  The latest balance shift has many in Washington revisiting the question of what will happen to the Consumer Financial Protection Bureau’s (CFPB) leadership structure. Previously, Kavanaugh has written that he believes the way the CFPB is currently structured is unconstitutional.   He also authored the Court of Appeals decision in the PHH Corp. vs CFPB case that declared the CFPB leadership structure unconstitutional in 2016. 

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Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

  • October 15, 2018

There is a busy week of housing news ahead, with important data scheduled for release including the National Association of Home Builders’ (NAHB) housing market sentiment index, housing starts and building permits and existing home sales.  Builder sentiment was positive last month, unchanged from the previous month.  Housing starts jumped, but building permits tapered off.  Existing home sales were also unchanged. 

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Did You Know... 10/15/18

  • October 15, 2018

You can have the All In One Interactive Simulator on your website!

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Market Recap: Mortgage Applications Down, Unemployment Hits All-Time Low, Consumer Price Index Increases

  • October 12, 2018

Some markets were closed on Monday in observance of Columbus Day, thus it was a slow week for housing news.  The only housing-related report was the weekly mortgage application survey.  Other market-moving reports included the weekly jobless claims report and the consumer price index.

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Lowering Your Debt-to-Income Ratio

  • October 11, 2018

Debt-to-income ratio or DTI is one of the key components of your financial profile lenders review when evaluating whether or not you are a good candidate for mortgage financing.  DTI thresholds vary depending on the lender and the type of mortgage loan.  Generally, the lower your DTI the better, so lowering your DTI by paying down long-term debts and limiting credit card use is a good idea before you apply for mortgage financing. 

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Simple Street Change Saves Pedestrian Lives

  • October 10, 2018

Pedestrian traffic deaths reached a 25-year high last year.  According to the Governors Highway Safety Association almost 6,000 pedestrians were killed in 2017.  The US Department of Transportation (DOT) is working to reverse this figure with a simple street redesign currently popping up at intersections in New York City, San Francisco, and Los Angeles.  By adding rubber bumpers to intersections, drivers who are turning left are forced to slow down, and even lessen the sharpness of their turn, reducing the risk of vehicle-pedestrian Collison. 

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Average FICO Credit Scores Climb Again

  • October 09, 2018

Nearly ten years into economic recovery, the average American FICO score climbed again, hitting a record high of 704.  2018 marks the eighth year of credit score increases, since the average FICO score hit an all time low of 686 in the wake of the Great Recession.  All age brackets saw their average FICO score increase, led by Baby Boomers and Generation Xers.

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Market Forecast: Mortgage Apps, Jobless Claims, and Consumer Price Index

  • October 08, 2018

Some markets are closed today in observance of the Columbus Day holiday.  Mortgage rates have started to trend upward in reaction to last month’s Federal Reserve rate hike.  Mortgage applications reacted to the news, with new purchase application submissions increasing and refinance application submissions declining last week.  Other market-moving reports scheduled for release this week include the weekly jobless claims report and the consumer price index.

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Did You Know... 10/8/18

  • October 08, 2018

Copies of sample disclosure packages and welcome letters for our AIO programs are now available in CLEAR.

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Market Recap: Construction Spending Up, Mortgage Apps Mixed, ADP Employment Gains

  • October 05, 2018

Mortgage rates were little changed this week, following last week’s Federal Open Market Committee (FOMC) rate hike.  US construction spending improved slightly.  Residential construction spending was down month-over-month but up year-over-year.  Mortgage application submissions showed little week-over-week change.  The ADP employment report exceeded expectations.

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What does your home insurance cover?

  • October 04, 2018

Earlier this month, Hurricane Florence caused an estimated $20 to $30 billion of damage to commercial and residential properties throughout North and South Carolina.  Unfortunately, an estimated 85% of residential property losses were uninsured, and less than 10% of properties in North Carolina had flood insurance.

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Update: Credit Freeze Now Free in All States

  • October 03, 2018

In the wake of last year’s Equifax data breach, a new federal law will allow consumers to freeze and unfreeze their credit for free with all major credit bureaus.  Previously, credit freezes and unfreezes cost consumers anywhere between $3 and $12 each.  A credit freeze prevents lenders from pulling a credit report, thus preventing criminals from taking out new lines of credit with a stolen identity. 

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Why Millennials Are Making This Huge Money Mistake

  • October 02, 2018

An alarming trend is emerging among young Millennial workers around the country.  According to a recent survey from ETrade, over a third of Millennials are making withdrawals from their 401(k) plans or retirement accounts.  They are using the money for everything from paying down debts, making large purchases, and going on vacations.  401(k) and other retirement plans compound interest overtime, thus increasing in value.  When young workers withdraw from retirement accounts prematurely they are losing the interest they could have gained. 

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Market Forecast: Construction Spending, Mortgage Apps, and the ADP Employment Report

  • October 01, 2018

Last week, the Federal Open Market Committee voted to raise the benchmark interest rates, and mortgage rates reacted accordingly.  This week in housing news, US construction spending report comes out on Monday and the weekly mortgage application survey comes out on Wednesday.  The ADP employment report comes out on Wednesday.

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Did You Know... 10/1/18

  • October 01, 2018

CMG does not accept transferred Loan Estimates on TBD properties. 

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Market Recap: Fed Raises Rates, New Home Sales Spike, Home Prices Appreciation Slows

  • September 28, 2018

This week, the Federal Open Market Committee (FOMC) voted to raise the federal benchmark interest rate for the third time this year.  Federal Reserve Chair Jerome Powell cited a strong labor market and continued economic expansion as reasons for the rate hike.  In housing news, new home sales jumped, and home price appreciation slowed.

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What Happens to Your Mortgage if Your Home is Hit with a Natural Disaster

  • September 27, 2018

In the wake of last week’s hurricane and with an especially active hurricane season expected, disaster preparedness is more important than ever.  When hurricanes, forest fires, earthquakes, and other natural disasters damage your home or impact your ability to pay your mortgage you have several options.  Before disaster strikes, review these ways to stay safe, physically and financially.

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Manufactured Homes - Conventional

  • September 27, 2018

CMG Financial offers your borrowers the choice to finance cost effective living, making the American Dream possible for both traditional and manufactured homeowners!

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Improving Shared Spaces Starts with Keeping Sidewalks Clean

  • September 26, 2018

Many metros across the country from the Bay Area to our nation’s capital have experienced a recent influx of new sidewalk clutter in the form of dockless electric scooters.  Bird, Lime, and other startups have “dropped” e-scooters in urban areas to relieve busy public transportation and give pedestrians a new, more efficient way to commute.  Curbed correspondent, Sarah Goodyear, describes the dropping of these scooters to the way an unruly teenager drops laundry around the house.  The new trend of “docklessness” revives the question as old as cities themselves, “who owns the sidewalk and who is responsible for keeping it clean?”

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Rushing to Pay Off Your Mortgage? Why New Tax Laws Might Make You Want to Wait.

  • September 25, 2018

The Tax Cuts and Jobs Act (TCJA) enacted earlier this year provided the most sweeping changes to the tax code in decades.  One of the most relevant changes for homeowners was the new cap for mortgage interest deductions.  With tax cuts increasing wages, the savings rate improving, and the economy booming, some homeowners may consider paying off their mortgage sooner, especially with the changes to the mortgage interest tax deduction.  MarketWatch columnist, Peter Morici, suggests, “The new tax law should cause many folks to consider paying off their mortgages but that is hardly best for everyone.”

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Market Forecast: FOMC Meeting, Case-Shiller Home Price Index, and New Home Sales

  • September 24, 2018

The Federal Open Market Committee will meet this Tuesday and Wednesday and markets are pricing in a rate hike.  Sustained economic growth, a healthy labor market, and strong consumer spending have all pushed the inflation rate toward the Federal Reserve’s benchmark and support the case for raising the benchmark interest rate.  In other housing news, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the National Association of Realtors’ new home sales report comes out on Wednesday. 

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Did You Know... 9/24/18

  • September 24, 2018

The All In One Certification/Resource Center can be found by visiting, https://www.cmgfi.com/aiocertification.

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More Bike Lanes and Trees Make Greener Cities

  • September 21, 2018

City streets and sidewalks in the United States have been engineered for decades to keep vehicle occupants and pedestrians safe. If streets include trees at all, they might be planted in small sidewalk pits, where, if constrained and with little water, they live only three to 10 years on average. Until recently, U.S. streets have also lacked cycle tracks—paths exclusively for bicycles between the road and the sidewalk, protected from cars by some type of barrier.

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Market Recap: Housing Starts Surge, Existing Home Sales and Housing Market Index Unchanged

  • September 21, 2018

Construction activity boomed in August, housing starts posted a significant increase.  Building permits, however, declined.  The National Association of Home Builders’ housing market index was unchanged but remains positive.  Existing home sales were unchanged month-over-month but down year-over-year. 

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Amazon Founder Jeff Bezos's Fortune Compounding Faster than He Can Donate It

  • September 20, 2018

Amazon.com Inc.’s founder and CEO Jeff Bezos, the richest man in modern history, on Thursday stepped up his plans for major philanthropic giving by pledging $2 billion to set up the charitable “Bezos Day One Fund.”

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Low Down Payment Mortgage Options

  • September 20, 2018

As home prices rise, so do mortgage down payments.  Many potential home buyers are dissuaded from starting their home search because of the myth of the 20% down payment.  According to Down Payment Resources, home buyers younger than 37-years-old put down an average of 7%.  Looking to buy a home but lacking the 20% down payment?  Consider one of these popular low down payment mortgage options.

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Full Product Menu

  • September 20, 2018

Take advantage of our FULL product menu.

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How This San Francisco Homeowner Sold for Twice the Purchase Price

  • September 19, 2018

After years of renting in San Francisco and Oakland, we bought a home in Walnut Creek (a small city in the Bay Area) for $545,000 in 2010—when the market was relatively slow. The house was the smallest model in a 1960s neighborhood at 1,445 square feet with three bedrooms and two bathrooms. But it sat on a spacious 9,375-square-foot lot. It was a dream cosmetic fixer. Over seven years, we made it our own. We installed new interior doors and baseboards, gave away the wall-to-wall carpeting on Craigslist, and refinished the original hardwood floor. We painted the interior and exteriors, removed popcorn ceilings, and remodeled both bathrooms and the kitchen. 

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Buyer Beware: How to Spot Down Payment Wire Transfer Fraud

  • September 19, 2018

Buying a home is the biggest purchase most Americans will make in a lifetime and saving for a down payment is the biggest obstacle to making that purchase.  Often, the down payment will include a significant portion of the home buyer’s life savings, especially for first-time buyers. Earlier this month, CNBC reported on a new variant of wire transfer fraud schemes targeting home buyers at the time of closing, in some cases wiping out their entire down payment savings with no chance of recouping the funds.

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Millennials Delay Marriage, Not Homeownership

  • September 18, 2018

Millennials may be delaying marriage but not homeownership, according to a recent study.  In 1985, 75% of first-time home buyers were married couples.  Today, married couples make up 57% of first-time home buyers.  The National Association of Realtors’ managing director of survey research commented, “it’s absolutely a trend.  People feel fine purchasing a home without a ring.”

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Compare and Contrast: How Much Money Each Age Group Has in Their 401(k)s

  • September 18, 2018

Contributing to an employer-sponsored 401(k) plan is an effective way to save for retirement: You get significant tax advantages, the money is automatically taken from your paycheck before you have the chance to spend it and, often, companies offer a match, which is essentially free money.

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New Apple iPhones Designed to Reduce E-waste

  • September 17, 2018

 

After completing a switch to 100% green energy earlier this year, Apple is trying to pack more renewable materials into its latest iPhones.

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Market Forecast: Housing Market Index, Existing Home Sales, and Housing Starts and Building Permits

  • September 17, 2018

There is a full week of housing news ahead, with the National Association of Home Builders’ (NAHB) housing market sentiment index on Monday followed by housing starts and building permits on Wednesday and existing home sales on Thursday.

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Did You Know... 9/17/18

  • September 17, 2018

Whether rates are emailed to you daily or you view them in CLEAR, you can find a lot of useful information on the daily rate sheet cover page.

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Market Recap: Consumer Credit Expands, Job Openings Up, Mortgage Apps Mixed

  • September 14, 2018

Average mortgage rates did not move significantly this week, trending downward according to Mortgage News Daily.  Both revolving and nonrevolving consumer borrowing increased.  Job openings surged to a record high.  New purchase applications were up but refinance applications were down.

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Affordable Housing Becomes Part of Florida Hurricane Recovery

  • September 13, 2018

Jaimie Ross, president of the Florida Housing Coalition, remembers the exact moment in September 2017 that she connected with Maggie Whitcomb, who was soon to become the founder of the Florida Keys Community Land Trust.

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What to Look for in Your New Neighborhood

  • September 13, 2018

The famous line Location, Location, Location is not a joke when it comes to choosing the right neighborhood for your new home.  Whether you are a first-time home buyer or moving up into your forever home, where you buy matters.  Before you start your home search, determine where you want to buy.  Narrow down the right neighborhood by reviewing these major influencers.

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Work with More Referral Sources

  • September 13, 2018

Is part of your 2018 focus to work with more referral sources?

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Girl Scouts Swap Cookies for Tiny Houses

  • September 12, 2018

A new five-day Girl Scout Camp in Marine on St. Croix, Minnesota resulted in two habitable tiny houses built entirely by Girl Scouts in grades 6 to 12.  The first Power Girls camp was hosted by the Girl Scouts River Valleys and Dunwoody and took place in Camp Lakamaga.  The goal of the camp was to teach girls the skills they needed to build a home from start to finish.  The products of the camp will be donated to an organization chosen by the proud Girl Scouts.

