Colorado-based RE/MAX is being recognized for the expertise and efficiency of its agents. According to statistics from the 2012 REAL Trends 500 survey and the RIS Media Power Broker Report, RE/MAX's agents were the most productive in the business during 2011.
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After suffering from bad loans during the financial crisis, Ally Financial looks to close the books on its share of ownership in the mortgage business. Executives with Ally took to the phone with investors Tuesday to explain a filing for bankruptcy protection Monday by subsidiary Residential Capital LLC. The consensus: Residential mortgage loans are out for Ally and auto finance is back in the center. Ally will still subservice loans via ResCap while it serves as counterparty to Fannie Mae and Freddie Mac.
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In New York and Florida, sellers appear to be gaining an advantage in the marketplace. According to data Manhattan Miami Real Estate, both states demonstrated significant pricing increases during the first quarter.
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Fitch Ratings downgraded servicer ratings for Residential Capital LLC on the heels of a bankruptcy filing by the Ally Financial subsidiary. The ratings agency slashed credit ratings for the residential servicer to RMS4, down from RMS3. Earlier Monday Ally Financial announced that Residential Capital, or ResCap, decided to file Chapter 11 bankruptcy, selling assets from the estate to Lewisville, Texas-based Nationstar Mortgage Holdings Inc. Nationstar billed the maneuver as one that would make it the nation's largest non-bank residential mortgage lender and one of the largest residential mortgage originators.
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Residential Capital LLC, the embattled mortgage subsidiary of Ally Financial, filed Chapter 11 Monday, with Nationstar Mortgage Holdings Inc. set to acquire it. The Detroit-based company framed the move as a way to shave losses, repay taxpayers, and preserve its position as an auto lender. Lewisville, Texas-based Nationstar said in a separate announcement that it would acquire ResCap, with the purchase including $374 billion in mortgage servicing assets and $201 billion in primary residential mortgage servicing rights.
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California-based technology provider, Platinum Data Solutions, has announced a new reverse mortgage client partnership in San Diego. The company recently revealed that Plaza Home Mortgage Inc. has implemented Platinum's RealView platform, targeting quality appraisal review for reverse mortgages across the U.S.
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Freddie Mac announced Thursday that Donald Layton, a longtime banking executive from the private sector, will take over as CEO of the company come May. The new executive will replace outgoing CEO Charles Haldeman, who made the decision to step down last fall. Layton arrives at the new position with more than three decades of private-sector experience, largely with JPMorgan Chase, where he began as a trainee and finished as vice chairman in a top-tier three-member office upon retirement in 2004. The seasoned executive joins Freddie Mac at a time of challenge and transition for the company.
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A newly launched buy-back insurance option from Ellie Mae will give the company's clients coverage for losses of up to $100,000 per loan. Ellie Mae will offer the buy-back insurance via its Total Quality Loan (TQL) program, which works in conjunction with the company's Encompass360 platform.
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Fannie Mae revealed that it produced $2.7 billion in net income for the first quarter this year, enough to prevent another draw from the Treasury, a first for the mortgage giant since it entered federal conservatorship in 2008. The favorable results offer a significant difference to a net loss of $6.5 billion from the same quarter last year, along with a net loss of $2.4 billion by the fourth quarter. Despite net income for the first quarter, Fannie Mae sustains a debt for more than $180 billion in taxpayer funds it has received with Freddie Mac since 2008.
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Targeting better risk management for the mortgage-backed securities market, RiskSpan, Inc., has added a new independent pricing initiative to the company's service offerings. The enhancement will give risk managers, traders, and pricing professionals immediate, daily access to security prices and changes, enhancing risk mitigation and streamlining audits.
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