Category: Topics

MERS to members: Don’t foreclose in our name

by State Library of New South Wales collection Mortgage Electronic Registration Systems, or MERS, told its members Wednesday not to foreclose on residential mortgages in its name. The electronic registry of mortgage records built by Fannie Mae, Freddie Mac and the nation’s major lenders more than a decade ago has been under increasing fire by….  Read the rest »

Chapter 13 bankruptcy filings up 8% in 2010

by ANDY LEDDY Chapter 13 bankruptcy filings increased for the fifth consecutive year in 2010, and accounted for the second largest sector of bankruptcy filings. Filings increased 8% to 438,913 from almost 407,000 a year prior, according to U.S. Court System data. The 9th Judicial District, also one of the hardest hit regions during the….  Read the rest »

California’s million-dollar home sales on the rise

by mescon Although California home sales overall dipped during 2010, the more high-end home sales — those sold for $ 1 million or more — climbed upward for the first time in five years. Last year, 22,529 homes sold for $ 1 million or more, up 21% from 18,621 in 2009 and the highest since 2008,….  Read the rest »

Foreclosure Activity Drops Throughout The Most Foreclosure-Heavy States

Foreclosure activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. January….  Read the rest »

BofA exits reverse mortgage lending

by onkel_wart Bank of America (BAC: 14.29 -0.97%) said Friday it will no longer originate reverse mortgages as it continues to shake up its core business. A reverse or Home Equity Conversion Mortgage allows the borrower, who must be at least 62 years old, to convert a portion of the equity in the home for….  Read the rest »

Mortgage Guidelines Starting To Loosen?

Mortgage lending appears to be loosening. At least for now. In its quarterly survey of member banks, the Federal Reserve asks senior loan officers around the country whether their “prime” residential mortgage guidelines had tightened within the last 3 months. A prime borrower is one with a well-documented credit history, high credit scores, and a….  Read the rest »

Practical Advice : How To Help Your Home Sell Faster

In December, home sales reached an 8-month high, recovering from the losses of last summer. Market momentum is positive , but that doesn’t mean every home is selling quickly — only some of them are. So, if you’re a home seller and want (or need) to get your home sold quickly, take a listen to….  Read the rest »

Regrets of a subprime mortgage lender

I was 22 years old when I decided to go into mortgage sales. I was finishing an undergraduate degree in criminal justice and had decided that I didn't want to go to law school as I had originally intended. I didn't have rich parents, and had never made any significant money, so [...] HousingWire

Fannie Mae revs up multifamily mortgage securitizations

by Michel Filion Fannie Mae expanded its multifamily mortgage-backed structured finance product availability Monday. The government-sponsored enterprise introduced “Guaranteed Multifamily Structures,” or Fannie Mae GeMS. GeMS include delegated underwriting and servicing of mortgage-backed securities megas, DUS real estate mortgage investment conduits (REMICs) and syndicated DUS megas. Megas are groups of Fannie mortgages pooled together according….  Read the rest »

Banks grip on prime shadow inventory growing: Morgan Stanley

by zachstern Whether they like it or not, the nation's banks control most of the country's shadow inventory, according to a report Friday from Morgan Stanley. Even more, properties in imminent default are typically cheaper homes with prime mortgages. The analyst adds that their findings buck conventional wisdom that these homes are either concentrated in….  Read the rest »

Hudson & Marshall auctions REOs in Atlanta

by ANDY LEDDY North Texas auction house Hudson & Marshall hosted property sales for more than 250 real estate-owned homes in Atlanta over the weekend, 95% of which received bids. Principal David Webb said that auctions are becoming a more viable way to purchase a home because of the amount and quality of the inventory….  Read the rest »

Federal judge denies class action status for mortgage investors suing Ally, RBS

A federal judge ruled that a group of investors suing Ally Financial's (GJM: 23.30 +0.91%) Residential Capital unit and Royal Bank of Scotland over mortgage-backed securities losses did not qualify for class action status and must file independently. The New Jersey Carpenters Health Fund, Vacations Fund and the Boilermaker Blacksmith National Pension Trust sued both….  Read the rest »