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1 in 4 American Homes Now Equity Rich

  • September 11, 2018

Last month, ATTOM Data Solutions released a report showing 24.5% of all mortgaged properties were equity rich in Q2 2018.  “Equity rich” is defined as a home with a loan-to-value ratio of 50% or lower.  Collectively, American homeowners have accrued over $15 trillion in home equity, over a trillion and a half dollars more than the highest levels before the recession.  What are they doing with it?

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6 Ways to Lower Your Debt-to-Income Ratio

  • September 11, 2018

If you’re struggling to qualify for a personal loan, your debt-to-income (DTI) ratio could be to blame.

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Man's Best Roommate: How Furry Friends Influence Housing Decisions

  • September 10, 2018

While homebuyers look for homes of all different shapes and sizes, data reveals that most of them have one major thing in common.

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Market Forecast: Consumer Credit, Job Openings, and Mortgage Apps

  • September 10, 2018

Market-moving reports this week include consumer credit, scheduled for Monday, and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), scheduled for Tuesday.  Both consumer borrowing and job creation drive economic and housing market momentum.  In housing news, the weekly mortgage application survey comes out on Wednesday.

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Did You Know... 9/10/18

  • September 10, 2018

Loan Servicing FAQs have been added to the CLEAR Resources tab.
After signing into CLEAR, click on Resouces.  The Servicing FAQ link can be found on the left side of the page.  Here you will find the answer to many of your borrowers servicing questions.

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Market Recap: Construction Spending Up, New Purchase Mortgage Apps Up, ADP Employment Grows

  • September 07, 2018

Construction spending improved in July, led by a surge in residential spending.  New purchase mortgage applications increased while refinance applications decreased.  The ADP employment report showed the addition of 163,000 jobs in August.  Mortgage rates trended slightly upward.

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Used Plastic Becomes New Furniture

  • September 07, 2018

Plastic Whale is a professional plastic fishing company that offers boat trips during which tourists — while sightseeing — will pick up plastic from Amsterdam's canals. The plastic bottles that are being collected get turned into office furniture, in collaboration with Vepa.

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The Simple Productivity-Boosting Method You're Probably Overlooking

  • September 06, 2018

By now it's no secret that there's a direct link between sleep and work performance. The numbers are staggering: The National Safety Council has estimated that fatigued employees cost employers about $136 billion a year in lost productivity.

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How to Dispute a Low Home Appraisal

  • September 06, 2018

You will need a home appraisal when you’re buying a new home, selling your current home, or refinancing your mortgage.  Home appraisals are conducted by an independent appraiser to determine the value of the home.  When you are selling your home and the appraisal comes in lower than expected, you could run into some difficulty including the buyer backing out of the sale or the lender denying the buyer the loan they need to purchase the home.  If you’re selling your home and you get a lower appraisal than expected, here are the steps you can take to dispute it.

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Grow Your Production During Rising-Rate Cycles

  • September 06, 2018

Do you know of a single mortgage product designed to help you grow your production during rising-rate cycles?

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Trees Do More Than Lower Heat in Dallas Neighborhood

  • September 05, 2018

After an exceptionally hot summer, urban planners are investigating more ways to reduce temperatures in cities around the country.  Because of the “heat island” effect, urban areas tend to be 10 to 20 degrees hotter than surrounding rural areas.  AccuWeather Expert Senior Meteorologist, Tom Kines, explains, “it’s kind of like a brick fireplace; even when the fire goes out, the heat is still in the bricks.  This is the same thing in a city.” 

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IRS Ruling Allows 401(k) Student Loan Benefits

  • September 05, 2018

On Aug. 17, the Internal Revenue Service released a private letter ruling that could make it easier for employers to use their 401(k) plans to assist their employees who are repaying student loan debt.

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US Banking Regulator to Rewrite Community Lending Rules

  • September 04, 2018

A federal banking regulator said on Tuesday it will begin soliciting input on decades-old rules on bank lending in low-income communities, kicking off a long awaited and potentially contentious rulewriting process.

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First-Time Home Buyers Outnumber Repeat Buyers

  • September 04, 2018

Despite the down payment obstacle, first-time home buyers continue to dominate the housing market.  For the past decade, first-time home buyers have comprised the largest share of home buyers, even though affordability concerns, specifically related to the down payment, have caused many would-be first-time home buyers to delay home purchase. 

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The Best Places to Retire State by State

  • September 03, 2018

Most of those who move in retirement chose to stay within the same state. In recognition of that fact, Forbes has developed its first-ever list of the best two places to retire in each of the 50 states—even those with high costs and taxes that we generally avoid in our annual Best Places To Retire list.

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Market Forecast: Construction Spending, Mortgage Apps, and the ADP Employment Report

  • September 03, 2018

Markets are closed today in observance of the Labor Day holiday.  In housing news, the US construction report comes out on Tuesday and the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.  Other market moving data includes the ADP employment report.

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Why Former President Jimmy Carter Still Lives in a $167,000 House

  • August 31, 2018

Former President Jimmy Carter might have once called the white mansion at 1600 Pennsylvania Avenue his home, but now, he lives in a much, much more modest abode.

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Market Recap: Home Prices Up, Mortgage Apps Down, Pending Home Sales Decline

  • August 31, 2018

Mortgage rates have not moved significantly this week, trending slightly upward following Federal Reserve Chair Jerome Powell’s Jackson Hole Symposium speech.  The Fed is expected to continue raising rates to keep up with strong economic growth.  The S&P CoreLogic Case-Shiller home price index appreciated in June, but at a slower pace.  Both new purchase and refinance mortgage application submissions declined.  Pending home sales fell for the seventh straight month. 

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Millennial Super Saver's Tips to Banking $250,000

  • August 30, 2018

Collectively, Americans are struggling to set aside money for retirement: 21 percent have nothing saved at all for their golden years.

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Protect Your Client's Largest Asset from Harmful Mortgage Interest

  • August 30, 2018

Most buyers in the marketplace today need to rely on a mortgage to fund their next purchase. But as interest rates rise, buying can become less affordable, and as you know, owing a mortgage could mean doubling a home's total price. But the innovative All In One Loan™ is a smarter alternative to traditional mortgages - one far less dependent on interest rates.

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Mortgage Market Rebounds: 3 Charts

  • August 29, 2018

Every year, researchers look forward to the release of the most extensive publicly available mortgage market data: the Home Mortgage Disclosure Act (HMDA) data. This rich dataset has been instrumental in revealing critical developments in mortgage lending across the nation.

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Is paying off your home saving for retirement?

  • August 29, 2018

For most Americans, a home is the first appreciating asset they will own.  Unlike stock market investments, the housing market is relatively stable, and most homes tend to appreciate over time.  This fact has some Americans asking the question, “is paying off your home saving for retirement?”  To some extent, the answer is yes.

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Why do Americans think buying a home is so stressful?

  • August 28, 2018

Applying for college, going on a job interview, and hosting Thanksgiving dinner can all be stressful life events, but according to a recent survey, none of those compare to buying a home.  Out of 2,000 Americans surveyed by Homes.com, 40% of respondents cited buying a home as the most stressful event in modern life and 33% admitted to shedding tears at some point in the home-buying process.

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Senate Banking Committee narrowly passes Kraninger as next CFPB director

  • August 28, 2018

The Senate Committee on Housing, Banking and Urban Affairs narrowly passed a vote nominating Kathy Kraninger as the next director of the Consumer Financial Protection Bureau.

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New Home, New Landscaping

  • August 27, 2018

New homeowners take notice, your landscape needs to be an early priority. Whether your home is brand new or new to you, landscaping is a key part of making it your own. Your landscape shows off your style and is your “welcome home” at the end of the day. Well done landscaping can quickly boost the perceived value of your home, and may inspire your neighbors to take on their own landscaping challenges. Enjoying a great yard is one of the best parts of owning a home. 

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Market Forecast: Case-Shiller Home Price Index, Mortgage Applications, Pending Home Sales

  • August 27, 2018

Mortgage rates have not moved significantly for the past two weeks, even trending downward according to some sources.  This week, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the Mortgage Bankers Association (MBA) weekly mortgage application survey and the National Association of Realtors (NAR) pending home sales index will come out on Wednesday.

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Did You Know... 8/27/18

  • August 27, 2018

Your borrowers can finance their closing costs and prepaid items on a USDA Home Loan up to the appraised value.

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Market Recap: Existing Home Sales and New Home Sales Decline, FHFA Price Index Up

  • August 24, 2018

Mortgage rates have not moved much this week, trending downward according to some sources.  Steady mortgage rates triggered some mortgage activity, with both new purchase and refinance applications increasing.  The Mortgage Bankers Association (MBA) weekly mortgage application survey increased 4.2% week-over-week.  Existing home sales and new home sales each declined and the FHFA house price index appreciated. 

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How would you like to become an expert at selling the All In One Loan

  • August 23, 2018

A non-QM loan product designed to save your clients tens of thousands of dollars in interest payments?

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If You Live in a Flood Zone, Read This

  • August 22, 2018

Even if your home is not located on a shore or beach, you may be living in a flood zone.  According to the Environmental Research Letter, over 41 million Americans are currently living in flood zones, and this includes seemingly landlocked locations.  In the wake of last year’s particularly devastating hurricane season, Flood Insurance is at the forefront of many homeowners’ minds.  The National Flood Insurance Program (NFIP) paid over $8 billion to homeowners with flood insurance policies in 2017. 

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More First-Time Home Buyers Using Retirement Money for Down Payment

  • August 21, 2018

As more Millennials start to enter the housing market as first-time home buyers, an alarming trend has emerged.  According to a recent Bank of the West survey of 600 homeowners ages 21-34 from, one in three took out loans against their retirement account to pay for their down payment.  Saving for a down payment is one of the most commonly reported obstacles to homeownership.  In fact, almost 70% of renters consider it the greatest barrier to homeownership.  However, borrowing against or withdrawing savings from a retirement account could set the home buyer up for long-term financial consequences.

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Market Forecast: Existing Home Sales, New Home Sales, FHFA House Price Index

  • August 20, 2018

Mortgage rates trended slightly downward last week.  There are several important housing reports scheduled for this week, including existing home sales and new home sales.  The Federal Housing Finance Agency (FHFA) house price index is also slated for release. 

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Did You Know... 8/20/18

  • August 20, 2018

CMG no longer requires W2 or full transcripts for salaried only borrowers.

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Market Recap: Builder Confidence Wanes, Mortgage Apps Mixed, Housing Starts and Building Permits Increase

  • August 17, 2018

Mortgage rates trended downward this week.  The National Association of Home Builders’ (NAHB) housing market sentiment index dropped by one point, but builders remain largely optimistic.  New purchase mortgage applications declined, and refinance mortgage applications were unchanged.

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Mortgage interest rates are on the rise

  • August 16, 2018

...and the purchase market hasn’t quite taken flight. What is your plan?

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Millennial Home Buyers’ Biggest Regret

  • August 15, 2018

Compared to previous generations, millennials have been slower to become homeowners.  Factors like high student debt, sluggish wage growth, and other residuals from the Great Recession have impacted their ability to buy homes.  Of the millennials who are homeowners (approximately 4 in 10), 68% have expressed buyer’s remorse, with the top concern being spending too much money on the down payment.

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Amazon Unlikely to Disrupt Mortgage Lending

  • August 14, 2018

Ecommerce giant Amazon is known for disrupting a broad spectrum of industries from book publishing to grocery shopping.  Its most recent acquisition of PillPack, the online pharmacy, marks its first significant reach into the healthcare industry and resulted in a collective loss of $14.5 billion in market valuation of six major healthcare-related stocks.  With Amazon tapping into so many industries, it’s not surprising that a rumor has started about a possible mortgage lending division.  Forbes contributor, Mike Eshelman, explained why the formation of an Amazon mortgage bank is unlikely.

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Market Forecast: Mortgage Apps, Housing Market Index, and Housing Starts and Building Permits

  • August 13, 2018

Mortgage rates continued to hold steady last week.  This week, the home builders’ sentiment index will come out on Tuesday, along with the weekly mortgage application survey.  Housing starts and building permits are also scheduled for release. 

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Did You Know... 8/13/18

  • August 13, 2018

Whether rates are emailed to you daily or you view them in CLEAR, you can find a lot of useful information on the daily rate sheet cover page.

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Market Recap: Job Openings Up, Consumer Credit Mixed, Mortgage Apps Decline

  • August 10, 2018

Mortgage rates have not shifted significantly this week.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings have increased to the third-highest level in the report’s 18-year history.  Revolving consumer credit fell slightly after last month’s surge, and nonrevolving credit increased.  Both new purchase and refinance applications declined.

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Market Forecast: Job Openings, Consumer Credit, Mortgage Applications

  • August 06, 2018

The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged and mortgage rates did not move much following the news.  This week, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS).  Consumer credit is also on the schedule.  The only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey.

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Did You Know... 8/6/18

  • August 06, 2018

Surveys are required in Florida, New Jersey, New Mexico and Texas. 

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Market Recap: No Rate Hike, Pending Home Sales Jump, Case-Shiller Home Price Index is Up

  • August 03, 2018

The Federal Open Market Committee (FOMC) met Tuesday and Wednesday of this week, and as expected, did not make any interest rate moves.  Most economists are predicting two additional rate hikes this year, one in September, then another in December.  The National Association of Realtors’ (NAR) pending home sales index surged after several months of tepid data.  The S&P CoreLogic Case-Shiller home price index continues to appreciate. 

