Mortgage Lending November 15, 2009

→   Follow the Money Hard money. Soft money. Lobbying money
Looking down on Washington , the common view is that beneath the surface of benevolent democracy seethes a crass commercialism. A little campaign cash from your neighborhood interest group, and presto! you’ve got instant corruption. Such is business as usual inside the Beltway. Isn’t it? Not necessarily. What would happen if clout in the capital could [...] -- MortgageLatestNews,Admin,   11/14/2009



→   A Good One For The Average Silver Coin Investor
Bear in mind that this is written for a range of readers, including swing and day-traders, market-makers, long-term investors, hedge fund managers, “upstairs” traders and floor pros, as well as laymen who simply enjoy the editor’s acerbic humor. We like it because it is unconventional. We look at this and apply the same sort of reasoning to [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Whiskey and Gunpowder Email Letter
The email newsletter, Whiskey and Gun Powder, is one you can safely add to your list of news that must be read on a weekly basis – no matter who you are or where you lie in this new social order. In the hard money world, we have separate, yet related languages for how we discuss [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Moneyfacts: 1 in 10 variable rates reduced
Despite the base rate of interest remaining the same since March, one in ten banks has reduced their variable savings rates, according to Moneyfacts. Currently, 48.8 per cent of all variable-rate accounts pay the bank rate or less and 22.8 per cent pay customers 0.1 per cent on their savings. In the last month, 3.9 per cent [...] -- MortgageLatestNews,Admin,   11/14/2009



→   GM sure on funding Opel revamp
General Motors on Thursday said it could finance the restructuring of Opel without state aid, as its chief executive said the European subsidiary had enough cash to pay back a German government bridge loan. Fritz Henderson, GM chief executive, said on Thursday that Opel could afford to pay back the remaining €900m ($1.3bn) of the €1.5bn [...] -- MortgageLatestNews,Admin,   11/14/2009



→   A Short-Sighted Cheer for Easy Money
Wall Street loves easy money. That’s what I conclude from today’s 200-point stock market rally, which started early and gathered force, pushing the Dow back over 10,000 at the close of trading. Oddly enough, stocks roared at yesterday’s opening by nearly 150 points, a response to the GOP sweep in New Jersey and Virginia. The government’s [...] -- MortgageLatestNews,Admin,   11/14/2009



→   How to Use Emergency Loan Source to Secure Great Currency Trading Deals?
Sometimes, a greater risk has to be taken in order to profit from a great currency trading deals. Can payday loan be considered as one of the alternatives? Working with payday loan lenders to secure currency trading deals: Is it a smart move in leveraging your trading risks? Currency trading has become one of the quickest and [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Yuan Shifting From Dollar Peg
China sent its clearest signal yet that it was ready to allow yuan appreciation after an 18-month hiatus, saying on Wednesday it would consider major currencies, not just the dollar, in guiding the exchange rate. In its third-quarter monetary policy report, the People’s Bank of China departed from well-worn language on keeping the yuan “basically stable [...] -- MortgageLatestNews,Admin,   11/14/2009



→   14 fast fixes to help your home sell
Before you call the real estate agent, make sure your house is the best in its class! Here are 10 cheap and easy fixes that deliver big returns. Trim the lawn and green the grass ($20 to $200) Pay a neighbor’s kid to cut the grass ($20), and if you use a nitrogen-rich fertilizer on your lawn [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Market Conditions
Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C. Lawrence Yun, NAR chief economist, said the tax credit is a significant factor. “We can’t underestimate just how powerful a catalyst the first-time home buyer tax [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Hard Money World News
The Ultimate Hard Money News Around The World -- MortgageLatestNews,Admin,   11/14/2009