MERS president and CEO R.K. Arnold retires

by New York Public Library Mortgage Electronic Registration Systems has officially announced the retirement of President and CEO R.K. Arnold, with Paul Bognanno serving as interim President and CEO until a replacement is named. MERS had no comment Friday when asked if Arnold was leaving. Arnold joined the company at its inception nearly 15 years….  Read the rest »

Safeguard Properties helps launch new code compliance company

by dalylab Safeguard Properties, in conjunction with default servicing industry veteran Brandon Kirkham, recently launched a new company that streamlines communication between mortgage servicers and code enforcement officers. Compliance Connection, which is based in Plano, Texas, is an online network where servicers can connect directly with municipalities across the country to address code enforcement issues…..  Read the rest »

Home Supplies Plummet, Putting Pressure On Prices To Rise

Existing Home Sales surged 12 percent last month, closing 2010’s housing market with strength. An “existing home” is a home that cannot be categorized as new construction; a resale. According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures climbed by more than a half-million units in December as compared to November. It’s….  Read the rest »

Fannie Mae gives Maryland foreclosure attorneys a raise

by ANDY LEDDY Fannie Mae will increase the maximum allowable fee servicers can pay Maryland foreclosure attorneys to $ 1,300 from $ 950 for mortgage loans referred to them on or after Feb. 1. The fee change applies to whole mortgage loans, participating pool mortgages and others bundled into mortgage-backed securities serviced in special servicing…..  Read the rest »

Building Permits Surge In December; Signals A Strong Spring Housing Market

Each month, in conjunction with the Department of Housing and Urban Development, the Census Bureau releases its New Residential Construction report. The report is comprised of several sections, one of which counts the number of homes that have “broken ground” nationwide. They’re called “Housing Starts” and, by most measures, they faded quickly as 2010 came….  Read the rest »

Home Builders Slowed By Economy, But Seeing More Foot Traffic

Homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders. The monthly Housing Market Index registered 16 out of a possible 100. January’s reading is three points higher than the 2010 low-point, set in September, and in-line with last year’s average reading. According to the NAHB,….  Read the rest »

Foreclosures increase 2% in 2010, decline in hotspots

by The Library of Congress For the first year since the financial crisis began, annual foreclosure auction filings in California, Arizona and Nevada declined. ForeclosureRadar, which tracks foreclosure data on the West Coast, reported 338,999 foreclosure starts in California in 2010, down 33% from one year prior. Arizona filings fell 18% to 119,790, and Nevada….  Read the rest »

What’s Ahead For Mortgage Rates This Week : January 18, 2011

Mortgage markets worsened last week on a turn-around in sentiment across the Eurozone. The sort of “safe haven” buying that had buoyed mortgage bonds since the New Year dissipated, and mortgage rates resumed climbing. Last week marked the first week since the end of 2010 that mortgage rates have risen, breaking a 2-and-a-half-week rally. Conforming….  Read the rest »

Ernst & Young appoints Grinis to lead global RE investment fund servicing

by THE Holy Hand Grenade! Ernst & Young appointed Mark Grinis to lead the firm's global team that services real estate investment funds. Grinis is currently a senior partner in Ernst & Young's real estate practice in New York. He also leads the firm's real estate distressed services team. In his new position, Grinis succeeds….  Read the rest »

Texas releases $45 million more for first-time homebuyer tax credit

by The Library of Congress The Texas Department of Housing and Community Affairs recently made available a second round of funding for its first-time homebuyer tax credit program under its Texas Mortgage Credit Program. The state agency just released $ 45 million of $ 500 million allocated for the program. The department released $ 50….  Read the rest »

Retail Sales Weak In December; Home Affordability Gets A Boost

Consumers keep spending, the economy keeps growing. Mortgage rates are easing lower this morning on just-released, slightly worse-than-expected Retail Sales data from December 2010. Excluding motor vehicles and auto parts, December’s sales receipts were $ 1.5 billion higher from November. Analysts had expected a number north of $ 2 billion. Despite falling short of estimates, however, December’s….  Read the rest »

JPMorgan Chase 4Q income rose 47% from year earlier

by George Eastman House JPMorgan Chase & Co.'s (JPM: 45.16 +1.60%) fourth-quarter income rose 47% to $ 4.83 billion, or $ 1.12 a share, from $ 3.28 billion, or 74 cents a share, a year earlier. Revenue for the three months ended Dec. 31 rose 13% to $ 26.1 billion from $ 23.16 billion a….  Read the rest »

