Flatness Projected for December New Home Sales

first_img Mortgage applications for purchases of new homes fell again in December, but an early estimate projects actual sales numbers held steady from November.The Mortgage Bankers Association (MBA) reported Thursday that applications for new home purchases fell 0.4 percent month-over-month in December. The survey results, which are based on application data from mortgage operations of homebuilders, don’t include any seasonal adjustments.Despite the drop in applications, MBA estimates that new home sales in December came to an unadjusted 28,000, flat from November, while the seasonally adjusted annual sales rate moved up 2 percent to 409,000.Joel Kan, associate VP of industry surveys and forecasting for the group, explained that the sales data also includes estimates for all-cash transactions.The Commerce Department estimated last month that new home sales in November were at a seasonally adjusted annual rate of 438,000, coming in between economic projections of 460,000 and MBA’s prediction of 401,000.The government’s estimate for December new home sales, due January 27, will include a revision for November. Though the methodology between the government’s reading and MBA’s estimate is different, revisions in the last year have tended to be for the worse.On a brighter note, MBA projects that sales in January and February will lift slightly as the housing market comes out of the annual holiday slowdown.”We had a low point, so any amount of activity will show up as a gain, but you have to start somewhere,” Kan said.Conventional loans made up 70.8 percent of new home purchase applications in December, MBA reported, up from 69.3 percent in November. Loans insured by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) accounted for 15.3 percent and 12.7 percent, respectively, each down from the last survey.The average loan size for new homes last month was up to $311,398, meanwhile, a more than $4,400 dollar increase from November. January 15, 2015 528 Views Commerce Department Mortgage Applications Mortgage Bankers Association New Home Sales 2015-01-15 Tory Barringer in Daily Dose, Data, Featured, Newscenter_img Flatness Projected for December New Home Sales Sharelast_img read more

Stonegate Mortgage Builds Executive Team With 3 New Hires

first_imgStonegate Mortgage Builds Executive Team With 3 New Hires In addition, Stonegate also appointed Michael Giampaolo’s as EVP, Stonegate Direct. Giampaolo joins Stonegate Direct from IMPAC Mortgage Company, where he served as VP, Consumer Direct Lending, and was responsible for managing the direct-to-consumer retail call center business nationwide. Prior to that, he has held positions as SVP of Retail Sales at Mission Hills Mortgage, SVP of Retail & Wholesale Lending at Financial Freedom, SVP of Wholesale Lending at IndyMac Bank and EVP of Wholesale Lending at Washington Mutual Bank.”Stonegate Direct’s mission is to deliver a simple mortgage solution for those consumers looking to purchase or refinance a home and complete their mortgage application online,” Giampaolo said. “Launched in October of 2014 as a division of Stonegate Mortgage, our focus is to streamline the mortgage process by providing direct-to-consumer offerings, including access to mortgage advisors, products and services 24/7 across the country.””We are extremely pleased to have Michael join Stonegate Direct and lead our efforts to grow the direct-to-consumer business,” said Jim Smith, Stonegate Mortgage President and COO. “His extensive mortgage industry background, reputation for leading high performing business units and strong execution skills make him a perfect fit to continue building our platform. I look forward to working closely with him and his future contributions to Stonegate Direct.”Stonegate Mortgage also named John Pantalone as SVP, Eastern Division Manager-TPO. In this role, he will lead and support the Eastern region’s Third Party Origination sales teams, while creating and implementing growth strategies. Pantalone has been a member of the Stonegate Mortgage team since 2011. Previously, he worked as a Managing Partner at REOsure Real Estate Services, and as an Executive Vice President of Sales and Operations for NovaStar Mortgage. His long-time experience in management and TPO sales within the mortgage space qualify him for this role.Steve Landes, Stonegate Mortgage EVP, National Director of Sales and President of NattyMac, Stonegate’s wholly owned warehouse subsidiary, said, “Throughout his more than 5 years with Stonegate Mortgage, John has demonstrated high quality performance and leadership in the channel. His extensive knowledge of the mortgage industry along with his management experience and dedication to both other employees and to customers ensure that he will continue to uphold Stonegate’s reputation as a leader in the mortgage space.””It has been an exciting journey to watch Stonegate Mortgage grow in the TPO channel, establishing a platform with an unparalleled national presence,” Pantalone said. “In my new role as Eastern Division Manager, I look forward to being a part of this continued growth and to consistently serving our customers with innovative, efficient and effective technologies.” Executive Hires Stonegate Mortgage 2016-03-10 Staff Writer in Headlines, News March 10, 2016 525 Views Stonegate Mortgage Corp., a publicly traded mortgage company focused on originating, financing, and servicing U.S. residential mortgage loans, recently appointed Carrie Preston, current Chief Accounting Officer, as its CFO. Preston replaces Robert Eastep, who is leaving the company to pursue other opportunities.”Carrie’s twenty years as an industry veteran and specialties in accounting, auditing and financial reporting for publicly-traded companies make her a valuable addition to our executive team; I look forward to working closely with her as we continue to both maintain and grow Stonegate Mortgage’s reputation as a leader in the mortgage industry,” said Richard A. Kraemer, CEO of Stonegate Mortgage.Preston is a CPA and joined Stonegate Mortgage in October 2014 as Chief Accounting Officer, where she was responsible for leading the accounting and Securities and Exchange Commission reporting teams, as well as managing technical accounting research and key aspects of compliance. Prior to this, she consulted for Stonegate Mortgage for Sarbanes-Oxley and financial reporting, and served as CFO for Union Mortgage Group, Inc., and SVP and Controller of Saxon Capital, Inc.”Stonegate Mortgage is rooted in strong financial principles and compliance, key components in creating long-term shareholder value,” Preston said. “Those factors make the company well-positioned for future financial success, and I am looking forward to assuming my role as CFO for the company.” Sharelast_img read more