→   CIT to Test Speed of Bankruptcy Court
Three months ago, the CIT Group barely averted what it considered to be a ruinous bankruptcy filing that would likely have put the 101-year-old lender out of business. On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Primer on MI Rescission; Updates from Wells, Flagstar, Freddie, PMI, FAMC; Rates Lower
Mortgage banking is a numbers game. Although the illustration above might remind some of their CFO, in other circles it might illustrate what some mortgage bankers are facing right now: MI rescissions. Rescissions are not new. But what is this chatter about MI companies and their rash of rescinding coverage? One well-informed person wrote to [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Community Banks Taking Mortgage Market Share
How much money are mortgage bankers, including management, making? According to the MBAA, average profit per loan is up nicely versus the first quarter moving to over $1,300 on each loan originated in the second quarter. In addition, production volumes were up and average pull through went from 67% up to 73%! READ MORE Although the [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Fannie Mae Offers Borrowers Option to Foreclosure
Can’t pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Fewer underwater mortgages
Fewer people are underwater on their mortgages — further evidence that the real estate free-fall may be slowing. Just 21% of all single-family homeowners owe more on their mortgage balances than their homes are worth, according to a third quarter residential real estate report from Zillow.com. That is down from 23% at the end of the [...] -- MortgageLatestNews,Admin,   11/14/2009



→   The credit crunch has had a huge impact on the cost and availability of mortgages
News of the mortgage squeeze means that homeowners can’t get away from talk of Libor or loan-to-value ratios. But what does all this jargon mean? Here is a quick guide to some of the more common phrases thrown around by analysts in recent weeks that might have mystified householders: SVR The SVR - or standard variable rate - is [...] -- MortgageLatestNews,Admin,   11/14/2009



→   HAMP on Track to Reach Goals. No Update On Redefault Rate
The Treasury Department announced Tuesday morning that its Making Home Affordable Program (HAMP) now has more than 650,000 mortgage modifications underway, a number that puts it on track to meet its goals over the next few years. The report, which provides data on the program through October 31, is the first to provide state specific numbers [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Jobless Claims, Deficit Data, Auctions, FHA Audit Release
In terms of data releases the week is only beginning now. Stocks have been rising this week led by the Dow hitting a 13-month high Tuesday and continuing to climb yesterday, but the drivers have been from outside the US economy. This morning the market is looking more cautious ahead of weekly jobless claims and [...] -- MortgageLatestNews,Admin,   11/14/2009



→   Brand New Phase Release of Homes Available at Pardee`s Silverthorne Neighborhood in Master-Planned Canyon Hills in Lake Elsinore
LAKE ELSINORE, CA, November 14, 2009 /24-7PressRelease/ -- It`s easy to find your dream home at Canyon Hills (www.canyonhills.net), where brand new homes at Silverthorne (www.pardeehomes.com) are selling from the low $200,000s, making this an ideal alternative for the conscientious home shopper who is considering foreclosed or resale homes. A new phase has been released, offering both style and selection in a choice of one- and two-story floor plans that span approximately 1,655 to 2,652 square feet. -- 24/7 Press Release Newswire,24/7 Media,   11/14/2009



→   HI Urban Retail Advisors Sells Street-Front Retail at Mixed-use Condo Bldg. in Downtown San Pedro
The project, referred to as the Centre Street Lofts, is located at 285 W. 6th Street in San Pedro. Positioned within downtown San Pedro along Centre Street between 6th Street and 7th Street, the five-story building was built in 2007 and features underground parking to serve both commercial and residential uses. Nearly all of the 116 residential condominiums have been successfully sold. The ground-floor retail portion of the project was 18 percent occupied at the time of sale allowing the buyer, International Longshore & Warehouse Union Local 13, to acquire the project in order to occupy the building as their corporate headquarters. -- HI Urban Retail Advisors,Anne Monaghan,SAN PEDRO CA  11/14/2009



