Agents & Brokers
By Krista Franks Brock | 06/19/2013
Double-digit price increases in some markets hard-hit by the housing crisis prompt the question, are we experiencing another housing bubble? While several factors are combining to push prices up right now, CoreLogic analysts say we are not headed into anther bubble. During the bubble leading to the recent housing crisis, real home prices increased 62 percent. When the bubble burst, prices fell 47 percent, according to CoreLogic.
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By Mark Lieberman, Five Star Institute Economist | 06/19/2013
With a somewhat upbeat assessment of the economy, the Federal Open Market Committee (FOMC) said Wednesday it would continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In the statement issued at the conclusion of its two-day meeting, the committee said it "sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall," a more optimistic assessment than May 1 when the Committee said it "continues to see downside risks to the economic outlook."
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By Tory Barringer | 06/19/2013
After staging a turnaround last year, the housing market is continuing on the road to stabilization in 2013, RE/MAX said in its National Housing Report for May. Of the 52 metros surveyed last month, 45 reported higher sales than May 2012, with 30 posting double-digit gains. For all homes sold in May, the median price was $185,000, a 4.2 percent gain over April and a 10.8 percent increase over May 2012. Reduced inventory continues to be a concern, however, though recent monthly changes have been promising.
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By Esther Cho | 06/19/2013
St. Louis County in Minnesota shed the traditional method of paper-based recording to adopt e-recording through Simplifile.
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By Esther Cho | 06/19/2013
PennyMac Financial Servicers Inc. is implementing a web-based solution from Quandis Inc. to make the short sale process more efficient.
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By Esther Cho | 06/19/2013
After testing compliance among the five servicers part of the $25 billion national mortgage settlement, monitor Joseph A. Smith concluded more works needs to be done since issues with the loan modification process, providing a single point of contact, and customer records still persist. Under the settlement, Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally Financial agreed to adopt some 300 servicing standards. To test compliance with the servicing standards, the monitor retained outside firms to test the servicers in 29 metrics.
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By Krista Franks Brock | 06/18/2013
Home Equity Conversion Mortgages (HECMs) and reverse mortgages, tools to which many seniors turn to help manage expenses in their later years, can be challenging products to navigate, according to testimonies delivered during a Senate committee hearing Tuesday morning. While the Department of Housing and Urban Development (HUD) considers changes to the HECM program, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to determine the best path forward for the program.
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By Esther Cho | 06/18/2013
The Consumer Financial Protection Bureau (CFPB) plans to grow its staff in order to meet its strategic goals and stay in compliance with its mandate to protect consumers, according to a written testimony from Stephen Agostini, CFO at the bureau. Agostini, who gave testimony before the House Financial Services Committee Tuesday, stated that over the next two fiscal years, CFPB expects its staff to increase from 1,214 employees in the Fiscal Year 2013 to 1,545 employees in 2014.
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By Esther Cho | 06/18/2013
ServiceLink, an end-to-end origination, servicing and default solutions provider for mortgage lenders and servicers, introduced a program to monitor and manage data from the Mortgage Electronic Registration Systems (MERS).
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By Krista Franks Brock | 06/18/2013
Commercial and multifamily mortgage debt outstanding decreased for the first time in five quarters during the first quarter of this year, according to the Mortgage Bankers Association (MBA). The 0.2 percent decline, which translated to $4.9 billion, left the nation's total commercial and multifamily mortgage debt at $2.41 trillion at the end of the quarter.
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