Positive housing trends expected in 2012

The CoreLogic monthly MarketPulse report for January predicts the housing market, as well as the overall economy, will experience improvement in 2012. The positive housing outlook is supported by encouraging economic reports that indicate increased confidence in the strength of the U.S. economy.

The report cited data which suggests households are adding home equity to lines of credit, a positive economic indicator. Furthermore, subprime loans played a key role in the onset of the financial crisis in 2007 and 2008, and are expected to become a key component to foreclosure activity in 2012 and 2013.

Primary Residential Mortgage recently created the Enterprise Risk Management group to help boost the housing market and manage risk in the home loan origination process. The group will work to follow appropriate monitoring and evaluation policies to lower default rates and foreclosures.

"In today's mortgage environment, lenders must manage compliance and quality issues more closely than ever before," said Burton Embry, senior vice president of Primary Residential Mortgage. "By establishing this new group we are implementing a solution that will sharpen our focus on complying with all mortgage banking laws and regulations, improve on our overall loan quality and help us to better manage risk across all areas of our Company."

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