Brentwood-based Churchill Mortgage has doubled its California footprint with the opening of a branch in San Diego. The lender also plans to add another location in Los Angeles County soon. The San Diego office is Churchill’s 25th overall and will be led by Joe Detmer, a former regional sales manager for U.S. Bank Home Mortgage and chairman of the San Diego Community Housing Corp.’s board.
Churchill first set up shop in California last year with an office in Orange. That location now is home to more than 10 people and is recruiting for various roles with an eye to opening a second Los Angeles County branch.
By most accounts, the Middle Tennessee housing market is cooking. But the aftershocks of the financial crisis have resulted in an underwriting conservatism that has shut out some potential homebuyers. Nonprofit Affordable Housing Resources is looking to step in with a loan program that helps bridge the gap for house hunters with higher debt ratio and lower credit scores.
To become eligible, borrowers must show a two-year work history and take an eight-hour education class. They also must contribute a down payment of at least 1 percent.
“The pendulum has now swung so far in that direction that it is preventing responsible people from getting a 30-year, fixed-rate mortgage,” said Eddie Latimer, AHR's CEO. “They are being kept from buying their first home, an important rung in the economic ladder.”
More good news for local homeowners and bankers: The latest foreclosure and delinquent loan data from research firm CoreLogic show that 0.54 percent of local homes were in foreclosure in September, which is up slightly from the August figure and right in line with the average of the past five months. But the share of loans late 90 days or more dipped to 2.96 percent of the total, the first time since before the recession that number has dropped below 3 percent.
Pinnacle Financial Partners has hired Brett Reynolds as a senior vice president and mortgage advisor for its Dickson office. Reynolds has more than five years of lending experience at TriStar Bank. He is a founding board member of Banebow Inc. and serves on the Clement Railroad Hotel Museum advisory committee.
Fourteen-year-old Pinnacle ranks sixth in Dickson County in deposit share with about 4.4 percent of the market.
So it appears that Middle Tennessee's residential real estate sector has purged from its system almost all the bad loans and foreclosures it could. New data from CoreLogic shows that the region's home loan delinquency and foreclosures rates — which were still dropping steadily this spring — have bottomed out. They're not moving back up yet — and given the steady growth of the region, that may not happen soon — but the positive momentum has clearly petered out.
Nashville-area homeowners took out almost 8,400 home equity lines of credit in the fiscal year ended June 30, according to research firm RealtyTrac. That was up 16 percent from the year before, a growth number that trails the national average by about four points. But that may change in the coming year: HELOCs accounted for 21.5 percent of all Middle Tennessee loan originations in the first half of 2014, six points more than the U.S. average. Here's RealtyTrac's release highlighting national stats, including one that shows we're still far, far from the froth of 2006.
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