Origination

Arizona’s housing market, one of the nation’s four worst hit by the foreclosure crisis, is seeing constant improvements in housing prices, employment and overall recovery compared to 2012.

Despite interest rates rising, origination volume remains stable and a downward trend in delinquencies and foreclosures continues nationwide through July.

Economists at Wells Fargo Securities are sticking with their theory that extremely wet weather in the South is responsible for the recent slowdown in new home construction and sales.

Stewart Lender Services, Houston, has acquired Allonhill LLC, a due diligence and risk management company based in Denver.

The Eleventh Federal Home Loan District Cost of Funds Index was virtually flat in July compared with June at 0.954%.

Credit unions’ $66.1 billion in first mortgage originations is the highest ever through June, helped by a record $34.9 billion in home loans being granted to members during the second quarter.

On an annual basis, loans at CUs were up 5% through June (up from 3% through June 2012), bringing total CU loans outstanding to $627 billion.

Commitments to purchase new mortgages fell 16% from June to $62.4 billion in July—the lowest level since April 2012.

Nationally, house prices jumped 1.8% in July from the prior month, according to the CoreLogic house price index.

Greystone has originated a $6.6 million loan financed by the Freddie Mac Targeted Affordable Housing program.