Ginnie Mae mandates LTV calculated at loan origination

by sachman75 Ginnie Mae clarified its loan-to-value requirement, insisting it be calculated at the time of origination. Ted Tozer, president of the government agency, issued the clarification and said mortgage-backed securities issuers can use the appraised value, estimated value or purchase price of a property to calculate the LTV. If Ginnie is insuring or guaranteeing….  Read the rest »

Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December. “Foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. Like most months, a small number of states….  Read the rest »

Kislak buys three distressed multifamily properties in Florida

by cindy47452 Real estate investment company J.I. Kislak purchased three foreclosed multifamily properties from Miami-based Ocean Bank. The terms of the deal were not disclosed. The three properties are in Pensacola, Fla., and have a combined 481 rental units, bringing Kislak's portfolio to 3,100 units. Kislak purchased the Villas at Jasmine Creek, the Villas at….  Read the rest »

Comparing Mortgage Rates For Adjustable- And Fixed-Rate Mortgages

For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan. Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac’s weekly Primary….  Read the rest »

Pro Teck and Collateral Analytics partner to bring transparency to mortgage market

by Patrick Q Most businesses establish strategic partnerships with other companies to grow their own brand, but few do it with a bigger picture in mind. That bigger picture was what first brought Tom O'Grady, president and chief executive officer of Pro Teck Valuations Services, and Michael Sklarz, president of Collateral Analytics, together. They wanted….  Read the rest »

How To Renegotiate Your Credit Card Interest Rates To Something Lower

Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.   According to the Federal Reserve, a credit card balance of $ 5,000 at 23.99 percent APR won’t pay off for 16,127 years. That’s one reason why it’s important to manage your credit card rates, and renegotiate them whenever possible…..  Read the rest »

Capital Markets Cooperative and Bank of Internet form strategic alliance

by Sam Ilić Capital Markets Cooperative and Bank of Internet entered into a strategic alliance to offer CMC clients specialized jumbo loan products. CMC is a mortgage originator as well as a mortgage capital markets firm that provides consolatory and advisory services. Bank of Internet is a nationwide savings bank with $ 1.6 billion in….  Read the rest »

What’s Ahead For Mortgage Rates This Week : January 10, 2011

Mortgage markets gained last week as a combination of safe-haven buying and an improving economic outlook attracted new buyers. Demand for mortgage-backed bonds outweighed supply and conforming and FHA mortgage rates edged lower. Last week marked the second straight week that mortgage rates fell. Rates had risen over the previous 7 weeks. According to Freddie….  Read the rest »

Foundation Financial appoints new CEO to lead company expansion

by seier+seier Foundation Financial Group recently promoted Mark Boyer to chief executive officer to lead the firm's expansion plans for the forthcoming year. Boyer was formerly executive vice president. He replaces of the former CEO and founding partner Paul Scott, who is now the chairman of the board for Foundation Financial. In his six years….  Read the rest »

Housing And Mortgage Predictions For 2011

With 2010 coming to a close, the “experts” are out in full force, making predictions for next year’s housing and mortgage markets on business television and in the papers. Predictions for 2011 are wide-ranging: Some say home prices will rise in 2011 Some say home prices will fall in 2011 Some say mortgage rates will….  Read the rest »

Vermont and New Jersey pass emergency amendments to foreclosure law

by seier+seier Vermont and New Jersey recently enacted emergency amendments to each state's foreclosure law that require a case plaintiff to more extensively validate and verify the accuracy of the foreclosure. According to the Vermont amendment, a judgment of foreclosure may not be issued until the plaintiff's counsel certifies "that counsel's communication with a plaintiff's….  Read the rest »

December’s Job Report : Good For Home Affordability

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly called “the jobs report”, the government’s data include raw employment figures and the Unemployment Rate. The jobs report hit the wires at 8:30 AM ET today. It’s making big waves in the mortgage market and may….  Read the rest »

Philly Sheriff issues 50-day moratorium on foreclosure sales

by The Library of Congress Philadelphia acting Sheriff Barbara Deeley on Friday issued an immediate moratorium on all sheriff sales in the city for 50 days. Sheriff sales are extremely similar to normal foreclosure auctions; certain states around the country, however, require that a sheriff preside over the sale. The latest moratorium comes as the….  Read the rest »