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Market Forecast: FOMC Meeting, Pending Home Sales, and Case-Shiller Home Price Index

  • July 30, 2018

The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday of this week and release an announcement following the meeting on Wednesday afternoon.  The Fed is not likely to raise interest rates following this meeting, the market expects the next rate hike to take place later this year.  The National Association of Realtors (NAR) will release its pending home sales index on Monday.  The S&P CoreLogic Case-Shiller home price index comes out on Tuesday.

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Did You Know... 7/30/18

  • July 30, 2018

All non-permanent resident aliens must have a minimum two-year history of credit and employment in the U.S. or another country. (AKA 2 year rule)

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Market Recap: Existing Home Sales and New Home Sales Decline, Mortgage Apps Mixed

  • July 27, 2018

Mortgage rates trended slightly upward this week.  Low available for-sale inventory continues to impact housing activity.  Existing home sales and new home sales each declined.  Refinance mortgage application submissions increased, but new purchase mortgage application submissions dropped.

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Market Forecast: Existing Home Sales, Mortgage Apps, New Home Sales

  • July 23, 2018

Mortgage rates did not move significantly last week, continuing to hold steady.  The existing home sales report comes out on Monday, followed by the new home sales report on Wednesday.  The weekly mortgage application survey is also scheduled for release on Wednesday.

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Market Recap: Housing Market Index Steady, Mortgage Apps Mixed, Housing Start and Building Permits Fall

  • July 20, 2018

Mortgage rates were largely unchanged again this week, not trending significantly up or down.  The National Association of Home Builders’ (NAHB) housing market sentiment index did not move up or down, with builders staying positive about buyer demand.  Mortgage application submissions flipped, with new purchase applications down and refinance applications up.  Housing starts and building permits each declined. 

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For Sale by Owner: Proceed with Caution

  • July 19, 2018

Home sellers choose the “For Sale by Owner” (FSBO) route because they believe they will earn a larger profit by not having to pay their real estate agent a commission fee.  FSBO transactions tend to become even more popular in a seller’s market.  In 2016, the National Association of Realtors (NAR) reported the average FSBO sales price was $185,000, compared to the average $245,000 for a home represented by a real estate agent.  A staggering $60,000 difference, even despite the commission cost for the real estate agent. 

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Market Forecast: Housing Market Index, Mortgage Apps, Housing Starts and Building Permits

  • July 16, 2018

With no significant mortgage rate movement to report, rates are holding steady this month.  The National Association of Home Builders (NAHB) will release its housing market sentiment index on Tuesday.  Housing starts and building permits are scheduled for release on Wednesday, along with the Mortgage Bankers Association (MBA) weekly mortgage application survey.

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Market Recap: Consumer Credit Expands, More Job Openings, and Mortgage Apps Rebound

  • July 13, 2018

Mortgage rates did not move significantly up or down this week.  It was a light week for housing news, but the Mortgage Bankers Association (MBA) weekly mortgage application survey showed a surge in new purchase mortgage applications.  Consumer credit also increased substantially.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) cooled down after reaching a record level in April.

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Did You Know... 7/16/18

  • July 13, 2018

Be sure your borrower(s) acknowledge all LE’s provided.  If an LE has not been acknowledged, it could delay the CD going out to the borrower.  Why?

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Did You Know... 7/23/18

  • July 13, 2018

Fannie Mae announced a student loan cash out option.

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Feds Cracking Down on Uptick in Wire Fraud

  • July 11, 2018

Financial institutions around the country have seen an increase in wire fraud activity this year, especially through email phishing and ransomware.  According to the Verizon Business 2018 Data Breach Investigations report, ransomware was the fifth most prevalent cybersecurity threat, impacting more businesses than traditional malware, spyware, and the use of stolen credentials.  Email phishing and ransomware can have a devastating impact on the finances of consumers and businesses alike. 

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Market Forecast: Consumer Credit, Job Openings, and Mortgage Applications

  • July 09, 2018

With the short week last week, mortgage rates did not move much up or down.  There are no significant housing reports scheduled for this week, other than the weekly mortgage application survey set for release on Wednesday.  The consumer credit report comes out on Monday and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday.

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Did You Know... 7/9/18

  • July 09, 2018

CMG offers odd term amortizations on Conventional, FHA and VA fixed rate loans.  There is a pricing hit of 0.15 for odd term amortization which is listed in the miscellaneous section found on page 2 and 3 of the daily rate sheet. 

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Market Recap: Construction Spending Up, Mortgage Apps Mixed, ADP Employment Gains

  • July 06, 2018

Markets were closed on Wednesday of this week, in observance of the Independence Day holiday.  Mortgage rates did not move significantly up or down.  Construction spending increased, driven by spending on public projects.  The Mortgage Bankers Association (MBA) weekly mortgage application survey showed an increase in new purchase applications, but a decrease in refinance applications.  The ADP employment report was gainful, but less than expected.

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Should you work with a Real Estate Agent?

  • July 05, 2018

In the digital age, many home buyers feel they can skip partnering with a professional Realtor or real estate agent because of their access to listing websites and other online tools.  While listing sites like Zillow and Trulia can help a home buyer find out what’s for sale in their area and start shopping, there are still many advantages to continuing your search with an established Realtor or real estate agent. 

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Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report

  • July 02, 2018

Mortgage rates held steady last week, not moving much in either direction.  This week, markets are closed on Wednesday in observance of Independence Day.  In housing news, US construction spending comes out on Monday and the weekly mortgage application survey comes out on Wednesday.  The ADP employment report is also scheduled for release. 

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Did You Know... 7/2/18

  • July 02, 2018

The required contact information for a non-borrowing spouse or sometimes also referred to as additional people on title must be entered onto the CD request page in CLEAR.

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Did You Know... 6/25/18

  • June 25, 2018

Asset depletion (must be eligible assets) may be used on conforming loans regardless of the borrower’s age.  Complete details may be found on page 42 of the Conventional Conforming Guidelines.  CLICK HERE to access the guidelines.

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Market Forecast: New Home Sales, Case-Shiller Home Price Index, Pending Home Sales

  • June 25, 2018

Mortgage rates did not move much last week, holding steady after the rate hike earlier this month.  This week, the new home sales report will come out on Monday, followed by the S&P CoreLogic Case-Shiller home price index, and pending home sales later in the week. 

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Market Recap: Housing Market Index Drops, Housing Starts and Building Permits Mixed, and Existing Home Sales Slip

  • June 22, 2018

Mortgage rates have not moved significantly this week, trending slightly upward in some cases.  Home builder sentiment is down, amidst rising construction costs.  Housing starts increased, but building permits declined.  Existing home sales dropped slightly. 

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Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

  • June 18, 2018

Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate, and mortgage rates reacted accordingly.  This week will be a big week for housing news, with the National Association of Home Builders’ (NAHB) housing market sentiment index scheduled for release on Monday, housing starts and building permits on Tuesday, and existing home sales on Wednesday.

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Did You Know... 6/18/18

  • June 18, 2018

The loan submission checklists are built inside of the loan in CLEAR.  The checklist in the loan is specific to the transaction and may be found under the Images File Tab, Submissions and Conditions, Submission Checklist.

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Market Recap: Mortgage Apps Down, Retail Sales Surge, and Fed Raises Rates

  • June 15, 2018

In a highly-anticipated move the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate on Wednesday to a range of 1.75-2.0%.  Mortgage rates reacted by trending upward.  Both new purchase and refinance mortgage applications took a downturn this week, after rising the previous week.  Retail sales were especially strong, suggesting sustained Gross Domestic Product (GDP) growth into second quarter.

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Market Forecast: Mortgage Applications, Retail Sales, and FOMC Meeting

  • June 11, 2018

The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week for their fourth semiannual monetary policy meeting of the year.  So far this year, the Federal Reserve has raised the benchmark interest rate once.  Earlier projections had slated three interest rate hikes this year.  Mortgage application submissions jumped last week, as interest rates started to subside.  Other market moving reports scheduled for release include retail sales, coming out on Thursday. 

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Did You Know... 6/11/18

  • June 11, 2018

In a competitive real estate market CMG wants you to know we are partnering with you to offer TBD approvals for your borrowers.

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Market Recap: More Job Openings, Mortgage Apps Jump, Consumer Borrowing Slows

  • June 08, 2018

Mortgage rates did not move significantly this week, leveling off this month after climbing in May.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed recorded growth in job openings.  Both new purchase and refinance applications turned around after several weeks of declines.  Consumer credit growth was modest. 

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Demand for Down Payment Assistance on the Rise

  • June 05, 2018

Saving for a down payment is the most commonly reported obstacle to homeownership.  With rents rising and student debt accumulating, the problem is even more exacerbated with first-time home buyers trying to enter the market.  As the down payment obstacle persists, the demand for down payment assistance has also continued to increase.  According to a Scotsman Guide interview with Down Payment Resource CEO Rob Chrane, as of the first quarter of 2018 there are approximately 2,503 down payment assistance programs nationwide, and the demand for down payment help is likely to continue.

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Did You Know... 6/4/18

  • June 04, 2018

As part of the transition to CLEAR, when utilizing Fannie Mae’s Desktop Originator (DO) system to run your automated underwriting responses and then assign the casefile to CMG Financial, you will need to make a transition to a new CMG investor name, “CMG Financial – CLEAR New”. This new CMG Financial investor name inside of DO will be utilized for loans that are created in CLEAR after you start creating loans in the new system.  The new name should NOT be used on transactions created in CMG’s current third-party portal.

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Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

  • June 04, 2018

Mortgage rates have started to level off after climbing most of the first half of the year. This week will be a slow week for economic news, the only housing report scheduled is the weekly mortgage application survey on Wednesday.  In employment news, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS) on Tuesday.  The consumer credit report comes out on Thursday.

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Market Recap: Home Prices Ease, Private Payrolls Slow, Pending Home Sales Drop

  • June 01, 2018

Mortgage rates continued their downward trend this week, though there was no significant movement to report.  The S&P Core-Logic Case-Shiller home price index showed home price appreciation has started to ease up as mortgage rates climb.  The ADP employment report continued to show a strong labor market.  Pending home sales declined, as limited for-sale inventory continues to create a competitive market.    

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Your Mortgage Shouldn’t be One Size Fits All

  • May 31, 2018

At this year’s Mortgage Bankers Association (MBA) Secondary Marketing conference, one of the most prevalent topics of discussion was the growing market for different types of mortgage loans besides common options like the 30-year fixed rate mortgage.  The 30-year fixed-rate mortgage is the cornerstone of American homeownership and has helped families nationwide become homeowners for almost a century.  As the housing market changes, interest rates fluctuate, and regulations evolve, newer, more innovative mortgage products are starting to emerge.  In today’s mortgage market, your mortgage should not be “one size fits all.” 

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Market Forecast: Case-Shiller Home Price Index, ADP Employment, Pending Home Sales

  • May 28, 2018

Markets are closed today in observance of Memorial Day.  Coming up this week, the S&P CoreLogic Case-Shiller home price index will reveal whether or not home price appreciation has started to slow down.  The ADP employment report is scheduled for release on Wednesday.  Thursday’s pending home sales index will help predict housing’s direction heading into the summer.

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Market Recap: New Home Sales and Existing Home Sales Decline, FHFA House Price Index Up

  • May 25, 2018

Mortgage rates trended downward this week.  New home sales are down month-over-month, but up year-over-year as buyer demand continues to outpace supply.  The Federal Housing Finance Agency (FHFA) house price index ticked slightly upward.  Existing home sales declined.

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Did you know... 5/21/18

  • May 21, 2018

CMG no longer requires W2 or full transcripts for salaried only borrowers.

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Market Forecast: New Home Sales, FHFA House Price Index, and Existing Home Sales

  • May 21, 2018

This week will be packed with housing reports including new home sales, existing home sales, and the Federal Housing Finance Agency (FHFA) house price index.  New home sales surged last month and are expected to continue to strengthen with sustained buyer demand.  Existing home sales increased less significantly last month, as home buyers are vying over many of the same house prices.  The FHFA house price index is expected to continue to appreciate, at a more moderate pace. 

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Market Recap: Housing Starts and Building Permits Down, but Home Builders are Optimistic

  • May 18, 2018

Mortgage rates continued to trend upward this week.  The National Association of Home Builders’ (NAHB) housing market sentiment index increased by two points with builders maintaining a positive outlook.  The Mortgage Bankers Association (MBA) weekly mortgage application survey declined, pushed down by a drop in refinance applications.  Housing starts and building permits each fell, but single-family home construction was positive.

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Wire Transfer Fraud Prevention Tips

  • May 15, 2018

In the midst of the busy home buying and selling season, fraudulent activity becomes more prevalent.  Due to the recent increase in Wire Transfer Fraud activity, it is important to remain vigilant by staying aware throughout the transaction and reporting any suspicious activity immediately.

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Market Forecast: Housing Market Index, Mortgage Applications, and Housing Starts and Building Permits

  • May 14, 2018

Mortgage rates started to level off last week, amidst influence from global economic changes.  The National Association of Home Builders (NAHB) will release its housing market sentiment index on Tuesday and it’s likely to remain positive.  Housing starts and building permits come out on Wednesday.  The Mortgage Bankers Association (MBA) will also release its weekly mortgage application survey on Wednesday.

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Did you know... 5/14/18

  • May 14, 2018

All non-permanent resident aliens must have a minimum two-year history of credit and employment in the U.S. or another country. (AKA 2 year rule)

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Market Recap: Consumer Borrowing Slows, Job Openings Up, and Mortgage Applications Decline

  • May 11, 2018

Mortgage rates trended slightly upward this week and then leveled off.  Consumer credit expanded more slowly than in recent months, suggesting consumers have enough assets and saving to offset borrowing.  Job openings exceeded expectations, and hirings dropped.  The weekly mortgage application survey decreased, driven mostly by a drop in refinance application submissions. 

