Service Providers
By Krista Franks Brock | 06/18/2013
Commercial and multifamily mortgage debt outstanding decreased for the first time in five quarters during the first quarter of this year, according to the Mortgage Bankers Association (MBA). "Banks and thrifts, Fannie Mae, Freddie Mac, and FHA increased their commercial and multifamily holdings, but the balance of loans in commercial mortgage-backed securities resumed its decline," said Jamie Woodwell, VP of commercial real estate research for the MBA.
Read More
By Tory Barringer | 06/18/2013
In San Francisco, Bay Equity announced the launch of its "Bay Direct" program, which gives borrowers additional loan options and flexibility on loans that meet Fannie Mae criteria but aren't eligible according to other guidelines.
Read More
By Tory Barringer | 06/18/2013
California-based DocMagic, Inc., a provider of fully-compliant loan document preparation, compliance, and eDelivery solutions, announced it has received approval from Fifth Third Mortgage Company as an eDelivery and eSignature vendor for correspondent lenders who sell to the bank.
Read More
By Tory Barringer | 06/18/2013
Improvements in housing and labor lifted Deloitte's Consumer Spending Index for May, the company reported. The index, which comprises four components--tax burden, initial unemployment claims, real wages, and real home prices--rose to a reading of 4.27 from April's 4.12. The index tracks consumer cash flow as an indicator of future spending. Three out of the four components contributed to May's uptick, according to Daniel Bachman, senior U.S. economist for Deloitte.
Read More
By Tory Barringer | 06/18/2013
Prices shot up in May even as for-sale inventory showed signs of recovery, according to Redfin's Real-Time Price Tracker. According to the brokerage's findings, home prices came in 4.3 percent higher month-over-month and 17.4 percent higher year-over-year in May (to a median $208 per square foot). Eighteen of the 19 markets measured by Redfin saw monthly improvement in prices (Austin being the exception), and all 19 reported yearly increases. Once again, the West proved strongest.
Read More
By Mark Lieberman, Five Star Institute Economist | 06/18/2013
One day after the National Association of Home Builders (NAHB) reported the sharpest boost in builder confidence in seven years, the Census Bureau and HUD reported single-family starts were essentially flat in May, increasing just 0.3 percent. The Census/HUD report Tuesday showed total starts improved 6.8 percent in May, while total permits fell 3.1 percent. The total number of starts--914,000--was far below the 955,000 forecast by economists.
Read More
By Krista Franks Brock | 06/17/2013
As the industry continues to adapt to new regulations and best practices, electronic recording--eRecording--is taking hold as a way to streamline the records process and free up resources at lending and servicing offices, according to Palm Harbor, Florida-based Nationwide Title Clearing, Inc. (NTC).
Read More
By Tory Barringer | 06/17/2013
GSF Mortgage, a premier online mortgage lender headquartered in Wisconsin, announced the promotion of Hannah Goreta. Having worked with GSF for four years, Goreta now serves as an account executive for the company's U.S. Department of Agriculture (USDA) Rural Housing division.
Read More
By Tory Barringer | 06/17/2013
Mortgage Returns announced its spring release, which includes features to help lenders drive purchase business by marketing to customers, prospects, and referral partners.
Read More
By Tory Barringer | 06/17/2013
FNC's RPI shows prices rose 0.7 percent month-over-month in April, the largest acceleration since June 2012. Year-over-year, the index rose 4.6 percent. The company attributes the continued gains to improved credit availability, low interest rates, and low prices coming together to drive the housing recovery. In addition, signs of rising interest rates have likely drawn out would-be buyers wanting to move in on the market while affordability is still high.
Read More
