Agents & Brokers
By Carrie Bay | 09/01/2010
Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity.
The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO "First Look" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.
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By Carrie Bay | 09/01/2010
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) stipulates that residential loan officers at banks, credit unions, and other federally regulated financial institutions must register their names and fingerprints with a national database. Financial institutions must establish procedures for compliance by October 1, 2010, but the deadline by which employees must be registered is unknown, "because the necessary modifications to the registry have not been completed," according to federal officials.
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By Carrie Bay | 09/01/2010
The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW.
The organization also reports that since January of this year, mortgage delinquencies of 60 days or more past due have dropped 20 percent, but the data supports the assumption that the decline is simply the byproduct of an increase in foreclosures. July's foreclosure starts outpaced loan mods during the month by nearly 90 percent.
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By Carrie Bay | 09/01/2010
Mortgage interest rates have dropped to their lowest level in decades, and even with tight credit conditions, more borrowers are beginning to take advantage. The Mortgage Bankers Association (MBA) reported Wednesday that its index measuring mortgage loan application volume increased 2.7 percent for the week ending August 27, 2010, after interest rates dropped yet again. Refinance activity was up 2.8 percent, while home purchase applications rose 1.8 percent.
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By Carrie Bay | 08/31/2010
Texas Attorney General Greg Abbott says American Home Mortgage Servicing is using illegal debt collection practices and misleading struggling homeowners, resulting in foreclosure for some borrowers. Abbott brought formal charges against the company on Monday. State investigators allege that the mortgage servicer's agents used aggressive and unlawful tactics to collect payments and then in some cases, intentionally failed to properly credit homeowners.
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By Carrie Bay | 08/31/2010
The FDIC said Tuesday that the number of banks on the agency's so-called "Problem List" has risen to 829, up from 775 at the end of the first quarter of 2010.
The number of troubled institutions now under the FDIC's watchful eye is the highest it's been since March 1993, when the savings and loan crisis was in full swing. The 2010 failed-bank tally stands at 118.
More banks may be deemed as "problem," but the FDIC says the banking sector overall enjoyed its most profitable quarter since the start of the recession.
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By Carrie Bay | 08/31/2010
Home prices rose in June for the third consecutive month - a precipitate of the homebuyer tax credit that sparked a flurry of purchase activity in the spring. Buyer demand, though, has now dropped off substantially, and it's a trend that will likely rob the market of the recent rebound in home prices.
According to the S&P/Case-Shiller index released Tuesday, home prices rose 1.0 percent in June compared to May. While June itself was positive, growth rates have already decelerated in 14 of the 20 metros included in S&P's study.
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By Carrie Bay | 08/31/2010
U.S. consumers are less satisfied with their experience during the loan modification process than they are during loan origination, namely because mortgage servicers are missing the mark when it comes to delivering on best practices, according to J.D. Power and Associates. The company's survey found that mortgage servicers fail to adhere to a time frame for approval, don't provide the customer with status updates, and repeatedly ask borrowers for the same information. BB&T ranks highest in customer satisfaction among mortgage servicers.
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By Heather Hill Cernoch | 08/31/2010
Fairway Independent Mortgage Corporation announced Monday it will enter the wholesale market with select banks, credit unions, and brokers. Using its expertise in Federal Housing Administration (FHA), agency, and U.S. Department of Agriculture (USDA) rural development lending, the retail lender plans to build a national wholesale platform, funding third-party originations through fulfillment, broker, and correspondent business lines.
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By Carrie Bay | 08/30/2010
Moody's Investors Service says it expects home price appreciation to be "soft" for the next couple of years.
The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm at the end of the second quarter, reflecting a rise in the number of homes that lenders are repossessing. According to Moody's, it will not be until 2012 that demand and supply conditions are balanced enough to drive price appreciation that matches the pace of inflation.
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