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Market Forecast: Consumer Credit, Job Openings, and Mortgage Application Survey

  • May 07, 2018

Mortgage rates did not move significantly last week, holding steady after the Federal Open Market Committee’s (FOMC) decision to leave interest rates unchanged.  The consumer credit report comes out on Monday, and though the report excludes mortgage financing, it analyzes other consumer borrowing habits and consumer spending.  In employment news, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will come out on Tuesday.  There are no significant housing reports scheduled for release this week, besides the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday. 

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Did you know... 5/7/18

  • May 07, 2018

Fannie Mae announced a student loan cash out option?

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Did you know... 4/30/18

  • April 30, 2018

A Permanent Resident Alien is an official U.S. Government classification for Individuals who are granted permanent residence status in the U.S. Documentation is commonly referred to as a ‘Green Card’. Permanent Resident Aliens must provide any of the following documents to validate acceptable status:

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Market Forecast: Construction Spending, ADP Employment Report, and FOMC Meeting

  • April 30, 2018

Average mortgage rates reached year-long highs last week, ahead of this week’s Federal Open Market Committee (FOMC) meeting.  The Federal Reserve is expected to continue raising rates this year, but not at the upcoming meeting on May 1st and 2nd.  The US construction report comes out on Tuesday, followed by the ADP employment report on Wednesday.  Strong jobs reports are supportive of continued rate hikes, but core inflation has yet to break the targeted 3.0% threshold. 

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Market Recap: Existing Home Sales Up, Home Prices Appreciate, New Home Sales Surge

  • April 27, 2018

Mortgage rates trended slightly upward this week.  Existing home sales increased month-over-month but declined year-over-year.  Home prices continue to appreciate, as limited inventory strains for-sale availability.  New home sales surged, and revisions to the previous two months’ reports indicate that buyer demand in the first quarter of 2018 was stronger than originally thought.

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Market Forecast Existing Home Sales, Case-Shiller Home Price Index, New Home Sales

  • April 23, 2018

Mortgage rates trended slightly upward last week, and mortgage application submissions surged with many buyers looking to lock rates ahead of future increases.  This week, there are numerous important housing reports scheduled for release including existing home sales, new home sales, and the S&P CoreLogic Case-Shiller home price index. 

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Did you know... 4/23/18

  • April 23, 2018

CMG offers 97% financing for your purchase transactions with the HomeReady and Home Possible programs.

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Market Recap: Retail Sales Surge, Housing Market Index Dips, and Housing Starts and Building Permits Rise

  • April 20, 2018

Mortgage rates did not move significantly this week, trending slightly upward according to some sources.  Retail sales rebounded with strength after several months of ticking downward.  The National Association of Home Builders’ (NAHB) housing market index dropped by one point, but the reading was still positive.  Housing starts and building permits each increased.

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Market Forecast: Retail Sales, Housing Market Index, Housing Starts and Building Permits

  • April 16, 2018

Last week, there was no significant mortgage rate movement to report.  This week’s important housing reports include the National Association of Home Builders’ (NAHB) housing market index on Monday and housing starts and building permits on Tuesday.  Other market moving reports include the retail sales report, scheduled for release on Monday. 

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Did you know... 4/16/18

  • April 16, 2018

CMG follows standard FHLMC guidelines for borrowers with up to 6 financed properties.

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Market Recap: Mortgage Applications Down, FOMC Positive, and Job Openings Fall

  • April 13, 2018

Mortgage rates did not move significantly this week.  Both new purchase and refinance mortgage application submissions declined.   The Federal Open Market Committee (FOMC) released the minutes from its March meeting and the overall tone was optimistic.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings dipped.

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Market Forecast: Mortgage Apps, FOMC Minutes, and Job Openings

  • April 09, 2018

This week will be a light week for housing news.  The Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday.  The Federal Reserve will also release the minutes from its March Federal Open Market Committee (FOMC) meeting on Wednesday.  In employment news, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will come out on Friday.  

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Did you know... 4/9/18

  • April 09, 2018

CMG offers 100% cash-out refinances on VA loans.

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Market Recap: Construction Spending Up, Mortgage Apps Down, ADP Employment Strong

  • April 06, 2018

Mortgage rates trended slightly downward this week, amidst some stock market-related uncertainty.  Construction spending improved after last month’s flat numbers.  Both new purchase and refinance mortgage application submissions declined.  The ADP employment report showed strength.

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Freddie Mac Eases Down Payment Requirements for 2-Unit Primary Residences and Second Homes

  • April 03, 2018

This week, Freddie Mac announced updates to its loan-to-value (LTV) ratio guidelines for purchases and “no-cash-out” refinance mortgages used for second homes, any 1-unit residential property owned by the borrower but only occupied for a portion of the year, and 2-unit primary residences, such as duplexes. 

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Market Forecast: Construction Spending, Mortgage Applications, and the ADP Employment Report

  • April 02, 2018

Mortgage rates have trended slightly downward in recent weeks, reacting to uncertainty surrounding global trade and plunging technology sector stocks.  This week, the US construction spending report comes out on Monday and the weekly mortgage application survey comes out on Wednesday.  The ADP employment report is also scheduled for release on Wednesday. 

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Did you know... 4/2/18

  • April 02, 2018

CMG offers FHA non-owner occupied streamline refinances.

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Market Recap: Case-Shiller Home Price Index Up, Mortgage Apps Strong, Pending Home Sales Rebound

  • March 30, 2018

Mortgage rates trended slightly downward this week, following strong economic gains.  Home prices continue to appreciate, due to low housing inventory.  Both new purchase and refinance mortgage application submissions increased.  The pending home sales index turned around after last month’s decline. 

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Market Forecast: Case-Shiller Home Price Index, Mortgage Apps, and Pending Home Sales

  • March 26, 2018

Mortgage rates continued to trend upward last week, but buyer demand remains strong.  Homes are selling increasingly faster, according to the National Association of Realtors (NAR) in last week’s existing home sales report.  This week, the S&P CoreLogic Case-Shiller home price index will review home price appreciation trends, and the pending home sales index will show what to expect in terms of sales in the coming months.  Additionally, the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.

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Did you know... 3/26/18

  • March 26, 2018

CMG offers 85% financing on a NOO Purchase with a 620 fico score.

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Market Recap: Existing Home Sales Improve, New Home Sales Slip, and FOMC Hikes Rates

  • March 23, 2018

Average mortgage rates did not move much in either direction this week. In a highly anticipated move, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate .25 bps.  Existing home sales rebounded, but new home sales fell slightly.

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How to Raise Your Credit Score Before Home Purchase

  • March 21, 2018

Lenders use a home buyer’s credit score to determine credit risk and evaluate their ability to repay a loan.  A good FICO credit score is instrumental to securing a mortgage loan and, in some cases, getting a better interest rate.  Most mortgage professionals suggest potential home buyers start credit repair at least six months to a year before shopping for a home.  Remember, each hard credit pull, like the kind needed for a new line of credit like a mortgage, will impact the credit score!  A little credit repair now goes a long way when it comes to a high-dollar purchase later.

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Market Forecast: Existing Home Sales, New Home Sales, and FOMC Meeting

  • March 19, 2018

Mortgage rates trended slightly downward last week, following a few weeks of steady increases.  New tariffs on construction materials have caused political discord and could stall home building activity.  The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday for their semi-annual monetary policy meeting.  A press conference with Federal Reserve Chair Jerome Powell is scheduled for Wednesday.  February’s existing home sales and new home sales reports are also scheduled for release.

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Did you know... 3/19/18

  • March 19, 2018

CMG will accept 1 valid FICO score on conventional conforming loans with an AUS approval.

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Market Recap: Retail Sales Drop, Housing Market Index Down, Construction Stalls

  • March 16, 2018

Mortgage rates trended slightly downward this week after a multi-week climb.  Some market analysts attribute the rate drop to this week’s tariff proposals and other political news.  Retail sales scaled slightly back in February, as is expected following the holiday season.  The housing market index dropped from last month’s 19-year high.  Housing starts and building permits slipped.

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Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits

  • March 12, 2018

Mortgage rates did not fluctuate greatly last week, leveling off after an upward trend.  Refinance mortgage applications picked up, but new purchase applications pulled back slightly.  This week, the National Association of Home Builders (NAHB) will release its housing market sentiment index and housing starts and building permits will come out on Friday. 

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Market Recap: Mortgage Apps Mixed, ADP Employment Growth Strong, Consumer Borrowing Slows

  • March 09, 2018

Mortgage rates are not moving much this week, leveling out after inching slightly upward.  New purchase mortgage application submissions declined, but refinance application submissions improved.  The ADP employment report strengthened again, as the job market nears full employment.  Consumer credit expanded in January, but at a slower pace than in December, as expected.

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Did you know... 3/12/18

  • March 09, 2018

When can you disclose the last revised LE and initial CD?

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Market Forecast: Mortgage Applications, ADP Employment Report, and Consumer Credit

  • March 05, 2018

Last week, mortgage rates trended slightly upward.  This week, there are no significant housing reports, aside from the weekly mortgage application survey.  Other notable economic reports include the ADP employment report and consumer credit.  Job creation and consumer spending strengthen the overall economy, including housing activity. 

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Did you know... 3/5/18

  • March 05, 2018

A few of our MI partners announced recently some changes to their guidelines for borrowers with DTIs exceeding 45%. 

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Market Recap: New Home Sales Drop, Home Prices Go Up, Pending Home Sales Decline

  • March 02, 2018

As expected, mortgage rates continued to trend slightly upward this week.  Unseasonably cold winter weather stalled new home sales again this month.  The S&P CoreLogic Case-Shiller home price index appreciated month-over-month and year-over-year.  The pending home sales index declined.

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Market Forecast: New Home Sales, Case-Shiller Home Price Index, and Pending Home Sales

  • February 26, 2018

Mortgage rates continued to trend upward last week.  Heading into the end of February, this week brings some end-of-month reports including, new home sales, pending home sales, and the Case-Shiller Home Price Index.   

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Market Recap: Mortgage Applications Dip, Existing Home Sales Slump, More Rate Hikes Expected

  • February 23, 2018

Mortgage rates continue to trend upward but are averaging less than half of a percentage point higher than they were this time last year.  The weekly mortgage application survey showed a week-over-week decline, but a year-over-year increase.  Existing home sales scaled back, though not as drastically as they did in December.  The Federal Open Market Committee (FOMC) released the minutes from its January meeting, and the market expects the first rate hike of the year to take place in March. 

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FYI: What's PITI?

  • February 22, 2018

New to the mortgage process?  You are probably seeing a lot of new acronyms you may not be familiar with.  The monthly mortgage payment, for example, is comprised of “PITI” or Principal, Interest, Taxes, and Insurance.  When budgeting for the cost of a monthly mortgage payment, home buyers should consider the cost of each of these components.

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Market Forecast: Mortgage Applications, Existing Home Sales, and FOMC Minutes

  • February 19, 2018

Most banks and markets are closed today in observance of Presidents' Day.  This will be a short week for economic data, though two important housing reports will be released.  The weekly mortgage application survey and existing home sales are scheduled to come out on Wednesday.  Additionally, the Federal Open Market Committee (FOMC) will release the minutes from its January meeting. 

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Low Down Payment Option: 100% Yours with as Little as 3% Down

  • February 19, 2018

Saving for a down payment is one of the most commonly reported obstacles to homeownership and continues to slow down the home buying process for creditworthy borrowers.  As rents and home prices continue to rise, almost every demographic, especially first-time home buyers, are experiencing difficulties in saving for a down payment. 

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Market Recap: Retail Sales Pull Back, Housing Market Index Unchanged, Housing Starts and Building Permits Up

  • February 16, 2018

Mortgage rates continued to rise this week.  Next week, the Federal Open Market Committee (FOMC) will release the minutes from its January meeting, the last meeting with Janet Yellen as Federal Reserve Chair.  Retail sales slumped slightly in January, after a gainful holiday season.  The National Association of Home Builders’ (NAHB) housing market index was unchanged and housing starts and building permits surged.

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New Buildings Made from Old Materials

  • February 14, 2018

Heading into 2018, housing continues to struggle with a lack of inventory.  In addition to difficulty hiring skilled laborers, rising construction costs are impacting the ability for builders to replenish the buyer demand for supply.  A Cleveland-based architecture firm, Redhouse Studio, is experimenting with a way to reuse construction materials and convert demolition waste, like timber, concrete, and asphalt, into new building materials.

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Market Forecast: Retail Sales, Housing Market Index, Housing Starts, and Building Permits

  • February 12, 2018

Mortgage rates did not move much last week, and the likelihood of a March rate hike has dropped following some stock market volatility.  This week’s important housing reports scheduled for release are the home builders’ sentiment index and housing starts and building permits.  Though home builder confidence declined last month, home builders were setting record confidence levels most of the past year.  Housing starts and building permits were hurt last December by frigid winter weather.  Other market-moving reports include retail sales and retail sales excluding auto; consumer spending is a big driver of economic momentum.  

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Market Recap: More Job Openings, Mortgage Applications Mixed, Consumer Credit

  • February 09, 2018

Mortgage rates did not move significantly either way this week.  Most market volatility took place in the Stock Market sphere, when after months of record-setting highs the Dow Jones Industrial Average dropped the most points ever in a single day, and then proceeded to rebound the next day.  Job openings declined slightly, and the unemployment level remains historically low.  Refinance mortgage application submissions increased but new purchase applications were unchanged week-over-week.  Consumer credit expanded less significantly than it did the previous month. 

