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www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?
www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?
 www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? This is the argument that has been filed by National Community Reinvestment Coalition to FHA, The National Community Reinvestment Coalition has filed complaints against 22 lenders for having credit overlays that deny home loans to the poor and minorities. There are 17 other lenders that were not included in the complaint because they have agreed to meet with National Community Reinvestment Coalition.
It should be noted that the banks not named in this complaint are Bank Of America, JP Morgan Chase & Co, and Wells Fargo Bank. These banks have a lower credit score requirements for their institutions and higher requirements for their wholesale division. Wells Fargo Bank is part of the National Community Reinvestment Coalition Banker/Community Collaborative Counsel. Wells Fargo participation with the Council and not being named in the complaint is an interesting coincidence.
 Redlining is the practice of arbitrarily denying or limiting financial services to specific neighborhoods, generally because its residents are people of color or are poor. The Government passed laws to eliminate this practice specifically The Fair Housing Act, Equal Credit Opportunity Act, and Community Reinvestment Act.
Credit Overlays are implemented by lenders to lower the risk of defaults that are shown to exist with lower credit scores. FHA minimum FICO scores is 580 and most lenders require a minimum of 620 or 640 minimum FICO scores. Even with the higher requirements by the lenders with credit overlays, there still will be hits to the rate based on FICO scores below 680 to 720 depending on the lenders overlay.
National Community Reinvestment Coalition argue that Credit Overlays are discriminatory against minorities and the poor. They argue that FHA loans are insured by the government so how can the lenders justify the overlays?
Lenders argue to lower the FICO score to FHA minimum of 580 the lenders will be incurring more costs and risks in underwriting the loans. FHA can also require the lender to buyback the loan when the borrower defaults if the review of the underwriting process has determined an error in any part of the application.
Redlining practices were wrong. Are Credit Overlays Redlining? I do not think so as it does not target certain geographical areas to deny access to financial resources. Poor Credit is not based on race or income level and can be caused from bad financial habits to circumstances beyond ones control.
Does it make sense to make FHA the new subprime loan as this will clearly be the case if we lower the FICO score to 580 to get a home loan? If Credit Overlays are going to be considered Redlining, then by what standards will be equitable to determine the ability to repay the loan? What do you think? Should we eliminate Credit Overlays? Will this increase the risk of more defaults on FHA loans? Will this create another sub prime product if enacted? I look forward to your opinions.
 
John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
Visit MyBlogLog and get a signature like this!
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01/01/2011 02:11 PM
Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)
www.lasvegasmtg.com Report: This small but very concise report from Renee Burrows providing an in depth market analysis of forces influencing Las Vegas and surronding cites housing market. The report covers Inventory, Residency and Employment outlook, tourist statistics, gaming revenue as well as rental properties saturation points. Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):
- Foreclosure/Short Sale Listings (6/15/2011): Total Listings 13926; Short Sales: 6401, 46% of all listings; Bank Owned Listings: 3365, 24% of all listings. Short sale and REO listings consume 70% of total listings
- New Home Sales (May 2011, units sold): 282 Year Change -33.8% (excl condo conversions, highrises)
- New Home Sales (May 2011, median price): $190,468 Year Change +2.0% (excl condo conversions, highrises)
- Existing Home Sales (May 2011, units sold): 3841 Year Change +9.0%
- Existing Home Sales (May 2011, median price): $111,000 Year Change: -11.2%
- New Home Permits (May 2011): 435 Year Change +10.1%
- Rental Rate (MLS Monthly Average May 2011): $1257/month
My analysis: Distressed listings (foreclosures and short sales) are 70% of total listings. Units of homes sold is impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December and now spring time buyers are gobbling up inventory. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand. I do believe the rental prices being pressured downward is also causing the resale prices to be pressured downward.
New Residents/Employment Conditions:
- New Residents (May 2011): 4676, Year Change +24.5%
- Total Employment (May 2011): 805,300 Year Change -0.7%
- Unemployment
 Rate (May 2011) 12.4%, Year Change -2.5%
My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained stable for a year.
Tourism/Gaming Conditions:
- McCarran Airport Total Passengers (April 2011): 3,462,134 Year Change +2.3%
- Gaming Revenue (April 2011): $682,945,076, Year Change -1.0%
- Visitor Volume (April 2011): 3,462,134, Year Change +2.3%
- Convention Attendance (April 2011): 435,934, Year Change +2.2%
- Hotel/Motel Occupancy (April 2011): 87.7% Year Change +3.7%
My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.
Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion
John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
Visit MyBlogLog and get a signature like this!
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07/12/2011 05:29 PM
Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale May 2011
www.lasvegasmtg.com Report: Home buyers in Las Vegas, Nevada are seeing a small change in Real Estate Market conditions related to Short Sales. Just a few months ago with inventories high it was a buyers market but now it has stabilized for the time being. Renee Burrows has posted a concise assesment of market conditions that affect the Las Vegas Market. Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):
The absorption rate for Las Vegas Valley Area Short Sales has swung from a buyer's market back to a stable market. Inventory has DECREASED by -259 units. Under Contract has INCREASED by +104 units. Sold units have INCREASED by +16 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
- Listings 6/15/2011: 6401
- Pending 6/15/2011: 8329
- Closed May 2011: 916
Short Sales Currently Account for:
- 46% of All Las Vegas Valley Listings
- 24% of All Las Vegas Valley Sales
Read here for last month's report on Las Vegas Area Short Sales.
Most Current Market Report For Short Sales
Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers
What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?
General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.
View More FAQ About My Las Vegas Area Real Estate Market Reports.
John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
Visit MyBlogLog and get a signature like this!
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06/16/2011 11:31 AM
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Profile Created: 29/11/2009
Profile Updated: 29/11/2009
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