→   DocuTech, Blueberry Systems integrate compliant docs into one data stream
DocuTech, a provider of mortgage compliance services and documentation technology, and loan software provider Blueberry Systems of Greenwood Village, Colo. have integrated DocuTech’s Web-based document compliance system, ConformX with Blueberry Systems’ RELAY loan origination software (LOS). The integration adds complete document and disclosure compliance within RELAY’s workflow, keeping all loan data in one system and eliminating redundant data entry. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   UFA Default Risk Index: Expected defaults on newly originated loans continue to improve slowly
The UFA Default Risk Index for the fourth quarter of 2009 continued its slow retracement from the peak, falling to 256 from last quarter’s revised 264. The Index illustrates the important role that local economic conditions have played in this credit cycle since loan, borrower and collateral characteristics are held constant over time in the Index. Our baseline scenario for the economy this quarter now has GDP growing at close to trend rates over the next two years. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   Banks to Prepay FDIC Fees, Agency Mulls `Safe Harbor` for Securitized Loans
It's no longer just a proposal - the FDIC decided Thursday to implement a new payment structure for banks that requires them to prepay three years of insurance premiums. It expects to rake in $45 billion from this unprecedented billing arrangement to cover even more bank failures in the months to come. The agency also signaled that it is putting together new rules that would provide safe harbor protection for loans bundled in securities, essentially putting these assets out of the FDIC's reach if the selling institution goes under. -- DSNews.com,Admin,   11/13/2009



→   Refinancing Borrowers Choose Fixed-Rate Mortgages: Freddie Mac
In findings announced Thursday by Freddie Mac, an overwhelming majority of borrowers refinancing in the third quarter of 2009 chose fixed-rate loans, with many choosing this over their original adjustable-rate mortgage (ARM). This marks the fourth consecutive quarter that more than 95 percent of prime borrowers who originally had a conventional ARM switched to a new conventional fixed-rate mortgage when refinancing, Freddie Mac said. -- DSNews.com,Admin,   11/13/2009



→   HOPE NOW Offers Help for `At-Risk` Homeowners
There are thousands of homeowners in the United States facing foreclosure, but 1,567 of these homeowners received assistance through local workshops offered by HOPE NOW. HOPE NOW, an industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, completed two days of borrower outreach workshops in St.Louis and Dallas. -- DSNews.com,Admin,   11/13/2009



→   Over 25 Percent of Homes See Price Reduction: Report
Home prices are continuing to fall, and many metropolitan areas are seeing price reductions three times greater than the national average. Real estate firm Trulia, Inc. recently released the results of its November price reduction report which said 25.6 percent of homes on the market as of November 1, have had at least one price cut during the last 12 months. -- DSNews.com,Admin,   11/13/2009



→   Deterioration of Older Subprime RMBS Due to Higher Quality Loans: Fitch Report
Fitch Solutions reported this week that its pricing index for subprime residential mortgage-backed securities (RMBS) originated in 2004 fell by 16.7 percent in November. Other vintages - from 2005, 2006, and 2007 - showed small gains. At first glance these statistics may seem to paint the more recent vintages in a better light, but Fitch says the reason its 2004 subprime price index is deteriorating is because the 2004 loans are higher quality, with credit-worthy borrowers than qualify for refinancing. -- DSNews.com,Admin,   11/13/2009



→   Experts Tie Difficulties in Commercial Real Estate Market to Unemployment
During CoreNet Global Chicago's monthly luncheon, experts discussed the future of the commercial real estate market. Some commercial real estate firms were expecting this. "We've heard the sound of screeching breaks for the last 10 to 12 months," Rich Schuham, EVP, director, and Chicago branch manager of Studley, said. -- DSNews.com,Admin,   11/13/2009



→   HUD Says Restraint to be Used in Enforcing RESPA
Due to take effect on January 1, the amended regulatory requirements of the Real Estate Settlement Procedures Act (RESPA) are intended to improve the disclosures borrowers receive when applying for a mortgage. HUD announced Friday that the staff of its Mortgagee Review Board (MRB) has been urged to exercise restraint in enforcing the new RESPA requirements during the first four months of 2010. -- DSNews.com,Admin,   11/13/2009



→   Quality Claims Management Names Hopson VP of Strategic Initiatives
Quality Claims Management Corp. (QCMC) announced Friday that Robert Hopson has been selected as its new VP of strategic initiatives. -- DSNews.com,Admin,   11/13/2009