Loan Costs Increasing April 1, 2011

Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs. Loan-level pricing adjustments are mandatory closing costs. They’re assigned by Fannie Mae and Freddie Mac, and based on a loan’s specific risk to Wall Street investors. First constructed in April 2009, loan-level pricing adjustment are a means to help….  Read the rest »

ACA Financial sues Goldman Sachs for CDO fraud

by Stuck in Customs Bond insurer ACA Financial Guaranty filed suit Thursday against Goldman Sachs. The suit alleges fraud and seeks $ 30 million in compensatory and $ 90 million in punitive damages stemming from the role the investment bank played in the marketing of the synthetic collateralized debt obligation named ABACUS. Goldman Sachs developed….  Read the rest »

Find Cash Flow Notes with Note Seller Lists

What does it take to be an expert in finding real estate notes? We’re pretty sure mailing 50,000 note holders per month qualifies.  Get all the details in our exclusive Note Investor (NI) interview with Scott Arpan of Advanced Seller Data Services (ASDS). NI: What is the current focus of your company? We strive to….  Read the rest »

Note Buyers Demand Original Promissory Note

In an effort to hang on to homes in foreclosure many owners are telling banks to, “Show Me the Note!” It looks like Wall Street lenders are learning something private note buyers have known for years… When buying and selling mortgages or trust deeds you need to get the original promissory note! Put it in….  Read the rest »

Note Buyers – Linked In or Whacked Out?

LinkedIn has been called the Facebook for businesspeople. I have a profile there, but I rarely check it, and requests to make a connection (similar to ‘friending’ someone on Facebook) from people I know may sit for months before I notice them. Nonetheless, I occasionally browse my ‘groups’ to see if anything of interest is….  Read the rest »

Why Sell My Mortgage Note?

Owner financing seemed like a good idea at the time. Let the buyer make payments and get the property sold. After all the seller carry back is known for attracting purchasers and providing quick closings, without the hassles or fees of a conventional bank loan. But circumstances change and many sellers would prefer a lump….  Read the rest »

Selling Mortgage Notes – Where Have All The Simos Gone?

This month’s owner financing real deal comes from our email inbox. Chances are this simultaneous closing question has been on your mind too. Question: I’m a rehabber in Florida and would like to have a company to work with that helps me qualify buyers, structure notes and then buy the notes from me as an….  Read the rest »

Dodd-Frank Hijacks Owner Financing

Private property owners have been swept into the regulations of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act which was signed into law in July 2010. Owner financing will be regulated in Title XIV Section 1401(2) (E) Mortgage Loan Origination Standards. The law restricts private property owners who want to sell their own….  Read the rest »

Finding Cash Flow Notes – Does It Help To Get Social?

It seems you can’t make a move today without being reminded of the surge of “social media” outlets. But do these outlets actually help anyone do business? What about finding cash flow notes? First off, let’s look at some of the top social media sites in 2010 (in no particular order). YouTube  -  Twitter  - ….  Read the rest »

Buying and Selling Notes – What is the Current Property Value?

One of the considerations when buying and selling mortgage notes is knowing the current value of the home. After all, the property is the collateral and knowing its true value will greatly affect how much an investor will pay for a note. Historically this process was a bit easier, when everything was in an “up”….  Read the rest »

Finding Cash Flow Notes Sneak Preview

Have you seen the sneak peak preview of Finding Cash Flow Notes?  Click here to watch the video! Note Investor

How Note Buyers Protect Against Rising Interest Rates

I am sure you have heard that rising interest rates have a negative effect on real estate notes and I wanted to take a closer look at why. It is important to understand how rising interest rates affect your current notes and future note investments. Let’s first examine U.S. Treasuries and their impact on investments…..  Read the rest »

The Fed Minutes Keep Mortgage Rates On Hold (For Now)

The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn’t much there to disturb mortgage markets, thankfully. The “Fed Minutes” is an official recap of the most recent meeting of the Federal Open Market Committee. It’s published 8 times annually, 3 weeks after the FOMC adjourns. The Fed Minutes is similar to the….  Read the rest »