San Jose, Calif. is the most likely metropolitan area to see a decline in home prices in the United States, according to The PMI Risk Index.PMI Mortgage Insurance Co., the Walnut Creek, Calif.-based mortgage insurer that created the index, uses it as one of its tools to assess and manage risk levels in its own portfolio. As of October, the index value of the top 50 largest metropolitan areas was 162, meaning these cities have on average a 16.2% probability of experiencing a home price decline in the next two years. The index for San Jose is 437. The other cities at the top of the scale are Portland Ore.-Vancouver, Wash. at 370; Detroit, 306; Seattle-Bellevue, Everett, Wash., 297; and Dallas, 297. At the other end of the scale are Riverside-San Bernardino, Calif., 63; Nassau-Suffolk (Long Island), N.Y., 74; Baltimore, 74; Las Vegas, 79; and Miami, 83.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24