→   Consumers Growing More Dissatisfied with Lenders: J.D. Power
The average time required to approve and close a loan has increased in 2009 compared with 2008, fueling a decline in overall customer satisfaction with primary mortgage lenders, according to J.D. Power and Associates. -- DSNews.com,Admin,   11/13/2009



→   Offers Industry`s First FCRA Compliant Mortgage Applicant and Property Risk Report—
CredStar, a leading credit information provider for credit unions and the mortgage lending industry and a member of the First American Family of Companies, today announced the availability of the ENCORE report from First American CREDCO. As an exclusive reseller, CredStar can now offer ENCORE – the industry’s only comprehensive consumer reporting solution that delivers FCRA-compliant risk analysis for all critical elements of the mortgage application and servicing processes – to its credit union and mortgage lending customer base. -- First American Credco,David Woodruff,Poway California  11/13/2009



→   MBA Comments on FHA`s Financial Outlook
John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) today issued the following statement in response to the Federal Housing Administration's (FHA) announcement of its fiscal health and financial outlook. -- CampusMBA,Aleis Stokes,Washington District of Columbia  11/13/2009



→   ICBA Statement on FDICThree-Year Prepaid Assessment
R. Michael Menzies, chairman ofthe Independent Community Bankers of America (ICBA) and president and CEO of Easton Bank and Trust Co., Easton, Md., today released this statement following the FDIC’s announcement that it will require a three-year prepaid assessment for FDIC-insured institutions in order to help recapitalize the Deposit Insurance Fund (DIF). -- The Independent Community Bankers of America,Bill Grassano,Washington DC  11/13/2009



→   Mortgage Refinance Applications Increase, Purchase Applications at Nine Year Low in Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 3.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.8 percent compared with the previous week. -- Mortgage Bankers Association of America,Sarah Tinsley,Washington District of Columbia  11/13/2009



→   New Overdraft Regulation Burdensome for Community Banks and Their Customers
ICBA urges Congress to abandon legislative efforts in light of new, strict rules -- The Independent Community Bankers of America,Bill Grassano,Washington DC  11/13/2009



→   Credit News Fro Premier By Louis S. Barnes November 13, 2009
Long-term rates are behaving very well, despite all the inflation and dollar grumbling in the background (been wrong, still wrong). Low-fee mortgages are very close to crossing into the high fours. -- Premier Mortgage Group, Inc,Lou Barnes,Boulder Co  11/13/2009



→   MBA Applauds HUD Announcement of `Restraint` on RESPA Enforcement
John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) today issued the following comment in response to an announcement by the U.S. Department of Housing and Urban Development(HUD) that it would exercise restraint in enforcing the new regulatory requirements under the RESPA rule for the first four months of 2010. -- Mortgage Bankers Association of America,John Mechem,Washington District of Columbia  11/13/2009



→   Attempts to Push Transparency for Mortgage Mods Falls Short
Paul Kiel reports that even though the Treasury Department issued guidelines requiring mortgage servicers to give homeowners details about why they’ve been denied, the disclosures will only be partial. Kiel notes the key problem is that the formula which determines whether a person gets a modification (the “net present value” test or NPV) remains a secret. “The lack of transparency means the process is likely to remain an often bewildering one for homeowners,” writes Kiel. -- Propublica,Mike Webb,New York Ny  11/13/2009



