Mortgage Banker/Senior Loan Officer
MD License #MLO-14395
NC License #MLO-137683
VA License #MLO-2878
NMLS # 70692
Branch NMLS # 71158
(click links above to check licenses)
742 Thimble Shoals Blvd.
Newport News, VA 23606
Questions? Call Bill Forrest at 757-605-4648.
We are always available to help make sense of the market.
Mortgage News Daily News Feed
Posted To: MND NewsWireSales of residential properties were marginally higher in March than in February and the median price of both distressed and non-distressed properties also increased slightly RealtyTrac said today. Sales of single-family homes, condominiums, and townhomes were at an annual rate of 5,253,464 units in March, up 0.4 percent from February. The sales pace was 8 percent higher than in March 2013. The median price of all residential properties was $164,500, a 1 percent increase from the previous month and 10 percent above the median price one year earlier. RealtyTrac said this was the 24 th consecutive month that median house prices posted annual growth and the 10 percent March to March change was the largest of those increases. "The housing market showed signs of coming out of hibernation in March...(read more)
Posted To: MND NewsWireThe mortgage closing table is the site of considerable pain and confusion for homebuyers, Richard Cordray, Director of the Consumer Financial Protection Bureau (CTFP) told a Mortgage Closing Forum on Wednesday. They find themselves confronted with reams of documents while facing one of the most important financial commitments of their life. They are frustrated not only by the sheer volume but by the speed at which they must review those papers and their complexity. "Mortgage closings are often fraught with anxiety," the Director said. "We have taken action to address some of the problems consumers face, but more needs to be done." He announced results of a study done by CFPB on "closing table pain points" and an eClosing pilot project the Bureau hopes will provide insight into improving the...(read more)
Buffett Ready to Step in for Fannie & Freddie? Breaking News: CFPB Research Discovers Confused Borrowers
Posted To: Pipeline PressIt is "bring your kid to work" day. Some kids are fascinated with how much others make. They grow up to be underwriters . Others are fascinated with the ebb and flow of compensation, and the inherent inequality in government versus private market pay structures. They grow up to be reporters, or CEOs. Here's something that had both groups, and everyone in-between, buzzing yesterday: a story about how regulators make more than banking and mortgage folks: "Guess Who Makes More Than Bankers: Their Regulators.". "The average compensation at the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) exceeded $190,000 in 2012. At the OCC, secretaries make on average $79,182 per annum. Motor vehicle operators ...(read more)
Posted To: MBS CommentaryBond markets continue to be relentlessly sideways. Just when Treasury yields were staging for their best chance at breaking out of a 3-month range-bind, yields spiked late last week after a token amount of deescalation in Ukraine following the Geneva talks. The deescalation was short-lived, however, and the selling pressure that looked poised to carry yields all the way to other side of this historically narrow range has instead stopped more or less dead-center, waiting... for "something." Determining the identity of that "something" has proven difficult. Traders seem to be picking and choosing when the situation in Ukraine matters rather serendipitously. The only safe conclusion is that there's some measure of bullishness intact in bond markets thanks to the ongoing...(read more)
Posted To: MBS CommentaryIt was a refreshingly strong day for MBS and Treasuries. While the gains weren't immense by any standard, they were mostly present from the start of the day and never looked to be under dire threat. Weak economic data helped get things going in the morning, though it was a bit of a mixed blessing for MBS watchers as the data in question was close to home (weak New Home Sales). The 5yr Treasury auction in the afternoon was lackluster at best--certainly not in the same league as the previous two examples from the Feb-April trend, though it did compare favorably with some older examples. Beyond that, volume and participation picked up a bit, and there was a sense that financial markets were getting back to business after an extended holiday. In the bigger picture, today's strength acted...(read more)