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Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

  • February 05, 2018

Mortgage rates did not move much last week, after the Federal Open Market Committee voted to leave interest rates unchanged.  This week, there will be no significant housing reports other than the Mortgage Bankers Association (MBA) weekly mortgage application survey.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out on Tuesday and consumer credit comes out on Wednesday.  Though they are not housing specific reports, labor market and consumer spending activity spur economic momentum and impact housing.

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Market Recap: Case-Shiller Index Appreciates, Pending Home Sales and Construction Spending Up

  • February 02, 2018

Mortgage rates did not move much in either direction this week, after the previous week’s upward trend.  The Federal Open Market Committee (FOMC) met Tuesday and Wednesday, and as expected voted unanimously against a rate hike.  In housing news, home values continue to appreciate, the pending home sales index increased for the third month in a row, and US construction spending was strong.

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Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and US Construction Spending

  • January 29, 2018

Mortgage rates are continuing their upward trend.  The Federal Open Market Committee will meet Tuesday and Wednesday but will not hold a press conference following the meeting.  This will be the last meeting with Janet Yellen as Federal Reserve Chair.  Jerome Powell was confirmed as the new Federal Reserve Chair last week.  The S&P CoreLogic Case-Shiller home price index comes out on Tuesday, pending home sales comes out on Wednesday, and US construction spending will come out on Thursday.

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Market Recap: FHFA Index Appreciates, Existing Home Sales and New Home Sales Drop

  • January 26, 2018

Mortgage rates continued their upward trend this week.  Based on this week’s housing reports, activity slowed down in December.  Cold winter weather across the country limited construction and stalled sales.  The Federal Housing Finance Agency (FHFA) house price index appreciated, and existing home sales and new home sales each declined.

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Green Spaces Can Save Cities Millions Annually

  • January 24, 2018

City planners incorporate tree canopies and other green spaces in urban design because of their proven ability to lower wind speed and energy consumption, reduce pollution and heat, and improve neighborhoods’ livability.  A new study from Ecological Modelling estimates planting trees can save cities as much as $505 million annually on costs related to air pollution, storm water drainage, energy, and carbon emissions. 

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Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales

  • January 22, 2018

Mortgage rates trended upward last week, reacting to the end-of-year rate hike.  This week, the Federal Housing Finance Agency (FHFA) releases its house price index.  The existing home sales report comes out on Wednesday and the new home sales report comes out Thursday.

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Market Recap: Mortgage Apps Up, Housing Market Index Down, Housing Starts and Building Permits Mixed

  • January 19, 2018

Mortgage rates trended upward this week, reaching the highest average level in the past 10 months.  New purchase and refinance mortgage application submissions each increased, home builder confidence scaled back, and housing starts and building permits felt the winter freeze.

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A Look Back: Sustainable Design Progress in 2017

  • January 17, 2018

Builders and city planners made big strides in sustainable design in 2017.  Real estate blog Curbed ranked some of the most resourceful design trends: from shifts to solar and wind energy, to making cities more walkable, to paving better roads, sustainable development is having a positive impact across the country and the world.

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Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits

  • January 15, 2018

Markets are closed today in observance of Martin Luther King Jr. Day.  Mortgage rates are trending upward, heading into 2018.  This week’s important housing reports include the Mortgage Bankers Association’s (MBA) weekly mortgage application survey, the National Association of Home Builders’ (NAHB) housing market index, and housing starts and building permits.

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Market Recap: Consumer Credit Expands, Job Openings Drop, and Retail Sales Increase

  • January 12, 2018

Mortgage rates trended upward this week and both new purchase and refinance mortgage application submissions rebounded after a few slowed weeks.  Consumer credit expanded for the third straight month.  Job openings dropped off, as the market nears full employment.  Retail sales improved.

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HomeShare Startup Aims to Alleviate Rental Burden

  • January 10, 2018

In cities across the country, renters are feeling the burden of rising rental rates.  High-cost areas like large cities are hit especially hard by high rents.  A new startup, HomeShare, has partnered with 10 properties in San Francisco, Silicon Valley, and New York City to match renters with roommates to share the space and cost of high-priced rentals.  HomeShare functions by converting living rooms into an extra bedroom, so roommates each get their own bedroom and closet, and in some cases a private bathroom, for a fraction of the market rental rate.

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CMG Financial Attends NAHB International Builders' Show January 9-11

  • January 09, 2018

CMG Financial is attending the NAHB International Builders' Show in Orlando, FL from January 9th - 11th.  Visit us in the South Hall Booth S2640 and check out our new service HomeFundItTM, the first and only approved down payment crowdfunding platform.

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Market Forecast: Consumer Credit, Job Openings, Retail Sales

  • January 08, 2018

Last week, mortgage rates started to trend slightly upward.  This week, there are no significant housing reports scheduled, other than the weekly mortgage application survey.  Market-moving reports include consumer credit, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), and retail sales. 

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Market Recap: Construction Spending Strong, ADP Adds Jobs, Mortgage Apps Mixed

  • January 05, 2018

This week was another short week with markets closed on Monday in observance of New Year’s Day.  Mortgage rates did not move much this week, starting their upward trend following the end of the year rate hike.  The Mortgage Bankers Association (MBA) resumed the release of the mortgage application survey.  US construction spending improved and the ADP employment report strengthened.

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Fixing Traffic with Transit in Los Angeles

  • January 03, 2018

As the host of the 2028 Olympics, Los Angeles has a traffic problem to solve.  As the third most populous city in the United States, Los Angeles residents experience extreme traffic congestion every day.  In an effort to alleviate traffic, Los Angeles residents approved a sales-tax increase to give the Los Angeles County Metropolitan Transit Authority (LA Metro) approximately $120 billion over the next 40 years.  In addition to adding bus and train lines, here are four other ways Los Angeles is improving its infrastructure.

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Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment

  • January 01, 2018

Happy New Year!  Markets will be closed today in observance of New Year’s Day.  This week’s important reports include US construction spending, the ADP employment report, and the weekly mortgage application survey.

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Market Recap: Case-Shiller Home Price Index Appreciates and Pending Home Sales are Up

  • December 29, 2017

Markets were closed on Monday, in observance of the Christmas holiday.  This week, the Mortgage Bankers Association did not release the mortgage application survey, and release of the survey will resume next Wednesday.  The Case-Shiller home price index continued to appreciate and pending home sales are up slightly. 

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FEMA Facing Financial Woes After Hurricanes and Wildfires

  • December 27, 2017

Since Labor Day, nearly 5 million Americans have registered for federal aid as a result of destructive hurricanes on the East Coast and devastating wildfires on the West Coast.  Despite the financial challenges the Federal Emergency Management Association (FEMA) is facing, FEMA Administrator Brock Long is optimistic in solving FEMA’s problems.  In a statement he said, “I didn’t come up here to do the status quo, I’m ready to change the face of emergency management.”

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Market Forecast: Case-Shiller Home Price Index, Mortgage Apps, and Pending Home Sales

  • December 25, 2017

Markets will be closed today, in observance of the Christmas holiday.  There are some noteworthy housing reports scheduled for release, including the Case-Shiller home price index, the weekly mortgage application survey, and pending home sales.

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Market Recap: Home Builders’ Confidence Soars, Plus Housing Starts, Building Permits, and Existing Home Sales

  • December 22, 2017

Mortgage rates started to trend upward this week, following last week’s federal interest rate hike.  Tax reform took center stage, dominating most of the news circuit as the House of Representatives and the Senate hammered out the details of their plans and reached a compromise.  This week, home builder confidence hit an 18-year high.  Housing starts improved, but building permits declined slightly.  Existing home sales hit an 11-year high. 

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Don’t Let the End of Daylight Saving Time Get You Down!

  • December 20, 2017

The winter months bring colder weather and a lot less sunshine.  The end of Daylight Saving Time means earlier sunsets and more hours of darkness.  Homeowners looking to brighten things up through winter weather and beyond can consider these tips from Zillow. 

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Market Forecast: Housing Market Index, Housing Starts, Building Permits, and Existing Home Sales

  • December 18, 2017

The Federal Open Market Committee voted to raise the benchmark interest rate last week, and mortgage rates have not yet reacted.  This year’s mortgage rate activity has been gradual, with rates continuing to hover historic lows.  This week, the National Association of Home Builders (NAHB) will release their housing market sentiment index on Monday, housing starts and building permits come out on Tuesday, and the existing home sales report comes out Wednesday.

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Market Recap: Job Openings Down, Fed Rate Hike, and Retail Sales Strong

  • December 15, 2017

Mortgage rates trended slightly downward this week, though there was no significant movement to report.  Job openings were down slightly from September to October.  As expected, the Federal Open Market Committee (FOMC) raised the benchmark interest rate for the third time this year, and Fed Chair Janet Yellen gave the final press conference of her term.  Retail sales surged ahead of the holiday season.

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Rebounding from Record Low Housing

  • December 15, 2017

One of the most persistent problems in the housing industry is lack of availability. At the recent congressional hearing with US House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit, Representative Dennis Heck stated that although 2017 had been the strongest year for construction in over a decade, it was still only at the level of 1994.  Over a decade after the housing boom, the homebuilding industry is a third smaller than it was in 2005, while new household formation continues to outpace supply.  Supply constrictions are driving home prices up, and pricing more and more potential home buyers out of the market. 

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How Overregulation Restricts Innovation

  • December 14, 2017

Since the Financial Crisis, the financial services industry has adapted to a regulatory environment.  Numerous regulations were imposed to protect the consumer and protect consumers from predatory activity and strengthen the national economy.  While many of the regulations imposed have served the purposes of improving accountability and encouraging responsible business practices, overregulation can have a tendency to restrict innovation.

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Avoid Making These Credit Card Mistakes

  • December 13, 2017

With the holiday season in full swing, many American consumers are swiping their credit cards more often to pay for gifts, travel, and other holiday-related expenses.  The New York Federal Reserve reports that revolving debt, typically comprised of monthly credit card debt, has hit the highest level in recorded history.  In June 2017, Americans had a collective outstanding balance of $1.021 trillion.  According to a TD Bank survey, nearly one-third of those credit card holders have never redeemed credit card rewards points and one-fifth have let credit card rewards points expire.  As credit card debt and delinquencies continue to rise, selecting the right credit card can have a significant impact on short- and long-term financial goals.

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Legislative Proposals for a More Efficient Federal Regulatory Regime

  • December 12, 2017

Since the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), mortgage lenders and other financial institutions have faced increased precautionary regulation.  Almost a decade after the Financial Crisis, and many of these regulations remain intact without any adjustment or review, despite economic recovery.  Last week, CMG Financial President and CEO Christopher M. George testified on behalf of the Mortgage Bankers Association before the US House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit in support of the Mortgage Fairness Act of 2017 and the Comprehensive Regulatory Review Act of 2017.

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Market Forecast: FOMC Meeting, JOLTS, and Retail Sales

  • December 11, 2017

Last week, the Senate passed their version of the Republican tax reform bill.  The House and Senate will now go to a conference committee to discuss the differences between the bills and edit one version to send to President Trump.  The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday, and Fed Chair Janet Yellen will hold a press conference on Wednesday afternoon.  On Monday, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out and on Thursday the retail sales report will be released.

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Market Recap: Mortgage Apps Up, ADP Employment Slower, Consumer Credit Surges

  • December 08, 2017

Mortgage rates trended slightly downward this week ahead of next week’s Federal Open Market Committee (FOMC) meeting.  On Saturday, the Senate approved their version of the tax reform bill.  Both new purchase and refinance mortgage applications increased.  The ADP employment report increased, but slightly less than last month.  Consumer credit expanded to one of the highest levels all year. 

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House Passes Flood Insurance Renewal

  • December 06, 2017

The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) was designed to reduce the impact of flooding on private and public structures and alleviate the financial burden caused by flood damage.  The program was set to expire on December 8th amidst ongoing negotiations in Congress.  This month, the House of Representatives passed the bill with a 237-189 vote.  With the new reauthorization, the bill, with changes, will remain intact for the next five years.

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Market Forecast: Mortgage Apps, ADP Employment, and Consumer Credit

  • December 04, 2017

Mortgage rates trended slightly upward last week, ahead of December’s Federal Open Market Committee (FOMC) meeting.  With a low unemployment rate and steady inflation, the FOMC is expected to raise rates once more this year.  The only housing report this week is the Mortgage Bankers Association (MBA) weekly mortgage application survey.  The ADP employment report will come out Wednesday and consumer credit is scheduled for release on Thursday.

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Market Recap: Strong Gains in New Home Sales, Case-Shiller Home Price Index, and Pending Home Sales

  • December 01, 2017

Mortgage rates trended slightly upward this week.  Several strong housing reports were released.  New home sales surged to a 10-year high in October, as post-hurricane recovery appears to be progressing.  The Case-Shiller home price index continued to appreciate.  Pending home sales were also strong, up 3.5% month-over-month. 

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FHFA Increases Conforming Loan Limits

  • November 29, 2017

Last week, the Federal Housing Finance Agency (FHFA) increased the maximum conforming loan limits for the second year in a row.  This is only the second time since 2006 the FHFA has increased the maximum conforming loan limit.  In 2018, the limit will increase from $424,100 to $453,100 for most states, and from $453,100 to $679,650 in high cost areas including Alaska, Hawaii, Guam, and the US Virgin Islands.  

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Market Forecast: New Home Sales, Case-Shiller Home Price Index, Pending Home Sales

  • November 27, 2017

Last week was a short week, with markets closed on Thursday in observance of Thanksgiving.  This week, some of the final numbers from November are scheduled for release.  Noteworthy housing reports include, the new home sales report on Monday, the Case-Shiller home price index on Tuesday, and the pending home sales index on Wednesday.