→   National Housing Conference president and CEO comments on FHA annual audit
The following are comments from Conrad Egan, president and chief executive officer of the National Housing Conference (NHC) regarding the release of the Federal Housing Administration`s (FHA`s) annual audit: “FHA’s annual audit released today confirms that with $31 billion in total reserves, the agency will not need to seek support from the American taxpayer under even some of the most extreme economic scenarios. Experts also emphasized that the toll the housing crisis has taken on FHA’s reserves illustrates the agency’s pivotal role in the housing recovery. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   Agencies issue final rule for loans modified under HAMP
The federal bank and thrift regulatory agencies have issued a final rule providing that mortgage loans modified under the U.S. Department of the Treasury’s Home Affordable Mortgage Program (HAMP) will generally retain the risk weight appropriate to the mortgage loan prior to modification. The agencies adopted as final their interim final rule issued on June 30, 2009, with one modification. The final rule clarifies that mortgage loans whose HAMP modifications are in the trial period, and not yet permanent, qualify for the risk-based capital treatment contained in the rule. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   FEMA seeks feedback on National Flood Insurance Program
“Uncle Sam Wants You.” That’s the word from the Federal Emergency Management Agency (FEMA) which is soliciting feedback on the National Flood Insurance Program (NFIP) during a 30-day public comment period. The NFIP is a federal program created by Congress in 1968. It was designed to ensure that communities across the country have access to affordable flood insurance, as well as to encourage community floodplain management to reduce future flood damage. The NFIP is currently running a deficit of more than $19 billion. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   Former Colorado homebuilding exec confesses to role in builder bailout scheme
The former director of sales for a Colorado real estate company that built luxury homes throughout California agreed in court papers filed to plead guilty to a federal conspiracy charge, admitting that he and other company officials participated in a $16 million “builder bailout” scheme in which buyers of $1 million-plus homes were paid kickbacks if they purchased homes from the company. Benjamin Serrano, 47, who until recently lived in Parker, Colo., was charged in a criminal information filed this morning. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   Arizona broker pleads guilty to six counts in cash back fraud scheme
Jeffrey Todd Crandell, 33, of Mesa, Ariz., pleaded guilty on Nov. 9 to six counts of bank fraud for his role in a mortgage fraud scheme. Sentencing will take place Feb. 22, 2010, before U.S. District Judge G. Murray Snow. Crandell was the leader of a sophisticated cash-back mortgage fraud scheme. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   FDIC approves implementation of SAFE Act
The Federal Deposit Insurance Corporation (FDIC) Board of Directors has approved a final rule implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The rule has been posted on the FDIC`s Web site, but will not be published in the Federal Register until the other agencies involved in this rulemaking complete their review and approval of the rule. -- NationalMortgageProfessional.com,NMP Media Services,   11/13/2009



→   Robert J. Hopp and Associates Hires Associate Attorney
Robert J. Hopp and Associates, LLC, a default law firm headquartered in Denver, Colorado, recently announced that it has hired Ines Olevic-Saleh as an associate attorney in the firm's Las Vegas office. -- DSNews.com,Admin,   11/13/2009



→   Freddie Mac Issues 2010 Funding Calendars
Freddie Mac (NYSE:FRE) today issued its 2010 funding calendars, which provide optional announcement dates for Reference Notes® securities and announcement and auction dates for Reference Bills® securities. The 2010 funding calendars are available on the Debt Securities page of the company's Web site at www.FreddieMac.com. -- Freddie Mac,Michael Cosgrove,Mclean Va.  11/13/2009



→   M.d.c. Holdings` Presentation At The Ubs Building And Building Products Seventh Annual Ceo Conference To Be Webcast Live
M.D.C. Holdings, Inc. (NYSE: MDC) announced today that it will broadcast a presentation being made at the UBS Building and Building Products Seventh Annual CEO Conference on Wednesday, November 18th, at 2:00 p.m. ET. The presentation can be heard live and will be available for replay by entering the M.D.C. Holdings, Inc. website, www.mdcholdings.com, and selecting "UBS Building and Building Products Seventh Annual CEO Conference." Printable slides for the presentation also will be available on the Company's website. -- M.D.C. Holdings, Inc.,Robert N. Martin,Denver   11/13/2009



