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5/11/10--Two Housing Reports: Underwater Homeowners & Home Values; Chase Updates Flipping Policy; Fannie Mae DU Version 8.1; GSE Reform Bill |
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Tuesday, 11 May 2010 06:53 |
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CoreLogic reflected some good news about the housing market. The number of homes where borrowers owe more on the mortgage than the house is worth has dropped to about 11.2 million in the first quarter, down from 11.3 million last year. But we still have about 24% of all residences have negative equity. Given that negative equity and unemployment are the two biggest causes of default, and both are relatively stable, it is good news. CoreLogic bases their numbers on 47 million mortgaged properties out of about 55.3 million using its AVM's value estimation versus outstanding mortgage debt (from public records). There are few surprises in the top negative equity states: NV, AZ, FL, MI, CA, GA, ID, VA, MD, and UT. The top 10 states with lowest negative equity rates are OK, NY, MT, PA, ND, KY, AL, IA, NE, and HA. |
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5/6/10--Plethora of Job Openings for Mortgage Originators; Negative Convexity Explained; Clean Energy Loans; Freddie Mac Earnings |
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Thursday, 06 May 2010 07:25 |
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There seems to be a plethora of job openings for qualified originators. WesLend Financial is hiring wholesale AE's in CA as well as regional managers for the Eastern and Western US. Resumes can be sent to
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. Mission Mortgage (TX), which has been in the business for 25 years, is currently recruiting branches and loan officers throughout Texas. The company is an approved Seller/Servicer with FNMA, Full Eagle/DE with HUD and VA Automatic along with some in-house programs. |
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5/3/10--Fannie Mae Cuts Interest Only Program and Releases ARM Updates; FDIC Shuts Down Seven More Banks; MGIC Reg Revision |
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Tuesday, 04 May 2010 06:40 |
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"All real estate is local" as they say. How is the Lake Tahoe market in California? Well, for starters, the new Ritz Carlton has received a notice of default. The NOD came about a month after its developer put almost $1 billion worth of other real estate development in that area (Northstar) into bankruptcy - over-building in a luxury market. Units are being sold at steep discounts, and the hotel property (not the Ritz company) is behind on almost $19 million in payments. And speaking of foreclosures, celebrities are not immune. |
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5/5/10--Cinco de Mayo: HAMP Incentives Denied to NonCompliant Servicers? High Balance Loans; Penny Mac Earnings; Flood Zone Alert |
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Wednesday, 05 May 2010 07:42 |
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An article by Kate Berry, with American Banker, states that "the Treasury Department is threatening to deny or even claw back incentive payments to mortgage servicers that are not modifying loans according to the administration's guidelines." |
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4/30/10--Last Day to Take Advantage of Home Buyer Tax Credit; Last Day of GFE Leniency From HUD; Carry Trade Primer |
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Monday, 03 May 2010 06:28 |
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Remember at the beginning of the year when the RESPA and GFE changes went into effect, but HUD told everyone that they would have a four month leniency period? That comes to an end today. Of course, few, if any, investors let that trickle down to their originator clients. After all, in the event some class action lawsuit arose, investors weren’t overly confident that HUD would send in a team of attorneys to help them. Yes, the official stance is that the staff of the Mortgagee Review Board (MRB) exercised restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act (RESPA) in considering an action against FHA-approved lenders who have demonstrated that they are making a “good faith” effort to comply with RESPA's new requirements. It seemed pretty subjective and too subjective for the large investors. |
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