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By Carrie Bay | 02/08/2010
With foreclosures still rising and potential homebuyers still reluctant to get into the market, homeownership in the United States has hit a 10-year low. According to the Census Bureau, the homeownership rate fell to 67.2 percent at the end of last year. Homeownership has been on a steady downward slope since 2006, when housing woes began to eat away at the government's long-time push to make the American Dream a reality for anyone that wanted it. Read More
By Carrie Bay | 02/08/2010
The House Committee on Oversight and Government Reform has launched an official investigation into the federal government's foreclosure prevention program.
According to a statement from the head of the committee, the probe was triggered by complaints that servicers have been slow and inconsistent in modifying loans under the Making Home Affordable (MHA) program, and are not communicating clearly with eligible homeowners. Read More
By Brittany Dunn | 02/08/2010
Service 1st Valuation and Settlement Services, Inc., a national appraisal management firm based in Pittsburgh, has joined the Ellie Mae Network, according to an announcement Monday.
Connectivity to the network is integrated in Ellie Mae's Encompass360 management software, which is used by mortgage bankers, mortgage brokers, community banks, credit unions, and national and regional lenders across the nation. Read More
By Carrie Bay | 02/08/2010
The Mortgage Bankers Association (MBA) has agreed to sell its Washington, D.C. headquarters for a loss, after property values in the area took a tumble and the industry's largest trade group found itself underwater on the mortgage. The commercial real estate research firm CoStar Group, Inc. has purchased the office building, located at 1331 L Street, for $41.25 million. MBA bought the property for $79 million in 2007. Read More
By Brittany Dunn | 02/08/2010
In an effort to help the industry cope with the aftermath of the Protecting Tenants at Foreclosure Act (PTAFA), Austin, Texas-based TenantAccess offers a comprehensive, end-to-end solution called the Tenant Protection Response Program (TPRP) and is now providing tier 1 banks, servicers, and asset managers relief from the property and tenant management responsibilities they have acquired as a result of this legislature. Read More
By Brittany Dunn | 02/08/2010
Noting a decrease in both purchase volume and refinance activity from 2009, the first-quarter update to iEmergent's formal 2010-2014 Mortgage Volume Forecast was recently released by the Des Moines, Iowa-based market research, forecasting, and advisory services firm Read More
By Carrie Bay | 02/08/2010
The distressed commercial real estate market has made it difficult for potential property owners and opportunistic investors to secure funding for new deals, as widespread losses on such assets have led banks to shy away from extending credit in recent months. But according to new data from Jones Lang LaSalle that tide appears to have turned, with a growing number of lenders to the commercial real estate sector anticipating an increase in loan production this year. Read More
By Brittany Dunn | 02/08/2010
Despite the static housing economy, RE/MAX, a global real estate company based in Denver, earned No. 1 market share status in the Twin Cities 13-county metro for number of listings sold between January 1, 2009 and December 31, 2009.
In addition to earning No. 1 market share in the Twin Cities 13-county metro, RE/MAX agents proved to be the most productive agents in the metro for 2009, the company said. Read More
By Carrie Bay | 02/08/2010
GMAC Financial Services has announced plans to relocate its Ditech business, which is part of the company's mortgage subsidiary Residential Capital, LLC (ResCap), to the corporate center in Fort Washington, Pennsylvania. GMAC said Ditech "was not performing up to expectation in its previous configuration," and expects the move to improve operational efficiencies by leveraging a common infrastructure for both Ditech and GMAC Mortgage. Read More
By Brittany Dunn | 02/08/2010
Bank of America extended more credit in 2009 than any other U.S. bank, according to the bank's fourth quarter Lending & Investing Initiative Report.
Released Friday, the report noted the extension of more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone. The report outlines the bank's progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development, and other initiatives. Read More
