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BBVA Compass Selects Tempe for New Mortgage Operations Center

23.05.12

BBVA Compass announced that it is outset its fourth mortgage operations center in Tempe, Ariz., with plans to employ up to 100 mortgage professionals. The new center will hold up the growth of the Sunbelt-based bank's mortgage business, and allow it to better use its customers residing in the Pacific time zone.

"Tempe is a natural fit for our new mortgage operations center," said Jon Mulkin, BBVA Compass consumer division director. "We currently have space in the city with existing infrastructure that we will be able to leverage. In increment, Tempe has a large labor pool of mortgage professionals which is useful for recruiting."

BBVA Compass currently has three mortgage operations centers in cardinal locations throughout its Sunbelt footprint, including Birmingham, Ala., McAllen and Laredo, both in Texas. When the four centers are fully operational, BBVA Compass will have give 400 mortgage professionals specifically focused on supporting the bank's mortgage process. 

For more dope on BBVA Compass mortgage loans, please visit www.bbvacompass.com or call 1-888-8 LENDING. Individuals interested in Tempe-based job opportunities may stop in www.bbvacompass.com/careers . 

ABOUT BBVA COMPASS

BBVA Compass is a Sunbelt-based economic institution that operates more than 712 branches including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 20 largest U.S. commercial banks based on partial payment market share and ranks among the largest banks in Alabama (3rd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the land's leading Small Business Administration (SBA) lenders, earning 'Lender of the Year' honors in 2009 and 2010. Additional dirt concerning BBVA Compass can be found on our website www.bbvacompass.com .

BBVA Compass is a subsidiary of BBVA Compass Bancshares, Inc., a % owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a economic services group with approximately $800 billion in total assets, 48 million clients, 7,400 branches and almost 110,000 employees in more than 30 countries. BBVA ranks among the top 20 largest monetary institutions in the world based on market capitalization and 17th in Global Finance munitions dump's list of the "World's 50 Safest Banks" for 2011. BBVA provides its customers around the give birth to with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, cornucopia management, pension plan management and insurance. The BBVA Group maintains a directorship position in Spain, Mexico, Latin America and the Sunbelt Region of the In agreement States, as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, Turkey, and the Concerted Kingdom. More information about the BBVA Group can be found at www.bbva.com .

Editor's Note: BBVA Compass is a commerce name of Compass Bank. Compass Bank, member FDIC.

SOURCE BBVA Compass

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Source: Sacramento Bee

Contracts to buy homes hit highest level in a year

23.05.12

The horde of Americans who signed contracts to buy homes jumped in October to the highest altitude in a year. But the gain follows three months of declines and isn't enough to signal a housing salvage.

The National Association of Realtors said Wednesday its index of sales agreements rose 10.4 percent last month to a reading of 93.3.

A reading of 100 is considered in good health. The last time it was that high was in April 2010, one month before a federal home-buying tax credit expired.

Compact signings usually indicate where the housing market is headed. There's typically a one- to two-month lag between a signed pact and a completed deal.

But a growing number of buyers have canceled contracts after appraisals showed the homes were significance less than the bid. A sale isn't final until a mortgage is closed.

Even with the gains, contracts to buy homes are roughly at the same level as they were before the tax credit expired, said Joshua Shapiro, chief U.S. economist at MFR Inc.

"In positive terms, this is a very depressed level," he said.

Homes are the most affordable they've been in decades. Extended-term mortgage rates are hovering near historic lows and prices in some metro areas have tumbled.

Yet, this year could be the worst year for sales since the habitation bubble burst. Sales of previously occupied homes could end up being the fewest since 1997. And sales of new homes are headed for the worst year on records dating to 1963.

Americans are holding off for a edition of reasons. High unemployment and weak job growth have deterred many would-be buyers. Loans are also harder to not fail by. Many lenders are requiring 20 percent down payments and strong credit scores to condition. Even those who have good credit and stable jobs are hesitant to buy because they are worried prices will keep falling.

The swarm of people who signed home contracts had risen in both May and June before falling 7 percent over the before three months.

Contract signings rose across most of the country. October's index increased 24.1 percent in the Midwest, 17.7 percent in the Northeast and 8.6 percent in the South. It level 0.3 percent in the West.

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Source: Sacramento Bee