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Market Recap: Existing Home Sales Surge, New Purchase Apps Up, Refinance Apps Down

  • November 24, 2017

Mortgage rates did not move significantly during this short week.  Markets were closed on Thursday in observance of Thanksgiving, and the New York Stock Exchange is closing early today.  Existing home sales improved month-over-month, but decreased year-over-year.  New purchase mortgage applications increased and refinance mortgage applications declined.  The consumer sentiment index eased slightly.

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Pittsburgh’s Microgrids Pave the Way for Green Energy

  • November 22, 2017

Traditional power networks typically depend on power from large sources that can be miles away.  A pilot “microgrid” program, recently launched in the Pittsburgh area, distributes local power through an independent grid that can run without electricity from the main power source, and will continue to operate, for example, if a storm disrupts the power plant.  If implemented on a larger scale, this microgrid technology could make it possible to integrate renewable energy sources and diversify the power supply.

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Market Forecast: Existing Home Sales, Mortgage Applications, Consumer Sentiment Index

  • November 20, 2017

Mortgage rates trended slightly downward last week.  This week will be a short week with markets closed on Thursday in observance of Thanksgiving, and the New York Stock Exchange closing early on Friday.  In housing news, existing home sales comes out on Tuesday and the weekly mortgage application survey comes out Wednesday.  The consumer sentiment index is also scheduled for release on Wednesday. 

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Market Recap: Housing Market Index Up, Housing Starts Surge, Building Permits Increase

  • November 17, 2017

Mortgage rates trended downward this week, ahead of next week’s holiday.  Retail sales activity slowed, but remains positive.  The housing market index surged, despite some home builders’ reservations regarding the proposed tax plan.  Housing starts soared and building permits increased as well.

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Avoiding Wire Transfer Fraud

  • November 15, 2017

Buying a home can be an exciting and fulfilling experience.  It also tends to be one of the most expensive purchases someone makes in a lifetime.  Home buyers may spend years saving for the down payment on a home.  Once the transaction is in process, it can be financially devastating to lose those down payment funds to wire transfer fraud.  It is imperative for real estate professionals and consumers to remain aware when transferring large sums of money. 

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Market Forecast: Retail Sales, NAHB Housing Market Index, Housing Starts, and Building Permits

  • November 13, 2017

Mortgage rates trended slightly upward last week.  The new GOP House tax proposal saw a few iterations as well as the release of the GOP Senate tax proposal.  This week, the retail sales report comes out on Wednesday, the National Association of Home Builders’ releases their housing market index on Thursday, and housing starts and building permits are scheduled for release on Friday. 

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Market Recap: Job Openings are Up, Consumer Borrowing Expands, New Purchase Apps Improve

  • November 10, 2017

Mortgage rates trended slightly downward this week.  There were no market moving housing reports released.  September’s job openings report showed little change.  Consumer credit greatly exceeded market expectations.  New purchase mortgage applications improved, but refinance applications declined.

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HUD Considers Relocation for Displaced Puerto Ricans

  • November 08, 2017

The Department of Housing and Urban Development (HUD) has opened the discussion on how to accommodate the displaced Puerto Rican population.  Since September, much of the island of Puerto Rico remains without power, drinking water, and other essential utilities.  Many buildings are irreparably damaged from the storm, as are thousands of miles of roads.  Any relocation efforts face significant logistical challenges.

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Market Forecast: JOLTS, Consumer Credit, Mortgage Apps

  • November 06, 2017

Housing activity typically slows down during the fall and winter seasons, with predictions for next year starting to come in.  The Mortgage Bankers Association (MBA) forecast that new purchase origination volume will increase next year and refinance origination volume will start to decrease.  Coming up this week are job openings, consumer credit, and the weekly mortgage application survey.

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Market Recap: Case-Shiller Home Price Index Up, Construction Spending Rebounds, and No Rate Hike

  • November 03, 2017

Mortgage rates did not move much either way this week.  The Federal Open Market Committee (FOMC) met on Tuesday and Wednesday and, as expected, voted to leave interest rates unchanged.  On Thursday, President Trump announced Jerome Powell would be the next Chairman of the Federal Reserve, after current Fed Chair Janet Yellen’s term expires in February 2018.  The Case-Shiller home price index appreciated and US construction spending rebounded slightly.

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Humble Design Helps Recently Homeless

  • November 01, 2017

Humble Design is a non-profit organization that helps recently homeless families rebuild their new homes through furnishings and design services.  Since 2009, Humble Design has served 832 families throughout the greater Chicago and Detroit area.  Humble Design’s mission is to give recently homeless people a sense of pride and ownership as they transition out of homeless shelters and into new living situations. 

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Market Forecast: Case-Shiller Home Price Index, Construction Spending, and FOMC Announcement

  • October 30, 2017

Mortgage rates trended upward last week, ahead of this week’s Federal Open Market Committee (FOMC) meeting.  The FOMC meets Tuesday and Wednesday to discuss monetary policy.  The FOMC was in the news last week, as the finance world speculated on what move President Trump will make when Fed Chair Janet Yellen’s term expires in February 2018.  The S&P CoreLogic Case-Shiller home price index comes out on Tuesday and US construction spending comes out Wednesday.

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Market Recap: New Home Sales Surge, Pending Home Sales Unchanged, and GDP Grows

  • October 27, 2017

Mortgage rates are trending upward again this week.  New home sales hit record highs, climbing to the highest level in a decade.  Pending home sales were unchanged from August to September.  Third quarter gross domestic product (GDP) exceeded expectations and grew at an annual pace of 3%.

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Rising Sea Levels Threaten Coastal Properties

  • October 25, 2017

This year’s particularly active hurricane season brought to light the issues with coastal communities.  Coastal dwelling is not just limited to luxury homeowners.  Many homes along the coasts of the Southeastern United States, and along coastlines across the country, fall into the median or low-cost price ranges.  However, rising sea levels threaten many coastal and even inland properties.

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Market Forecast: New Home Sales, Pending Home Sales, and GDP

  • October 23, 2017

Mortgage rates are trending upward, heading into the seasonal winter slowdown.  This week, the new home sales reports comes out Wednesday and pending home sales index comes out Thursday.  The first estimate for third quarter’s Gross Domestic Product (GDP) will be released Friday morning. 

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Market Recap: Housing Market Index Improves, Housing Starts and Building Permits Down, Existing Home Sales Up

  • October 20, 2017

Mortgage rates trended slightly upward this week.  The home builders’ housing market index improved to a six-month high.  Housing starts and building permits declined slightly, but single-family housing permits are strong.  Existing home sales recovered after hurricane-related slowdown. 

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Building a Better Life for Refugees with Blockchain

  • October 18, 2017

Blockchain, defined as a shared digital ledger where transactions are made in cryptocurrency and can be exchanged but not altered, is a growing topic of discussion amongst financial firms.  Proponents of blockchain emphasize the efficiency, transparency, and security of the payment system.  In May, blockchain made its debut at grocery stores in a refugee camp in Azraq, Jordan, to allow 36,000 Syrian refugees access to a food stipend from the United Nations’ World Food Programme (WFP). 

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Market Forecast: Housing Market Index, Housing Starts, Building Permits, and Existing Home Sales

  • October 16, 2017

Mortgage rates trended slightly downward last week.  This week, the National Association of Home Builders (NAHB) will release its housing market index on Tuesday. The housing starts and building permits reports will come out on Wednesday.  Existing home sales is scheduled for release on Friday. 

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Visit us at Booth 323 - NAMB National this Weekend

  • October 13, 2017

Visit us at Booth 323 and discover what we can offer your company – from a full line of loan products and regionalized fulfillment centers to our Select Partner program and one of a kind customer service. 

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Market Recap: Job Openings Slide, Mortgage Applications Drop, and Retail Sales Recover

  • October 13, 2017

Mortgage rates trended slightly downward this week, though there are no significant changes to report.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) declined slightly as the unemployment rate dropped to a historical low.  The Mortgage Bankers Association (MBA) reported both new purchase and refinance applications declined last week.  The Commerce Department reported that retail sales are up.

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Could solar be the solution in Puerto Rico?

  • October 11, 2017

Last week, reports surfaced that Elon Musk, CEO of SpaceX and Tesla Inc. and Chairman of Solar City, had a proposal for rebuilding the hurricane-damaged power grid of Puerto Rico.  Since back-to-back Hurricanes Irma and Maria ravaged the island, Puerto Ricans have been struggling to rebuild and regain utilities.  As of October 7th, the governor’s office in Puerto Rico was reporting about 88% of households were still without power.  Since the water system is linked with the power grid, many of these households are still without running water as well. 

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Market Forecast: Mortgage Apps, JOLTS, and Retail Sales

  • October 09, 2017

Markets will be closed today in observance of Columbus today.  This week, the Federal Open Market Committee (FOMC) will release the minutes from its September meeting.  The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out Wednesday.  The Mortgage Bankers Association (MBA) will also release its weekly survey of mortgage applications on Wednesday.  The retail sales report comes out Friday. 

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Market Recap: Construction Spending Up, New Purchase Apps Improve, ADP Employment Grows

  • October 06, 2017

Mortgage rates held steady this week.  Construction spending improved after the previous month’s declines.  New purchase applications increased, but refinance applications declined.  The ADP employment report was not hurt greatly by Hurricanes Harvey and Irma, but still trended downward.

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How to Help Las Vegas Shooting Victims

  • October 04, 2017

A horrific shooting shocked the Las Vegas Strip Sunday night, marking the deadliest mass shooting in United States history.  A lone gunman opened fire on concert-goers attending the Route 91 Harvest Festival, killing at least 58 and wounding over 500.  As our nation comes together to grieve this monumental loss, Americans around the country are trying to find ways to help the victims and the community. 

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Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment Report

  • October 02, 2017

There was no significant mortgage movement last week.  This week, US construction spending will be released on Tuesday, and on Wednesday the Mortgage Bankers Association (MBA) will release its weekly mortgage application survey and the ADP employment report comes out.

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Market Recap: Case-Shiller Home Price Index Up, New Home Sales and Pending Home Sales Drop

  • September 29, 2017

Mortgage rates trended slightly upward this week, as housing and construction activity begins to normalize following the destruction of Hurricanes Harvey and Irma.  Limited housing inventory continues to impact the housing market.  The Case-Shiller home price index increased again, and new home sales and pending home sales each declined.

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Simple Adjustments to Save Big on Your Electric Bill

  • September 27, 2017

Electric bills tend to rise during the summer months because of hot weather and air conditioners working overtime.  Energy efficient appliances and other home renovations can reduce electricity consumption, but may be costly to install.  Before splurging on energy efficient upgrades, make a few changes to daily behaviors.  

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Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

  • September 25, 2017

Last week, the Federal Open Market Committee met for its semiannual economic policy meeting and voted to leave the benchmark interest rate unchanged.  This week, the Case-Shiller home price index, new home sales, and the pending home sales index are all scheduled for release. 

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Market Recap: Rates Hold Steady, Housing Activity Slows

  • September 22, 2017

The Federal Open Market Committee (FOMC) voted to leave rates unchanged at its September meeting, last Tuesday and Wednesday.  Housing activity has slowed across the board, with almost every report showing declines.  The housing market index dropped, housing starts and existing home sales declined, but building permits increased.

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Hurricane Impacting Loan Funding

  • September 20, 2017

As the industry continues to cope with the property damage from Hurricane Irma, many prospective home buyers were caught in limbo. Each loan type and each agency has different funding requirements with respect to a federally-declared natural disaster zone. A segment of Florida home buyers that were planning on financing through a FHA recently experienced a delay in closing and some confusion. One of the requirements of funding a FHA loan after a disaster is that a reinspection is completed after the established end date. Once that occurs lenders can quickly reassess the property condition and finalize the funding and closing process.

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Market Forecast: Housing Market Index, Existing Home Sales, FOMC Meeting, and More

  • September 18, 2017

 This week will be a full week for housing with numerous important housing reports scheduled.  On Monday, the National Association of Home Builders (NAHB) will release the housing market index.  On Tuesday, housing starts and building permits comes out.  On Wednesday, the National Association of Realtors (NAR) will release the existing home sales report.  The Federal Open Market Committee (FOMC) is scheduled to meet Tuesday and Wednesday and a press conference with Fed Chair Janet Yellen will follow on Wednesday.

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Market Recap: Job Openings Up, Mortgage Applications Surge, Inflation Slow

  • September 15, 2017

Mortgage rates are starting to increase, after dropping to year-long lows earlier this month.  Mortgage applications reacted with both new purchase and refinance submissions increasing significantly.  Job openings increased again, but the labor market remains tight.  The consumer price index exceeded expectations but inflation subdued.

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Hurricane Relief Continues Across the Southeast

  • September 13, 2017

Last week, the Southeastern United States incurred more storm-related damage as Hurricane Irma plowed through Florida and Georgia.  With Texas and Louisiana still recovering from Hurricane Harvey, and Hurricane Irma damage just starting to get assessed, discussion of the National Flood Insurance Program is fervent among homeowners, disaster relief agencies, and housing professionals.

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Market Forecast: JOLTS, Mortgage Applications, and the Consumer Price Index

  • September 11, 2017

Mortgage rates are trending downward and mortgage application submissions are up.  Homeowners and home buyers are looking to lock rates ahead of the Federal Open Market Committee (FOMC) policy meeting next week.  This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out on Tuesday, the Mortgage Bankers Association (MBA) mortgage application survey comes out on Wednesday, and the Consumer Price Index comes out on Thursday.