→   /c O R R E C T I O N -- Genworth Financial, Inc./
In the news release, Genworth Financial (NYSE: GNW) Discloses Benefit From Tax Legislative Changes, issued Nov. 12, 2009 by Genworth Financial, Inc. over PR Newswire, we are advised by the company that the first paragraph, fourth sentence, should read "On a statutory basis, a significant portion of this recovery will benefit the U.S. Mortgage Insurance business, and is expected to decrease the regulatory Risk To Capital ratio by 0.5 to 1.0 points by year end 2009." rather than " ... to increase the regulatory Risk To Capital ratio," as originally issued inadvertently. The complete, corrected release follows: -- Genworth Financial, Inc.,Lisa Turner,Richmond Va.  11/13/2009



→   Manhattan U.s. Attorney Files Civil Action Seeking Forfeiture Of Alavi Foundation`s Interest In Fifth Avenue Office Tower Controlled By Iran
Preet Bharara, the U.S. Attorney for the Southern District of New York, announced today the filing of an amended civil Complaint seeking forfeiture of the Alavi Foundation's interest in a 36-story office tower located at 650 Fifth Avenue in Midtown Manhattan (the Building). The Building is owned by 650 Fifth Avenue Company, a partnership between the Alavi Foundation and Assa Corporation. The original complaint, which was filed in December 2008 and amended today, sought forfeiture of Assa Corporation's interest in the Building. -- U.S. Department of Justice,Yusill Scribner,New York   11/13/2009



→   Hud Audit No Surprise
Now is the time for a responsible reformed down payment assistance program -- Ameridream, Inc,Henry Fawell,Gaithersburg Md.  11/13/2009



→   Genworth Financial Discloses Benefit From Tax Legislative Changes
Genworth Financial, Inc. (NYSE:GNW) today disclosed that, based on recently enacted legislation, it expects to recover approximately $85 million in Federal income tax refunds, considering results through the third quarter of 2009. The exact amount of the recovery will be determined by results for the remainder of this year, with any statutory tax benefit being recorded in the fourth quarter of 2009. This legislation expands the carryback period for certain net operating losses to five years from two years. On a statutory basis, a significant portion of this recovery will benefit the U.S. Mortgage Insurance business, and is expected to increase the regulatory Risk To Capital ratio by 0.5 to 1.0 points by year end 2009. -- Genworth Financial, Inc.,Lisa Turner,Richmond Va.  11/13/2009



→   Freddie Mac Statement On 2010 Loan Limits
Freddie Mac's (NYSE:FRE) conforming loan purchase limits for 2010 are unchanged from those in effect for 2009 for all areas of the United States, according to the Federal Housing Finance Agency (FHFA). The loan limits set the maximum original loan amounts allowed on single-family conventional mortgages Freddie Mac can purchase except in high cost areas. The loan limits for first mortgages are: -- Freddie Mac,Brad German,Mclean Va.  11/13/2009



→   Manzanita Trail Plan 2 Home is an Industry Winner and Favorite New Home Choice Among Area Homebuyers in Coastal North San Diego County
SAN DIEGO, CA, November 13, 2009 /24-7PressRelease/ -- The classic front porch design of Pardee`s Plan 2 home at Manzanita Trail (www.pardeehomes.com/Manzanita_Trail) was a standout at the prestigious SoCal Awards, a competition of Sales and Marketing Councils from throughout Southern California. This top-selling floor plan received the coveted industry award for Best Product Design of a Single-Family Detached Home, one of eight awards given to Pardee Homes at the awards program held in early October. This award winning two-story home, located in Pacific Highlands Ranch adjacent to Carmel Valley, offers a nod to the past, with inviting front porch entries and garages located in the rear. -- 24/7 Press Release Newswire,24/7 Media,   11/13/2009



→   The Dallas100 Ranks Credit Answers #10 for the Fastest Growing Private Company
PLANO, TX, November 13, 2009 /24-7PressRelease/ -- Credit Answers was recently named by the Dallas100 as the tenth fastest growing private company in the Dallas Metroplex. The Dallas100 award is an annual event sponsored by the Caruth Institute for Entrepreneurship and recognizes the top companies and business leaders in the Dallas/Ft Worth Area. This prestigious award is only given to companies that meet a stringent set of standards including high business ethics. -- Credit Sense,24/7 Media,   11/13/2009



