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Home | News (page 3)

Places of Interest—10 Hotspots for Million Dollar Homes

With housing prices continuing to climb, and the housing shortage steadily creeping forward, more metros are seeing a significant majority of their homes hit the million dollar mark. And while that doesn’t necessarily mean homebuyers get less for more, it does mean that “affordable” housing in certain highly desired areas of the country might come with an extra zero on its price tag. See what metros had the largest share of million dollar homes.

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VRM Mortgage Services Receives 10-Year VA Contract

Vendor Resource Management, Inc. announced that the U.S. Department of Veterans Affairs has awarded the company with a 10-year contract for program management, marketing, and other real estate services on the VA’s portfolio of sing-family residential real estate. Headquartered in Carrollton, Texas, VRM is a nationwide financial services solution and REO services company helping lenders, servicers, investors and government agencies increase compliance, reduce operational and reputational risk, decrease loss severity and improve origination and servicing returns.

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Distressed Properties Contribute to Low Average Market Time

The May 2017 Existing Home Sales Index was released Tuesday, showing that even though inventory is slightly on the rise compared to April 2017, median home prices are still increasing as well. Existing, unsold properties are coming off the market at record times, and foreclosures and short sales are contributing factors. Some industry professionals, however, wonder how long this trend will last.

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Freddie Mac Announces Second Seasoned Loan Transaction

Freddie Mac announced Tuesday it has had its second Freddie Mac Seasoned Loan Transaction (SLST) via auction of 1,262 seasoned re-performing loans (RPL) and moderate delinquent loans serviced by Select Portfolio Servicing, Inc. Through its advisors, Freddie Mac began marketing the transaction to potential bidders May 17, 2017, and is expected to settle in July 2017. The winning bidder, Towd Point Master Funding, LLC, was followed by a bid in the high $70s.

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Risk of Default Jumps in Q1, Q2

Overall default risk is up, according to an index released on Tuesday. Up 25 points over fall 2016’s numbers, risk of default is rising that’s to higher mortgage rates and tightening monetary conditions. The risk will likely continue its upward climb too, especially if the Federal Reserve raises rates again—as expected—later on in the year. According to the report, investors and lenders can expect today’s loans to hold a 6 percent higher risk of default than loans of the 1990s.

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High End Retail Locations Indicating Hot Markets

As real estate agents say, “location, location, location”—and that means if you’re located near a Whole Foods or Trader Joe’s, according to research. After studying the areas both before and after the stores were built, researchers found neighborhoods that previously were appreciating at normal or below normal levels started appreciating rapidly after opening. Either they know how to pick neighborhoods, or people truly love to live near Whole Foods and Trader Joe’s.

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Lenders Loosen Risk Standards as Rates Rise

According to a new report, mortgage lenders are taking increased credit risks similar to those of the early 2000s, Released on Tuesday, the report shows that tThe level of credit risk taken by lenders in Q1 of 2017 was about the same as the average risk taken between 2001 and 2003. The shift is likely a result of declining refinances, rising mortgage rates, and an increased share of investor, condo, and co-op purchases.

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Closing of Interracial Gaps in Education Could Increase Homeownership

There are many factors that have affected homeownership rates after the 2008 financial crisis— specifically in regards to young adult social norms and changes in the housing market. The homeownership rate among 25- to 44-year olds has dropped 10 percent in the last decade and recent research shows this could be increased with closing the interracial gap in education and wealth. This research falls in line with statistics on diversity found in the corporate world.

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Freddie Mac MSR Changes Hands; Fannie Mae to Follow?

According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC—about 81,500 loans. New Residential picked up the portfolio for approximately $110 million. Of that sum, $101.5 million was attributable to the purchase rights for the Freddie Mac MSR portfolio and $8.5 million was for related servicing advances.

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GSE Profit Allocation Decision Could Take a Total 10 Years

In a recent interview, a prominent hedge fund manager said the legal battle with the U.S. government regarding Fannie Mae and Freddie Mac’s profits could last another five years. In 2012, investors sued Fannie and Freddie for agreeing to allocate the profit in a different way than what they thought they agreed to when investing in the GSEs, but recently it’s seemed the government is siding more with the Treasury and Federal Housing and Finance Agency than investors. If the Trump administration doesn’t stop the profit sweep, the fund manager said the Supreme Court could be the next step.

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