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Market Recap: Hurricane Watch Continues, Fed Beige Book, and Mortgage Applications

  • September 08, 2017

Mortgage rates dropped slightly this week.  Hurricane Harvey recovery is underway in Texas and the government agreed to a short-term debt ceiling extension, in part to help fund the relief effort.  Additional hurricanes are forming in the Atlantic and the Gulf of Mexico.  Mortgage application submission increased amidst rising rates.  The Federal Reserve released its Beige Book on Wednesday.

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Market Forecast: Hurricane Harvey Cleanup, Fed Beige Book, Mortgage Applications

  • September 04, 2017

Last week, Hurricane Harvey caused major damage across the Gulf Coast.  Southeastern Texas and the Houston metro area suffered heavy flooding and parts of the region are still underwater.  American Red Cross President Brad Kieserman expects cleanup to last through December.  Markets are closed today in observance of Labor Day.

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Market Recap: Case-Shiller Home Price Index Up and Construction Spending and Pending Home Sales Down

  • September 01, 2017

This week, Hurricane Harvey devastated much of Texas’s Gulf Coast and other parts of the Southeastern United States.  Mortgage rates did not shift drastically and the Federal Reserve is reconsidering further rate hikes this year, as the greater Houston area begins the process of rebuilding.  Tightened housing inventory has led to an increase in home prices and a decrease in pending home sales.  Construction spending decreased overall, but the residential housing segment improved. 

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File Your Hurricane Harvey Insurance Claims before Friday

  • August 29, 2017

Our thoughts and prayers are with the victims of Hurricane Harvey throughout the Texas area.  If you or someone you know has had a home or business impacted by Hurricane Harvey, it is imperative that you file an insurance claim before Friday.

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Market Forecast: Case-Shiller Home Price Index, Pending Home Sales Index, US Construction Spending

  • August 28, 2017

Mortgage rates did not move much last week, and continue to hover year-long lows.  This week, the S&P CoreLogic Case-Shiller home price index comes out on Tuesday.  The pending home sales index comes out Thursday and US construction spending will be released Friday. 

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Market Recap: FHFA House Price Index Up, New Home Sales and Existing Home Sales Down

  • August 25, 2017

Mortgage rates did not move significantly this week, hovering year-long lows.  The Federal Housing Finance Agency (FHFA) house price index appreciated.  New home sales and existing home sales each declined amid low housing inventory and a competitive housing market.

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Market Forecast: FHFA House Price Index, New Home Sales, and Existing Home Sales

  • August 21, 2017

Mortgage rates dropped last week to a post-election low.  This week will be a heavy housing week with reports on the Federal Housing Finance Association’s (FHFA) house price index, existing home sales, and new home sales.

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Market Recap: Retail Sales Improve, Housing Market Index Up, Housing Starts and Building Permits Down

  • August 18, 2017

Mortgage rates dropped to a new post-election low, but did not translate into increased housing market activity.  Housing starts and building permits each dropped, but the housing market index improved.  Retail sales exceeded expectations.

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Market Forecast: Housing Market Index, Retail Sales, Housing Starts and Building Permits

  • August 14, 2017

Mortgage rates are trending slightly downward.  On Tuesday, the National Association of Home Builders (NAHB) will release its August housing market index and the July retail sales report also comes out.  On Wednesday, July’s housing starts and building permits data will be released.  

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Market Recap: Consumer Credit Expands, Job Openings Increase, Mortgage Apps Improve

  • August 11, 2017

Mortgage rates trended slightly downward this week.  Consumer credit expanded more modestly than the previous month.  Job openings surged to a record high.  Mortgage applications improved after declining last week.

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Market Forecast: Consumer Credit, JOLTS, and Mortgage Apps

  • August 07, 2017

Mortgage rates slid slightly last week, as expectations for additional 2017 rate hikes have dropped.  This week, there are no significant housing reports scheduled other than the weekly mortgage application survey on Wednesday.  On Monday, consumer credit comes out and on Tuesday the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will be released. 

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Market Recap: Pending Home Sales Up, Construction Spending Down, and the ADP Employment Report

  • August 04, 2017

Mortgage rates edged downward this week. The pending home sales index turned around this month, but total construction spending dropped slightly.  The ADP employment report was positive but below expectations. 

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Market Forecast: Pending Home Sales Index, Construction Spending, and ADP Employment

  • July 31, 2017

Mortgage rates did not move much last week.  There were mixed housing numbers with a decline in existing home sales and an increase in new home sales.  This week, the pending home sales index comes out on Monday, US construction spending comes out Tuesday, and the ADP employment report comes out on Wednesday. 

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Market Recap: Existing Home Sales Decline, New Home Sales Increase Slightly, Case-Shiller Home Price Index

  • July 28, 2017

Mortgage rates ticked back upwards this week, though there are no significant changes to report.  Existing home sales declined after last month’s positive numbers.  The S&P CoreLogic Case-Shiller home price index continues to improve.  New home sales increased, only slightly.

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Over Half of All Home Buyers Put Down Less Than 20%

  • July 27, 2017

For most first-time home buyers, the biggest challenge when buying a home is saving for the down payment.  However, the 20% down payment is not as rigid of a requirement as it has been in the past.  Low down payment programs, especially those targeting first-time home buyers, are growing in popularity. 

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Window Coverings Can Cut Utility Costs

  • July 26, 2017

With record heat waves rolling in, air conditioners across the country are working overtime.  The Department of Energy (DOE) reports that the right window treatments can reduce home heat gain by up to 77%.  Outdoor additions like awnings, or indoor curtains and drapes can reduce utility costs and lower inside temperatures. 

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Market Forecast: Existing Home Sales, Case-Shiller Home Price Index, and New Home Sales

  • July 24, 2017

Mortgage rates trended downward last week.  There are numerous housing reports scheduled for this week, including last month’s existing home sales and new home sales reports, and May’s Case-Shiller home price index.  Last week’s reports showed positive gains in mortgage applications filed, housing starts, and building permits issues.  This week’s reports will reflect whether or not that momentum persists. 

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Market Recap: Mortgage Applications, Housing Starts, and Building Permits Rebound

  • July 21, 2017

Mortgage rates started to trend downward this week, following Federal Reserve Chair Janet Yellen’s dovish remarks at her semiannual testimony last week.  The housing market index dropped slightly, but remains positive.  Mortgage applications turned around after last week’s Independence Day slow down.  Housing starts and building permits also rebounded.

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Market Forecast: Housing Market Index, Housing Starts, and Building Permits

  • July 17, 2017

Mortgage rates were trending upward last week, then edged downward after Federal Reserve Chair Janet Yellen’s semiannual testimony before the Senate Banking Committee.  This week, the National Association of Home Builders (NAHB) releases its housing market index on Tuesday.  Housing starts and building permits come out Wednesday, along with the weekly mortgage application survey. 

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Market Recap: Consumer Credit Expands, JOLTS Increases, Retail Sales Drop

  • July 14, 2017

This week, mortgage rates started to fall after Federal Reserve Chair Janet Yellen’s remarks at her semiannual testimony before the Senate Banking Committee.  Expectations of a September or December rate hike have dropped.  Consumer credit expanded at the fastest pace in seven months, there were fewer job openings than expected and retail sales declined.

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Market Forecast: Consumer Credit, JOLTS, and Retail Sales

  • July 10, 2017

Mortgage rates started to increase last week.  This week, there are no monthly housing reports scheduled, but several other important reports on consumer activity and job openings.  On Monday, the consumer credit report comes out, on Tuesday, job openings will be released, and retail sales comes out on Friday. 

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Market Recap: Construction Spending Unchanged, Mortgage Apps Up, ADP Employment Numbers Positive

  • July 07, 2017

Mortgage rates started to trend upward after a few weeks of holding steady.  This month, US construction spending remained unchanged and private-sector jobs grew less than anticipated.  New purchase mortgage applications rebounded after last week’s declines, and refinance applications decreased slightly. 

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Average American Credit Score Highest in 12 Years

  • July 04, 2017

The FICO credit score ranks consumers’ credit-worthiness on a scale of 300 (poor credit) to 850 (excellent credit).  The FICO score is the most widely accepted credit score used by lenders and other financial institutions.  The average FICO score hit a record-high, reaching 700 for the first since tracking began 12 years ago. 

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Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment Report

  • July 03, 2017

Mortgage rates trended slightly higher last week, but there are no significant changes to report.  This week, markets will be closed tomorrow in observance of Independence Day.  In housing news, US construction spending comes out on Monday and the weekly mortgage application survey comes out Wednesday.  It will also be a big week for job news with the ADP employment report scheduled for release on Thursday and several other employment reports on Friday.

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Market Recap: Case-Shiller Up, Pending Home Sales Down, GDP Expands

  • June 30, 2017

Mortgage rates started to trend upward this week, though there are no significant changes to report.  Home prices are continuing their steady trend of appreciation and contracts signed declined slightly as limited housing inventory continues to strain housing activity.  The third revision for first quarter’s Gross Domestic Product (GDP) came out Thursday, with a positive expansion.

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Market Forecast: Case-Shiller Home Price Index, Pending Home Sales and GDP

  • June 26, 2017

Mortgage rates stayed low last week, trending slightly downward according to Mortgage News Daily.  Housing market activity picked up with gains in both existing home sales and new home sales.  This week, the S&P CoreLogic Case-Shiller home price index comes out Tuesday, the pending home sales index comes out Wednesday, and on Thursday we get the third estimate for first-quarter Gross Domestic Product (GDP). 

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Market Recap: Gains All Around with Existing Home Sales, New Home Sales, and FHFA House Price Index

  • June 23, 2017

Mortgage rates stayed low this week, trending downward according to Mortgage News Daily, despite the June rate hike.  The final numbers from the spring selling season were mostly positive, with existing home sales and new home sales rebounding and the Federal Housing Finance Agency (FHFA) house price index also improving. 

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Market Forecast: New Home Sales, Existing Home Sales, and FHFA House Price Index

  • June 19, 2017

Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate to a level of 1.00% - 1.25%, the second rate hike of 2017.  This week, the final numbers from the spring selling season will be available including existing home sales, new home sales, and the Federal Housing Finance Agency (FHFA) house price index.

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Market Recap: Rate Hike, Home Builders Confidence Declines, and Housing Starts and Building Permits Drop

  • June 16, 2017

As expected, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate.   Mortgage rates did not change drastically following the announcement, increasing slightly according to some sources.  The National Association of Home Builders’ (NAHB) housing market index declined slightly.  Housing starts and building permits declined.

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Market Forecast: FOMC Meets, Home Builders’ Index, Housing Starts, and Building Permits

  • June 12, 2017

Mortgage rates trended downward last week, ahead of this week’s Federal Reserve policy meeting.  The Federal Open Market Committee (FOMC) is scheduled to meet Tuesday and Wednesday and hold a press conference Wednesday afternoon.  The National Association of Home Builders (NAHB) will release the home builders’ sentiment index on Thursday and housing starts and building permits come out on Friday.

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Market Recap: Mortgage Apps Rebound, Job Openings Surge, Consumer Credit Slows

  • June 09, 2017

Mortgage rates trended downward this week.  There were no major housing reports scheduled, aside from the weekly mortgage application survey.  Job openings surged and consumer credit growth was sluggish.  The labor market and consumer spending patterns influence the housing market.  When consumers are gainfully employed and confident in the labor market, they are more inclined to spend and borrow.

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The Case for the 10% Down Payment

  • June 08, 2017

One of the most common misconceptions home buyers face is the iron clad 20% down payment.  There are many flexible mortgage financing programs available that do not require a 20% down payment.  Bank of America CEO Brian Moynihan offered his thoughts on the 20% down payment in an interview with CNBC.

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CMG Financial Ranked as One of the Nation’s Top Mortgage Lenders

  • June 07, 2017

Scotsman Guide, the leading resource for mortgage originators, named CMG Financial one of the top mortgage lenders of 2016. CMG Financial was ranked among entries from hundreds of mortgage companies across the country, in three categories: Top Overall Volume (15), Top Wholesale Volume (9), and Top Correspondent Volume (7).

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Market Forecast: JOLTS, Mortgage Apps, and Consumer Credit

  • June 05, 2017

Mortgage rates did not move much last week, hovering the year-long low.  This week will be light on housing news, aside from the weekly mortgage application survey.  Other significant economic reports include the Job Openings and Labor Turnover Survey (JOLTS) and the consumer credit report.

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Market Recap: Case-Shiller House Price Index Increases, Pending Home Sales and Construction Spending Decline

  • June 02, 2017

Mortgage rates did not move significantly this week and are holding near year-long lows.  The Case-Shiller house price index appreciated to the highest level in over two years.  Pending home sales and construction spending each declined.

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CMG Financial Recognized as 2017 Best Places to Work in the Bay Area

  • May 30, 2017

This month, CMG Financial was named one of the 2017 Best Places to Work in the Bay Area.  CMG attributes this honor to its strong culture of success.  CMG’s culture depends on all team members working together to deliver the right loans, for the right reasons, in a way that exceeds all expectations. 

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Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and Construction Spending

  • May 29, 2017

Markets are closed today in observance of Memorial Day.  This week’s scheduled reports will include the final numbers of May and the first numbers of June.  The Case-Shiller home price index comes out Tuesday, pending home sales index comes out Wednesday, and construction spending comes out Thursday.

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Market Recap: Existing and New Home Sales Disappoint, FHFA House Price Index Improves

  • May 26, 2017

This week, mortgage rates hovered year-long lows.  New home sales and existing home sales flattened, each declining month-over-month but still improving year-over-year.  The Federal Housing Finance Agency (FHFA) house price index appreciated slightly.

