TheMReport — News and strategies for the evolving mortgage marketplace.
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Local Edition or ig i nat ion ORIGINATION Connecticut Home Sales Decline in Q1 Rising prices finally start affecting sales figures. lending, and prior to joining Equity Loans, was branch manager for Stearns Lending. Dean Boeving is supporting efforts at the Chantilly office as branch manager. He has 18 years' industry experience, previously holding branch manager positions at Allied Mortgage Group and Vantage Point Bank. He was also sales manager and loan officer for First Choice Bank. Finally, Sean Rogerson is leading the team at the Southbury branch. He has more than 15 years' experience, having served as branch manager for Starboard Financial and owner and EVP of Northeast Mortgage Corporation. "As we continue to expand our operations nationwide, opening offices in the Washington and Connecticut markets is an incredible achievement for Equity Loans and we're looking forward to serving these new areas," said Kunjan Patel, CEO of Equity Loans. "We're confident these branch managers will provide the best support to serve all four of our new office locations." "We're confident these branch managers will provide the best support to serve all four of our new office locations." —Kunjan Patel, Equity Loans 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 CONNECTICUT // Sales for single-family residences in connection dropped in the first quarter of this year, marking the first state's decrease since the fourth quarter of 2010, the Warren Group reported. Single-family home sales in the state fell year-over-year by 3.5 percent to 4,067 in the first quarter. Home sales were also down for March after falling by 6.7 percent to 1,529, down from 1,639 a year ago the same month. The decline for the month represents the second straight year-overyear decrease. "Low inventory is plaguing housing markets all over the country, and Connecticut is no exception," said Timothy M. Warren Jr., CEO of the Warren Group. "With mortgage rates low and prices rising, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse." Although sales were down, prices were up. The median price for a single-family home in Connecticut rose by 9.3 percent to $235,000 in the first quarter, up from $215,000 a year ago. Prices were also up year-overyear in March, improving by 9.9 percent to $245,000. "It's clear that the low supply of homes for sale is continuing to pressure prices," Warren added. "And there is definitely concern that such steep price spikes will cause an affordability issue." Sales and prices for Connecticut condominiums were down during the same time period. In the first quarter, condo sales dropped 1.2 percent to 1,123, down from 1,137 recorded sales a year ago. Condo sales numbered 406 in March, down 5.8 percent from March 2012. Median prices for condos fell yearly in the first quarter by 1.9 percent to $156,000, while prices were down by 1.5 percent to $160,000 in March. 38 | The M Report LendingQB Works Insurance Underwriting Guidelines into System Equity Loans Expands with 4 New Branches The company sees tremendous growth in the first quarter. GEORGIA // Equity Loans LLC, an Atlanta-based residential mortgage lender whose operations extend to more than 30 states, opened four new office locations in the first quarter of this year. The new branches are located in Wenatchee, Washington; Mount Pleasant, South Carolina; Chantilly, Virginia; and Southbury, Connecticut. The Connecticut and Washington offices represent Equity Loans' first forays into those states. The company's newest branch manager, Scott Campbell, is leading efforts at the Wenatchee office. Campbell has worked in the lending industry for more than 36 years, holding positions with several companies, including Hometown Lending, Pinnacle Capital, and Sound Mortgage. Oliver Caminos will serve as branch manager of the Mount Pleasant office. Caminos has more than two decades of experience in residential mortgage Eligibility and rates are rendered quickly and accurately. CALIFORNIA // In California, LendingQB announced the implementation of mortgage insurance (MI) underwriting guidelines into its automated underwriting system (AUS), giving users the ability to automatically check MI eligibility and pricing. "One of the problems with calculating MI is that loan officers and underwriters are forced to individually visit each of the MI companies' respective websites to determine eligibility and pricing, which is time