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the latest SERVICING Pacific Union Financial Adds to Wholesale, Correspondent Lending Divisions Company continues its efforts to expand operational outreach. P "Many builders are expressing frustration over being unable to respond to the rising demand for new homes due to difficulties in obtaining construction credit." Company Touts Title —Rick Judson, NAHB in all construction jobs in March to 5,802,000, the highest level since August 2009. In March, according to the BLS, the number of residential construction jobs improved by 2,300 to 578,100, the highest level since May 2010, and the number of residential specialty contractor jobs increased 12,500 to 1,543,700, the highest level since August 2009. Tighter inventories of new homes had been expected to improve confidence, but builder attitudes have also been weighed down by prices of new singlefamily homes. The last government report on new home sales showed a 4.4 month supply of new homes for the index in 1985. It peaked at 78 in December 1998. The index, built based on surveys conducted jointly by the NAHB and Wells Fargo, gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair," or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average," or "low to very low." Scores from each component are then used to calculate a seasonally adjusted index where any number more than 50 indicates that more builders view sales conditions as good than poor. Insurance Importance ALTA wants to remind consumers that policies protect their assets. W ith the summer homebuying season starting to heat up, the American Land Title Association (ALTA) is encouraging consumers to consider title insurance to ensure their "American dream" is shielded. "Problems with the title of your new home can limit your enjoyment and use of the property," said ALTA president Frank Pellegrini. "Only an owner's title insurance policy fully protects the homebuyer should a covered title problem arise." ALTA reminds buyers that policies are purchased for a one-time fee at closing and will last for as long as the consumer or their heirs have an interest in the property. Policies protect owners against possible hidden title problems that can include errors or omissions in deeds, mistakes in examining records, forgery, and undisclosed heirs. "An owner's policy provides assurance that your title company will stand behind you—monetarily and with legal defense if needed—if a covered title problem arises after you buy your home," Pellegrini said. "Purchasing a home is often the single largest financial investment a family can make. Your owner's title insurance policy can help minimize potential issues that could impede your property rights." The M Report | 51 se c on da r y m a r k e t than two-and-a-half decades of industry experience to the company, most recently working at JPMorgan Chase as north correspondent division manager. Prior to that, he held similar leadership roles in correspondent sales at Aurora Loan Services and Bank of America. His role at Pacific Union is to further develop the company's growing portfolio of regional and national correspondent loans. "I am excited to have Patty and Andy joining our team," said Rick Skogg, president of Pacific Union Financial. "Each of them brings tremendous value and experience to us, along with exemplary reputations in the mortgage banking industry. They are ideal choices to take Pacific Union Financial's wholesale and correspondent divisions to the next level." a na ly t ic s acific Union Financial, LLC, announced the addition of two new sales executives to its wholesale and correspondent lending teams. Patricia Trimble has been hired as SVP of wholesale sales, Pacific Union announced. With more than 26 years' industry experience, Trimble has held similar leadership roles in wholesale lending at Home Savings of America, American Mortgage Network/ Wachovia Mortgage, and JPMorgan Chase, among others. At Pacific Union Financial, she is responsible for growing the company's wholesale operation and expanding relationships with its existing client base. At the same time, the company selected J. Andrew Peach to serve as SVP and national correspondent manager for its correspondent lending division. Peach brings more s e r v ic i ng sale, an improvement from the 4.2 month supply in January, but still the second weakest reading since July 2005. The report also showed builders completed 574,000 singlefamily homes in February, 163,000 more than they sold. Builder confidence fell in all four Census regions, led by an eight point drop in the Midwest to 41. Confidence fell four points in the Northeast to 34, three points in the West to 52, and two points in the South to 40. With the April report, the total index remained below 50—the tipping point between a positive and negative market assessment—for the 84th straight month. The last time the HMI was above 50 was April 2006, when the reading was 51 as the index was falling. NAHB began Or ig i nat ion NAHB chair Rick Judson explained tight credit conditions—affecting both builders and buyers—contributed to the drop in confidence. "Many builders are expressing frustration over being unable to respond to the rising demand for new homes due to difficulties in obtaining construction credit, overly restrictive mortgage lending rules, and construction costs that are increasing at a faster pace than appraised values," Judson said in a statement. "While sales conditions are generally improving, these challenges are holding back new building and job creation." But despite Judson's comment, the drop in the index comes after the Bureau of Labor Statistics (BLS) reported an 18,000 increase