→   Mortgage Brokers Network has grown to working with 14 mortgage net branch companies and 4 charter banks!
Mortgage Brokers Network offers you mortgage branch, net branch, employment opportunities for branch managers and their loan officers with nationwide lending in the following States; Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming. -- Mortgage Brokers Network,Gary Lacey,Olney Illinois  11/13/2009



→   Broker Sentenced to Prison for Mortgage Fraud
The sentencing for a mortgage fraud case in Houston, Texas was announced today by United States Attorney Tim Johnson. At a hearing Monday afternoon, United States District Judge Lynn N. Hughes sentenced Clarence Lewis III to 15 years in federal prison without parole for running a mortgage fraud scheme. -- DSNews.com,Admin,   11/12/2009



→   Report released on FHA`s finances: Capital reserve ratio falls below threshold
U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan and Federal Housing Administration (FHA) Commissioner David H. Stevens have briefed members of the media, industry leaders and congressional Members on the FHA`s financial outlook, in coordination with the agency`s release of its annual independent actuarial study. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   Freddie Mac PMMS: Rates continue downward trend
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending Nov. 12, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 6.14 percent. The 15-year FRM this week averaged 4.36 percent with an average 0.6 point, down from last week when it averaged 4.40 percent. A year ago at this time, the 15-year FRM averaged 5.81 percent. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   MBA comments on FHA`s financial outlook
John A. Courson, president and CEO of the Mortgage Bankers Association (MBA) has issued the following statement in response to the Federal Housing Administration`s (FHA) announcement of its fiscal health and financial outlook: "Today`s announcement is a major wakeup call for FHA and the lending community, but no reason to panic. The two percent reserve requirement was established in order to ensure that FHA could stand the stress of a major housing and mortgage market event. It is safe to say that FHA is facing that type of event today. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   Resource Title expands with addition of Catalano
Resource Title has added Antonio Catalano to assist with sales and relationship building in its retail division. The move punctuates what has been a strong year for the independent title agency despite a fairly tumultuous market. With Resource Title, Catalano will take on a development role, servicing existing customers and working to build new relationships and sales. He has served the title and real estate industry for over 20 years, and founded and owned successful regional agency Title Xperts. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   Fixed-rate remains top choice among refi borrowers
Freddie Mac has announced that in the third quarter of 2009, refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was adjustable-rate mortgage (ARM) or a fixed-rate. For the fourth consecutive quarter, more than 95 percent of prime borrowers who originally had a conventional ARM selected a new conventional fixed-rate mortgage when they refinanced, based on an analysis of loans purchased by Freddie Mac. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   CCH issues White Paper on draft of financial, securities reform
CCH Principal Securities Law Analyst Jim Hamilton, JD, and CCH Analyst Richard Roth, JD, have authored a new white paper, Senate Banking Committee Releases Draft Legislation: Restoring American Financial Stability Act of 2009. This is the latest version of legislation aimed at fundamental regulatory reform of the U.S. financial and securities markets. CCH is part of Wolters Kluwer Law & Business, a leading provider of research information and software solutions in key specialty areas for legal and business professionals (business.cch.com). -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   NeighborWorks America gets $4.8 million-plus in HUD support
NeighborWorks America has announced that it received $4,860,802 in funding from the U.S. Department of Housing & Urban Development (HUD), which will support training and certification opportunities for thousands of counselors from HUD-approved non-profit counseling agencies, as well as non-profit housing counseling at local NeighborWorks organizations. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   RealtyTrac reports foreclosure activity slows for third consecutive month
RealtyTrac, an online marketplace for foreclosure properties, has released its October 2009 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled foreclosure auctions and bank repossessions—were reported on 332,292 U.S. properties during the month, a decrease of three percent from the previous month, but still up nearly 19 percent from October 2008. The report also shows one in every 385 U.S. housing units received a foreclosure filing in October. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   TAVMA finds 13 miles is average distance traveled by AMC-assigned appraisers
The typical driving distance traveled by independent appraisers, retained by the nation`s largest appraisal management companies (AMCs), averages 13 miles in urban and suburban areas this year, according to a new survey conducted by the Title Appraisal Vendor Management Association (TAVMA). "Our members, the nation`s largest appraisal management companies, track a variety of metrics, including for distances traveled," said Jeff Schurman, executive director of TAVMA. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   Experian launches products to assist lenders in determining a consumers` `ability to pay`
Experian, a global information services company, has announced its suite of leading “ability to pay” products—Income Insight and Income View—designed to be the definitive source for determining consumers’ ability to pay. Income Insight is a unique product designed to support recent legislation by providing an estimate of a borrower’s individual income utilizing verified income data and proprietary credit bureau attributes. -- NationalMortgageProfessional.com,NMP Media Services,   11/12/2009



