CFPB Spotlights Mortgage Trends with New Online Tool

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Interactive Heat Map and Graphs Make Local Mortgage Information More Accessible to the Public

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) launched an online tool to provide consumers with easy access to public mortgage information collected under the Home Mortgage Disclosure Act (HMDA). The tool enables greater transparency by helping inform people of trends in their local mortgage markets.

“Just as the real estate motto ‘location, location, location’ was true before the recent financial crisis, it was true for the crisis. Every community was affected differently,” said CFPB Director Richard Cordray. “Our tool puts valuable information into the hands of the public in an accessible way, so they can understand what is happening in their local mortgage markets. A more transparent mortgage market will lead to a better marketplace and better outcomes for consumers.”

The CFPB’s online HMDA tool is available at: www.consumerfinance.gov/hmda

In 1975, Congress passed the Home Mortgage Disclosure Act requiring most mortgage lenders to make loan information available to the public. In 2012, there were approximately 18.7 million HMDA records from 7,400 financial institutions. This information includes the majority of the country’s mortgage applications and mortgages made – known as loan “originations” – by banks, savings associations, credit unions, and mortgage companies. The public information is important because it helps show whether lenders are serving the housing needs of their communities; it gives public officials information that helps them make decisions and policies; and it sheds light on lending patterns that could be discriminatory.

The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred HMDA rulemaking authority from the Federal Reserve Board to the CFPB on July 21, 2011. While the CFPB has the rulemaking authority, other federal banking regulators and the Department of Housing and Urban Development still share other authorities. Each year, the Federal Financial Institutions Examination Council (FFIEC), comprised of the federal banking regulators, releases the full public HMDA data set to the public.

The CFPB tool being released today focuses on the number of mortgage applications and originations, in addition to loan purposes and loan types for 2010 through 2012. It looks specifically at first-lien, owner-occupied, one- to four- family and manufactured homes. Using the tool, the public can see nationwide summaries or they can choose interactive features that allow them to isolate the information for metropolitan areas. The public can easily explore millions of data points with these user-friendly graphs and charts.

Trends and highlights from the information shown by the tool include:

  • Heat map shows that mortgage applications and originations were up: One way to measure the strength of a local mortgage market is to look at the number of mortgage applications and originations. The CFPB tool contains a nationwide heat map showing that applications and loan originations increased in most local mortgage markets in 2012. This tool allows users to drill down to see this information by metropolitan area. The data shows:
  • Nationwide, loans for home purchases increased by 13 percent from 2011 to 2012.
  • In most counties across the country, mortgage applications were down from 2010 to 2011, but they rebounded in 2012.
  • Of the nearly 13 million applications in 2012 for home purchase loans, home improvement loans, and refinancing, more than 8 million resulted in loan originations.
  • The number of loan originations increased by about 2.4 million, or 39 percent, from 2011 to 2012.
  • Interactive graph shows that mortgage volume increased, driven by refinancing: A significant driver of the increased mortgage numbers in 2012 was a rise in the number of refinancings. An interactive graph in the CFPB tool, which breaks down the number of loans by purpose and by metropolitan area, shows:
    • The number of refinancing applications increased from 6.6 million in 2011 to 9.3 million in 2012.
    • The number of refinance loan originations increased from 3.8 million in 2011 to 5.9 million in 2012, representing a 54 percent increase.
    • Refinance origination activity continues to vary by location. For example, Cincinnati, Ohio experienced a 47 percent increase while Las Vegas, Nev. saw an increase of 205 percent.
  • Interactive graph on loan type shows the prevalence of FHA and VA lending: Since the housing crash, homebuyers have been heavily reliant on mortgages insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). An interactive graph in the CFPB tool, which breaks down the number of loans by type and by metropolitan area, shows:
    • In 2012, FHA- and VA-backed loans accounted for about 15 percent and 7 percent, respectively, of home purchase, refinance, and home improvement loans combined. In 2011, these figures were 18 percent and 6 percent, respectively.
    • Areas with large numbers of military families often have a higher share of VA lending, as seen in metropolitan areas such as Gulfport, Miss., where 21 percent of loans were VA, and Fairbanks, Alaska, where 29 percent of loans were VA.

The CFPB is committed to further enhancing the functionality of its online HMDA tool and plans to release additional features over time.

The FFIEC also published the full set of 2012 HMDA data today. For more information, go to: http://www.ffiec.gov/hmda .

Official news published at https://www.consumerfinance.gov/about-us/newsroom/cfpb-spotlights-mortgage-trends-with-new-online-tool/

Images courtesy of PixaBay

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RedeemTV Announces New Documentary: ‘The Shroud Face to Face’

RedeemTV Announces New Documentary: ‘The Shroud Face to Face’
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RedeemTV ? Streaming Goodness

Vision Video’s streaming platform RedeemTV is set to unveil the highly anticipated documentary The Shroud Face to Face on March 28, 2024.

