Mortgage News

Former Quicken Executive Launches New Firm

Hall Financial announced that it launched this month.

David Hall is the founder and managing partner of the Michigan-based company.

Hall spent eight years as senior vice president and chief marketing officer at Quicken Inc.-subsidiary Rock Financial.

Risk of Default Drops

A report announced by the University of Michigan's Ross School of Business indicated that the risk of mortgage defaults declined between the fourth-quarter 2009 and the first-quarter of this year.

It was the lowest point for the index since 2005.

The index reportedly measures the risk of default on newly originated mortgages by tracking local and national economic conditions.

Berkshire Unit Settles With NC

A settlement with Vanderbilt Mortgage and Finance Inc. was announced by the North Carolina Office of Commissioner of Banks.

The state alleged numerous violations of North Carolina law.

Vanderbilt was included in the 2006 acquisition of Clayton Homes Inc. by Berkshire Hathaway.

Wells Adds 6,000 Servicing Jobs in 6 Months

In August 2009, Wells Fargo Home Mortgage reported that its U.S.-based servicing staff stood at 11,500.

At the time, the company noted that it was staffing up to handle a backlog of pending loan modifications.

As of February, Well Fargo's servicing staff climbed to more than 14,500 employees, according to data reported by Moody's Investors Service.

AMCs, BPOs and Appraisal Compliance

Coester Appraisal Group reported that its survey of more than 1,500 licensed and certified appraisers found that average turnaround on appraisals was two to three days regardless of whether the appraisal was ordered through a third party or not.

An alternative to broker price opinions was released last month by Valligent.

Global DMS announced its appraisal process management software is up-to-speed with the new Federal Housing Administration appraisal requirements and guidelines.

Realty Check: Insurers vs. Banks

Muni Bonds in a Bubble?

31 States Added Jobs in February

Realty Check Update

Where Unemployment is Falling

Wholesale Inventories Drop

Waiting on the Fed

News Hub: Profiting Off Build America Bonds

Obama Administration Moves to Boost Geithner's Image: Video

Bipartisan Jobs Plan Preview

Forbes Billionaires List

News Hub: Economist Warns of More Volatility Ahead

Cisco's "Game Changer"

Fed: One Year Later

Greek Finance Minister on Debt Threat

The Good Side of Loan Modification’s Failure, A Buoyant Foreclosure Market

My Loan Modification Failed, How Soon Can I Buy A New Home After A Foreclosure

Underwater Mortgages and the Science of the Perfect Loan Modification

The Obama Loan Modification Plan, An Overview

Loan Modifications, Alternative Solutions to the Foreclosure Problem

Loan Modifications and the Jingle Mail Revolution

Loan Modification, New Guidelines For California

Loan Modifications, What Is The Situation 3 Years After The Housing Bubble Burst

Loan Modifications, How to Avoid Collateral Expenses

Short Sales as Loan Modification Alternatives, Can They Work

Senate Committee Near Agreement on Consumer Protection

Senate Banking Committee leaders are close to agreement on a way to enhance consumer protection as a part of a larger financial regulatory reform bill.

Appraisers Warn About BPOs and Property 'Flopping'

Appraisers are raising alarms that the Treasury Department's decision to use broker price opinions (BPOs) for its new short sales program will exacerbate mortgage fraud and property "flopping."

Purchases Drive Mortgage Bankers' Application Increase

Purchase mortgage application volume had a strong week and was the driver of the increase in the Mortgage Bankers Association's Market Composite Index for the week of Feb. 26.

Americans' Default Risk Seen as Still High But Improving

Although 20% of U.S. mortgages are currently under water, Americans' risk of defaulting on their home loans is at its lowest point since 2005, according to an executive and academic expert at a risk-management firm.

Index Finds Home Prices Drop with Less Micro Variation

Data from Integrated Asset Services LLC, Denver, Colo., show that national home prices fell 2.3% in January, when there was somewhat less variation than usual at micro-market levels.

Developers Closed on Most South Beach Condos Built Since '03

Condominium developers in South Florida's famed South Beach area have closed on some 4,150 new units since 2003, for an average price of $891,000 per unit. But that still leaves about 1,450 apartments that remain unsold, according to a report published by Condo Vultures, a Bal Harbour-based real estate consulting firm.

ICP to Transfer Businesses to PrinceRidge

ICP Capital has agreed to transfer its domestic and international capital markets businesses to PrinceRidge Holdings LP to create an international investment-banking boutique serving investors and issuers in the institutional fixed income markets.

Centerline Servicing's Ratings Improved by Acquisition

The sale of commercial mortgage-backed securities servicer Centerline Servicing Inc. to an Island Capital affiliate has reversed the ratings damage caused by its corporate parent's financial woes, according to analysts.

ResCap Working on Changes to GMACM Servicing Practice

ResCap has been working to change a practice involving the netting of cash flows of multiple residential mortgage-backed securities deals serviced by its GMAC Mortgage LLC subsidiary.

Global Venture Capital Firm Invests in 1010data

1010data, a provider of data warehouse and business intelligence for mortgage-backed securities market participants and others, has secured a $35 million equity investment from Norwest Venture Partners.

New-Issue of Benchmark Notes Set for Thursday

Fannie Mae is planning to offer a new-issue of three-year Benchmark Notes.