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Market Forecast: New Home Sales, FHFA House Price Index, and Existing Home Sales

  • May 22, 2017

Mortgage rates trended downward last week, amidst some political turmoil in Washington.  This week, there will be some significant reports on the first numbers from second quarter including new home sales and existing home sales.  The Federal Housing Finance Agency (FHFA) will release its house price index, also. 

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Market Recap: Home Builders Positive Despite Drop in Housing Starts, Building Permits, and Mortgage Apps

  • May 19, 2017

Mortgage rates are down from last week, hovering year-long lows.  The home builders’ sentiment index posted positive numbers in May after a decline in April.  Housing starts and building permits each dropped, and both new purchase and refinance mortgage applications decreased.

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Market Forecast: Housing Starts, Building Permits, and Housing Market Index

  • May 15, 2017

Mortgage rates trended upward last week following continued uncertainty surrounding tax and healthcare reform.  This week, the National Association of Home Builders (NAHB) will release their monthly housing market index, housing starts and building permits come out Tuesday, and the weekly mortgage applications survey comes out Wednesday.

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Market Recap: Mortgage Applications Up, Retail Sales Up, Job Openings Stall

  • May 12, 2017

Mortgage rates trended upward this week, but remain near year-long lows.  Both new purchase and refinance applications increased, after last week’s lack of rate movement.  Job openings remained unchanged from February to March.  Retail sales improved, but were less than expected. 

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Market Forecast: No Rate Hike, JOLTS, Mortgage Apps, and Retail Sales

  • May 08, 2017

Last week, the Federal Open Market Committee (FOMC) left rates unchanged after their meeting.  As a result, mortgage rates trended slightly downward.  This week, the Labor Department releases its monthly Job Openings and Labor Turnover Survey (JOLTS), the Mortgage Bankers Association (MBA) puts out a weekly mortgage applications survey, and the retail sales report comes out Friday. 

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Market Recap: No Rate Hike, Construction Spending Drops, ADP Falls Short

  • May 05, 2017

Mortgage rates decreased slightly, following the Federal Open Market Committee’s decision to not raise the benchmark interest rate.  US construction spending showed gains in residential construction, but not much elsewhere and the ADP employment report posted modest gains.

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Market Forecast: FOMC Meeting, Construction Spending, and ADP Employment

  • May 01, 2017

Mortgage rates trended upward last week, after hitting year-long lows earlier in the month.  This week, the Federal Open Market Committee (FOMC) will meet for the third time this year.  There is not a press conference scheduled after this meeting, but there will be an official announcement released on Wednesday at 2 PM.   Also scheduled for release this week, are the US construction spending report and the ADP employment report.

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Market Recap: Home Prices Increase, New Home Sales Surge, Pending Home Sales Decline

  • April 28, 2017

Mortgage rates trended upward this week.  The S&P CoreLogic Case-Shiller home price index and new home sales report each posted significant gains.  Pending home sales declined slightly, due to mixed regional numbers.

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Market Forecast: Home Price Index, New Home Sales, and Pending Home Sales

  • April 24, 2017

Mortgage rates did not move significantly last week, after hitting a year-long low earlier in the month.  There will be a full schedule of housing reports this week including the S&P CoreLogic Case-Shiller home price index, new home sales, and pending home sales.

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Market Recap: Housing Market Index, Existing Home Sales, Housing Starts and Building Permits

  • April 21, 2017

Mortgage rates did not fluctuate much this week, hovering the year-long lows they hit last week.  The housing market index gave a positive reading.  Housing starts declined, but building permits ticked up.  Existing home sales surged to the highest level since 2007.

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Market Forecast: Low Rates, Housing Market Index, Existing Home Sales and Starts and Permits

  • April 17, 2017

Last week, Freddie Mac reported mortgage rates dipped to new 2017 lows.  The lower rates bode well for the spring home buying season, typically the busiest of the year.  This week, the National Association of Home Builders (NAHB) will release the housing market index on Monday.  On Tuesday, housing starts and building permits come out and on Wednesday there will be the existing home sales report.

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Market Recap: Mortgage Rates Drop, Consumer Sentiment Soars, and More

  • April 14, 2017

This week, Freddie Mac reported the 30-year fixed-rate average interest rate dropped to the lowest level of the year so far, driven down by the political climate.  Job openings increased, but hiring declined.  The consumer sentiment index continued to surge and retail sales dropped.

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Market Forecast: JOLTS, Consumer Sentiment, Retail Sales

  • April 10, 2017

Mortgage rates trended downward last week.  This week, economic reports of significance include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), the consumer sentiment index, and retail sales report. 

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Market Recap: Construction Spending and ADP Employment Improve

  • April 07, 2017

Mortgage rates trended downward this week after an uptick last week.  US construction spending increased, mortgage applications returned mixed numbers, and the ADP Employment report posted a sizable gain.

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Joining the 800+ Credit Club

  • April 05, 2017

Lenders use credit scores to determine a borrower’s ability to repay debt like mortgages and vehicle loans.  Credit scores impact lending terms, mortgage rates, and financing eligibility.  Typically, scores above 700 are considered good.  TransUnion reports only about 20% of Americans have a score above 780 and even fewer rank above 800.  How can consumers improve their credit score and reach these elite ranges?

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Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment Report

  • April 03, 2017

Mortgage rates continued to hold steady last week, trending slightly upward according to Mortgage News Daily.  This week will be light on housing news and heavy on jobs reports.  Jobs reports, like this week’s ADP employment report, are still relevant to the housing market because labor market growth triggers spending and borrowing by gainfully employed consumers.

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Market Recap: Home Prices, Pending Home Sales, and Consumer Spending Gain

  • March 31, 2017

Mortgage rates did not move much this week, trending slightly upward from last week.  The S&P CoreLogic Case-Shiller home price index surged at a record pace, pending home sales increased, and consumer spending improved also.

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MBA Opens Doors Foundation

  • March 29, 2017

We truly believe home is where the heart is.  For those suffering from illnesses, having a place to call home can be just as healing as the hospital.  Unfortunately, unexpected medical expenses have the potential to cause major financial damage to families.  The MBA Opens Doors Foundation is here to help. 

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Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and Core Inflation

  • March 27, 2017

Mortgage rates trended downward last week.  When the Federal Reserve raises the short-term interest rate, long-term rates like mortgage rates may not react immediately. This week, there will be the S&P Case-Shiller home price index, the pending home sales report, and the consumer spending, personal income, and core inflation report.

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Market Recap: FHFA House Price Index Unchanged, Existing Home Sales Down, New Home Sales Up

  • March 24, 2017

Mortgage rates continued to trend downward this week.  There was a mixed bag of housing news.  The Federal Housing Finance Agency (FHFA) house price index was unchanged, existing home sales dropped, and new home sales increased.

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Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales

  • March 20, 2017

Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate.  In response, mortgage rates trended downward.  Long-term interest rates will move more slowly than short-term rates in reacting to movements by the Fed.  This week, there will be several important housing reports including the Federal Housing Finance Agency’s house price index, existing home sales, and new home sales. 

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Market Recap: Record Home Builders’ Reports and a Federal Rate Hike

  • March 17, 2017

Happy St, Patrick’s Day!  As expected, the Federal Open Market Committee (FOMC) voted to raise interest rates.  Mortgage rates reacted by trending down.  The home builders’ sentiment index increased at a record pace and housing starts also posted gainful numbers.  However, building permits declined. 

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Market Forecast: Federal Open Market Committee Meets Tuesday and Wednesday

  • March 13, 2017

The Federal Open Market Committee (FOMC) will meet this Tuesday and Wednesday and vote on whether or not to raise the benchmark interest rate.  Last week, the European Central Bank voted to leave interest rates unchanged.  In the United States, Mortgage rates were on the rise last week as the market priced in a federal interest rate hike.

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Market Recap: Will Robust Job Growth Lead to Rate Hike Next Week?

  • March 10, 2017

Mortgage rates were on the rise this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting.  After this week’s positive job numbers from the ADP employment report, many economists are predicting a rate hike will take place next week.

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Market Forecast: MBA Mortgage Applications, Consumer Credit, and ADP Employment

  • March 06, 2017

Mortgage rates did not move much last week, trending upward according to some surveys.  There are no major housing reports scheduled this week, except for the weekly Mortgage Bankers Association (MBA) purchase application survey.  Other notable economic reports include consumer credit and the ADP employment report.

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Market Recap: Case-Shiller Home Price Index Improves, Pending Home Sales and US Construction Drop

  • March 03, 2017

There was not much movement from mortgage rates this week, trending upwards according to some sources.  The S&P CoreLogic Case-Shiller home price index improved, but the pending home sales index and construction spending declined.  On Wednesday, the Federal Reserve released its Beige Book ahead of the Federal Open Market Committee (FOMC) Meeting later this month. 

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Market Forecast: Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending

  • February 27, 2017

Mortgage rates did not change significantly last week, and trended downward according to some sources.  This week includes the end of February and the beginning of March, bringing some important monthly housing reports.  The National Association of Realtors (NAR) pending home sales index and US construction spending will forecast what to expect for housing in the coming months. 

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Market Recap: Existing Home Sales Surge, New Home Sales Rebound, and FHFA House Price Index

  • February 24, 2017

Mortgage rates trended downward this week.  New home sales and existing home sales each showed signs of strength and the Federal Housing Finance Agency (FHFA) house price index increased.  New Treasury Secretary Steve Mnuchin addressed Fannie Mae and Freddie Mac reform is on the agenda but stated that it was not the number one priority.

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No Substitute for the FICO Score

  • February 23, 2017

One of the first steps in securing a home loan is determining the borrower’s credit score.  With multiple credit bureaus reporting on different factors, the borrower may see multiple versions of their credit score.  Additionally, lead generation websites are constantly phishing consumers to get their free “credit scores.”  HousingWire reports that new research suggests that the VantageScore is not the same as a FICO score despite claims asserting otherwise.

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Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales

  • February 20, 2017

Last week, Steve Mnuchin was sworn in as Treasury Secretary, Fed Chair Janet Yellen suggested an interest rate hike is coming soon, and mortgage rates started to rise. This week’s important housing reports will include existing home sales, new home sales, and the Federal Housing Finance Agency’s (FHFA) House Price Index.

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Market Recap: NAHB Housing Market Index, Housing Starts, and Building Permits

  • February 17, 2017

This week, Federal Reserve Chair Janet Yellen delivered her semiannual testimony on the Fed’s monetary policy.  Because of her hawkish tones, economists have increased March’s rate hike expectations to 35%.  The National Association of Home Builders’ (NAHB) housing market index dropped this month and housing starts declined, but building permits increased.  Retail sales posted modest increases as well.  

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Market Forecast: Housing Market Index, Housing Starts, and Building Permits

  • February 13, 2017

Mortgage rates dropped somewhat last week.  Rates in 2017 have stayed relatively unchanged following volatility toward the end of 2016.  This week, the National Association of Home Builders (NAHB) will release a housing market index.  Other scheduled reports include retail sales, housing starts, and building permits. 

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Market Recap: Consumer Credit and Mortgage Apps Up, JOLTS Down Slightly

  • February 10, 2017

After some volatility earlier in the month, mortgage rates started to drop this week.  Last week, the Federal Open Market Committee (FOMC) voted to leave interest rates unchanged.  This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) dropped slightly, and consumer credit posted modest gains.  Mortgage applications also increased this week, following a drop last week.

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Market Forecast: No Rate Hike, Jolts Report, and Consumer Credit

  • February 06, 2017

Mortgage rates fluctuated only slightly last week, and the Federal Open Market Committee (FOMC) voted to not raise interest rates.  This week, the Labor Department releases its Job Openings and Labor Turnover Survey (JOLTS), the consumer credit report for December comes out, and the MBA releases its weekly mortgage purchase application index.

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Market Recap: Housing Numbers are Up and No Rate Hike, Yet

  • February 03, 2017

Mortgage rates did not move much this week, following the Federal Open Market Committee’s (FOMC) decision not to raise interest rates.  Despite a week-over-week drop in new purchase and refinance mortgage applications, monthly housing numbers posted strong gains.

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Market Forecast: FOMC Meets, Pending Home Sales, and Case-Shiller Index

  • January 30, 2017

Mortgage rates experienced some volatility last week.  On Tuesday, Dr. Ben Carson’s nomination for the Secretary of the Department of Housing was approved by the Senate Committee.  On Wednesday morning, the Dow Jones Industrial Average opened at 20,000. This week the Federal Open Market Committee meets on Tuesday and Wednesday.  Upcoming housing reports include pending home sales and the S&P Case-Shiller home price index. 

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Market Recap: Carson Approved, Dow20K, and Mortgage Movement

  • January 27, 2017

Mortgage rates experienced some volatility this week, opening with a decline and then climbing throughout the week.  The Senate Banking, Housing, and Urban Affairs Committee approved Dr. Ben Carson’s nomination for the Secretary of the Department of Housing and Urban Development.  The next step in his proceedings will be facing the entire Senate vote.  On Wednesday, the Dow Jones Industrial Average broke 20,000 for the first time ever.  Important housing reports that were released this week include existing home sales, new home sales, and the Federal Housing Finance Agency House Price Index.

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Market Forecast: Existing Home Sales, FHFA House Price Index, and New Home Sales

  • January 23, 2017

Mortgage rates went up last week and the Department of Housing and Urban Development suspended their plan to cut mortage insurance premiums on Federal Housing Administration Loans.  This week, there will be important housing reports including existing home sales, the Federal Housing Finance Agency’s House Price Index, and new home sales.

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CMG Financial Correspondent Lending Sponsors the MBA’s Annual Convention & Expo 2016 #HEROES

  • October 07, 2016

CMG Financial Correspondent Lending is proud to be a Diamond Sponsor at the MBA’s Annual Convention & Expo 2016 #HEROES

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