The Shroud Face to Face, produced by The Nexus Institute and The Shroud LLC, is a captivating documentary that unravels the enigma of the Shroud of Turin. With cutting-edge technology and expert insights, the film provides a face-to-face encounter with this iconic relic, inviting audiences to delve into its history, authenticity, and the profound questions it raises.

This visually stunning film, based on the book The Shroud Face to Face by acclaimed author and filmmaker Robert Orlando, offers an immersive exploration of the centuries-old mystery surrounding the Shroud of Turin and has been endorsed with high praise.

"This is a compelling and convincing account of the single most fascinating relic in the Christian world. This is for anyone seeking to understand the significance and history of the Shroud of Turin.” — Bishop Robert Barron, founder of Word on Fire

'The Shroud Face to Face'

Watch Trailer: https://watch.redeemtv.com/trailer/the-shroud-trailer

RedeemTV is a FREE, donor-supported, Christian streaming platform with over 250,000 subscribers. Streaming more than 5,000 videos, it provides family-friendly content while continuing to spread the message of Jesus.

Vision Video is a leading DVD and film distributor, committed to bringing impactful and compelling stories to audiences worldwide. With a focus on cinematic excellence, Vision Video partners with filmmakers to showcase thought-provoking narratives that inspire and captivate.

The Nexus Media focuses on TV, motion pictures, books, and screenplays, along with award- winning documentaries and shorts. Our team has years of experience in media storytelling and developing well-crafted engaging content. We invite you to view some of our past projects, The Divine Plan and Silence Patton, and participate in our new initiatives.

Stream FREE on RedeemTV: https://redeemtv.com.

Find us on Facebook at https://www.facebook.com/RedeemTV.

Follow us on Instagram at https://www.instagram.com/redeemtv1.

Contact Information:
Danielle Tumminelli
Marketing & VOD Distribution Manager
danielle@visionvideo.com
484-750-2485


Original Source: RedeemTV Announces New Documentary: 'The Shroud Face to Face'

Scholars of Mandeville Grand Opening to Feature New Orleans Saints Superstar Cam Jordan

Scholars is celebrating the Grand Opening of its second tutoring location in the Greater New Orleans area Thursday, March 28th. This Thursday's event features NFL superstar Defensive End Cam Jordan of the New Orleans Saints. Cam, the Saints all-time sack leader and 8x pro-bowler, will be available to meet and inspire the students and families of the Mandeville community.

Scholars of Mandeville Grand Opening to Feature New Orleans Saints Superstar Cam Jordan
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Scholars is an award-winning franchise tutoring system, providing broad academic support to students K-12 in all subjects.

This Thursday, March 28th, Scholars will celebrate the grand opening of its new location in Mandeville, Louisiana. The event begins at 11:30 a.m. and will take place at 1901 U.S. Hwy 190, STE 27, Mandeville, La.

Scholars is proud to be cutting the ribbon of its second location in New Orleans. This week’s event will also feature some NFL star power as Cam Jordan of the New Orleans Saints will be making an appearance. Renowned throughout the NFL for his ferocious and creative pass-rushing, Cam, the Saints all-time sack leader and 8x pro-bowler, is both a student of the game of football and a big believer in the importance of education off the field. Cam will meet and inspire the students and families of the community alongside Scholars CEO Matt Baxter and other special guests. 

The event is free to attend and will feature giveaways, food from local vendors, face painting, pictures, games, and other surprises.

Scholars of Mandeville owner Ryan Fitzsimmons is excited to give back to his community and to provide students in the area with world-class tutoring. “I’m always willing and able to help kids,” Fitzsimmons said. “I’m a huge believer in Scholars because I’ve seen it work. It’s really amazing and I’m excited to be a part of it.” 

Scholars' first Louisiana location was opened in 2021 by another NFL star, 5x Pro Bowl Offensive Tackle Terron Armstead. Scholars of New Orleans has brought the joy of success in school to hundreds of students over the past three years and provides the template which Ryan Fitzsimmons seeks to follow.

Scholars, which is celebrating its 25th anniversary in 2024, has over 80 locations across North America. It uses its world-class curriculum and programming coupled with qualified, caring teachers to provide exceptional tutoring services for students of all ages. It has won the Canadian Franchise Association’s Franchisees’ Choice Award for nine consecutive years, while also boasting the Franchisee of the Year Award in 2023. The first location in the United States was opened in Brookhaven, Georgia, by Baltimore Ravens great Jamal Lewis, and the company also includes local New Orleans legend & former Saints superstar Mark Ingram. 

Scholars Education                                                         

400 Applewood Cres, Suite 100

Toronto ON, L4K 0C3

1-866-777-2131

info@scholarscanada.com

Contact Information:
Peter Dyakowski
Scholars Education
peter@scholarsed.com
1-888-901-7323
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Scholars is an award-winning franchise tutoring system, providing broad academic support to students K-12 in all subjects.

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Original Source: Scholars of Mandeville Grand Opening to Feature New Orleans Saints Superstar Cam Jordan
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