Service Providers
By Esther Cho | 05/21/2013
Last year, some analysts were speculating the large supply of REOs and shadow inventory would keep the market depressed, but instead, the market is dealing with a lack of inventory available for sale, ProTeck Valuation Services noted in its May Home Value Forecast (HVF). "[I]n reality the shortage of housing inventory has lead buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions," said Tom O'Grady, CEO of Pro Teck.
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By Esther Cho | 05/20/2013
Ernst Publishing Company, a provider of technology and closing cost data for the real estate and home finance industries, received the 2013 Best of Albany Award in the publishers category.
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By Esther Cho | 05/20/2013
Mackie Wolf Zientz & Mann, P.C. (MWZM) announced two new hires along with the expansion of its operations into Tennessee.
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By Esther Cho | 05/20/2013
As Congress moves to consider immigration reform, the housing industry is also weighing in on how certain provisions will impact the market. According to the NAHREP, allowing a path for the legalization of undocumented immigrants could mean $500 billion in new real estate transactions. The NAHB also provided input on immigration reform and asked lawmakers to establish a "fair and workable" E-Verify system during a congressional round table discussion last week.
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By Tory Barringer | 05/20/2013
The Center for Responsible Lending (CRL) expressed opposition toward bill H.R. 1077, known as the Consumer Mortgage Choice Act, which would exclude loan originator salaries, insurance and taxes held in escrow, and loan level pricing adjustments by government agencies or GSEs when computing points and fees. In a letter to Congress, CRL argues that H.R. 1077 "promotes steering borrowers into more expensive loans" and "creates new loopholes that would allow loans with higher costs and fees to improperly meet" QM standards.
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By Esther Cho | 05/20/2013
The Mortgage Bankers Association (MBA) shared a proposal to bring private capital back into the mortgage market while decreasing costs for taxpayers and borrowers. In a recent paper, the MBA explained the up-front risking sharing concept, which calls for the GSEs to offer risk-sharing at the front end of transactions. The proposal also suggested Fannie Mae and Freddie Mac should accept loans with "deeper levels of credit enhancement" in exchange for reduced guarantee fees and other loan level charges.
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By Esther Cho | 05/20/2013
Fiscal drags such as the sequester may have weakened economic momentum, but the economy should "reaccelerate" in the second half of this year as financial and housing conditions improve, according to Fannie Mae's Economic and Strategic Research Group. "Employment numbers are getting better, albeit it at a relatively slow pace, and the April employment picture should help boost consumer sentiment toward the economy overall," said Doug Duncan, chief economist for Fannie Mae.
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By Esther Cho | 05/20/2013
In its most recent update on the status of foreclosure review checks, the Office of the Comptroller of the Currency (OCC) announced more than 2.4 million checks valued at $2.2 billion have been cashed or deposited as of May 16. So far, Rust Consulting, the paying agent, has sent 3.9 million checks totaling $3.4 billion. About 4.2 million borrowers are eligible for relief as part of the foreclosure review settlement reached in January between federal regulators and 13 servicers.
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By Mark Lieberman, Five Star Institute Economist | 05/17/2013
Economists usually do it with models, so it's rare in economics to be able to conduct a laboratory experiment. Currently, though, we're watching two experiments in different corners of the world that support the idea that stimulus works to repair a troubled economy and austerity doesn't. Japan and the Eurozone are, through their actions, demonstrating how economies can move in opposite directions with Japan's stimulus plan succeeding and the eurozone's austerity program failing.
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By Esther Cho | 05/17/2013
Collateral Risk Solutions, Inc. (CRS) has launched a new Appraisal Audit Service (AAS) to help lenders and AMCs adapt to new regulations that require them to perform post-closing appraisal audits.
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