TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/106030
local edition S e c on da r y M a r k e t a na ly t ic s se r v ic i ng or ig i nat ion ANALYTICS exempt from collecting HMDA data in 2013. That exemption does not apply to data institutions are supposed to report for 2012. The adjustment is based on the 2.23 percent increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2012, according to the CFPB. The previous exemption threshold was $41 million. HMDA and the CFPB's Regulation C requires most mortgage lenders located in metro areas to collect, report, and disclose data about applications and originations for purchase loans, home improvement loans, and refinances. Data reported include the type, purpose, and amount of the loan; the race, ethnicity, sex, and income of the loan applicant; the location of the property; and loan pricing information for some loans. The collected data are used to determine if lenders are serving the needs of their communities and to assist in identifying discriminatory practices. enhance the capabilities of MLS Data Co-op since launching the system in 2010. Most recently, the company added support for the Real Estate Standards Organization (RESO) expanded data set. Marion Briggs, president of the Realtor Association of Greater Fort Myers and the Beach, noted of the deal, "Southwest Florida has always had significant market overlap, with many real estate professionals needing to by overlaying the combined data set with unique CoreLogic reports and analytical tools. belong to multiple associations to do business. Using MLS Data Co-op, we have now created a data sharing environment that gives our members the tools to leverage that information for the benefit of their customers." CoreLogic's SVP of real estate and financial services, Ben Graboske, added, "CoreLogic has been actively involved in RESO for many years and has helped guide the development of the current data standards. The MLS Data Coop has achieved success by using a standards-based approach to the aggregation of MLS data and other diverse property information, and Florida // In the Sunshine State, economists have revealed projections for 2013, and their outlook presents a positive, if somewhat sluggish, forecast for the region's housing market. According to experts from Florida Realtors and Fannie Mae, upward trends are set to continue in Florida, while the state's pace of recovery is expected to fall behind the national average. Speaking during the recent 2013 Real Estate and Economic Forecast Conference in Orlando, Dr. John Tuccillo, chief economist for Florida Realtors, noted, "Florida's housing market is back, Economists Project Slower Pace for Sunshine State Calling for limited progress during the year ahead, analysts from Fannie Mae and Florida Realtors conveyed flagging expectations. CoreLogic Adds Four New Partners for MLS Data Co-op Expanding the company's data sharing initiative, CoreLogic confirmed plans to launch four new partnerships in 2013. Florida // CoreLogic is expanding its presence in Florida, recently announcing that the company has established technology partnerships with four of the state's real estate organizations. The Realtor groups will tap into CoreLogic's MLS Data Co-op to launch a multiple listing service (MLS) data sharing initiative. Organizations teaming up with CoreLogic include the Bonita Springs-Estero Association of Realtors, the Cape Coral Association of Realtors, the Naples Area Board of Realtors, and the Realtor Association of Greater Fort Myers and the Beach. In an official statement, CoreLogic noted it continues to 66 | The M Report with great possibilities for the future—but those possibilities are only beginning to be realized." Doug Duncan, Fannie's chief economist, stated, "We believe the housing market is on firm footing. ... Most of the improvement we've seen has come from the supply side of housing. Distressed properties are coming down from about 5 million to more like 3 million." Providing additional commentary, Duncan cited the country's low mortgage rates as an indication that improvements for housing would continue, while acknowledging that tighter lending standards and credit availability would create headwinds for the mortgage industry in Florida and around the U.S. "The trend has been established for the housing recovery, but robust growth awaits more jobs and a stronger economy. Three years into the recovery, the current economic expansion is the weakest since World War II. Just over half of the jobs lost in the Great Recession have been recovered," Duncan emphasized. Reporting year-end findings in Florida, Tuccillo pointed to signs of progress including declining months' supply of single-family homes, which is now below six months; strong investor interest, with 44 percent of closed sales transacted in cash as of October; and growth for traditional, non-distressed sales, which now account for more than 50 percent of closings in the state. Tuccillo went on to tout Florida's rising median sales prices for both existing singlefamily homes and condominiums. However, he also revealed concerns regarding the state's active distressed property market, noting that foreclosures and short sales continue to inhibit pricing gains. Referencing data from the National Association of Realtors and other sources, Tuccillo reiterated his opinion that Florida's real estate market "bottomed out in late 2008," concluding, "Since the beginning of 2009, we've clearly seen a regrouping and a recovery under way."