→   Foreclosure Activity Slows for Third Straight Month: RealtyTrac
Nearly all market indicators point to positive signs that housing conditions are beginning to moderate from the freefalling days of the past few years, and even foreclosure statistics now support that notion. The pace of foreclosures slowed again in October for the third month in a row, RealtyTrac said Thursday - an unprecedented run in the company's national study. Although the month-to-month tallies are showing improvement, foreclosure filings were reported on 332,292 U.S. properties in October, representing one in every 385 homes. -- DSNews.com,Admin,   11/12/2009



→   Home Purchase Activity at Nine-Year Low: MBA
The number of applications filed for home purchases last week was the lowest seen since December 2000, the Mortgage Bankers Association reported Thursday. The slump comes despite favorable mortgage interest rates, which are still averaging well below the 5 percent threshold. -- DSNews.com,Admin,   11/12/2009



→   Low-Cost Foreclosures Attract Investors
The influx of foreclosed homes on the market is grabbing the attention of investors. According to a homeownership survey released Wednesday by Move.com, the number of consumers interested in investing in real estate has doubled since March 2009. The number of buyers planning to purchase a home as an investment property increased to 12.1 percent, compared to 5.6 percent just seven months ago. -- DSNews.com,Admin,   11/12/2009



→   New Partnership Offers REO Solutions to Banks
In an effort to help banks across the nation reduce REO properties, Conexxus, LLC, headquartered in Birmingham, Alabama, and TPI Integrated Solutions, LLC (TIS), based in Louisville, Kentucky, have joined forces. Through this partnership, existing and future customers of TIS will be offered access to an REO solution that will include digital workflow, document management, and completeness monitoring. -- DSNews.com,Admin,   11/12/2009



→   FHA Audit Shows Reserve Funds Below Mandated Limit
The Federal Housing Administration (FHA) told Congress and reporters Thursday that its cash reserve fund has deteriorated to $3.6 billion - the lowest it's been in the agency's 75-year history. The reserve fund holds excess cash brought in by the federal mortgage insurer beyond what it needs to cover anticipated loan losses. By law, FHA is required to keep the nest egg at a minimum of 2 percent of all the mortgages it insures. The $3.6 billion balance represents only 0.53 percent of FHA's mortgages. -- DSNews.com,Admin,   11/12/2009



→   Home, Condo Sales on the Rise in Florida
The third quarter of 2009 proved to be positive for home and condo sales in Florida. Compared to this year's second quarter, all of Florida's metropolitan statistical areas (MSAs) reported increases in existing home sales during the third quarter and 17 MSAs showed gains in existing condo sales. -- DSNews.com,Admin,   11/12/2009



→   Agency Sees Positive Effects of Homebuyer Tax Credit
StartingPoint Realty, Inc., a real estate agency in Chicago, Illinois, discovered that the first-time homebuyer tax credit proved to be a motivating factor in their clients' decision to purchase a home. Many homebuyers purchased in 2009 that otherwise would have not have bought a home, Ryan Gable, owner of StartingPoint Realty, said. -- DSNews.com,Admin,   11/12/2009