Pro Teck Valuation Services and Collateral Analytics launched a new website to provide a forward-looking, monthly view of the U.S. housing market. The two companies are joining forces to offer tailor-made home price indices that can predict the drivers of rises and falls in value for the next four years. The firms will officially launch the product, HomeValueForecast.com, at the Mortgage Bankers Association conference in Chicago next week.
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Nonfarm payrolls rose in September, coming in higher than most analysts’ estimates, but the nation’s unemployment rate remained at 9.1%. The Labor Department said the economy added 103,000 jobs last month, including the return of 45,000 Verizon Communications Inc. workers who went on strike in August.
The growing anti-Wall Street protests in New York and across the country are an understandable reaction to persistently high unemployment, a top U.S. Federal Reserve official said on Thursday. “I am somewhat sympathetic – that will shock you,” Dallas Fed President Richard Fisher told a group of business people in Fort Worth, Texas. “We have too many people out of work. We have a very uneven distribution of income. We have too many people out of work for too long. We have a very frustrated people, and I can understand their frustration.”
For a loan officer, a closing is always the goal. But do you know when saying “no” to taking an application is appropriate? Assuming a senior is educated about reverses and desires a reverse mortgage, there are two scenarios where a loan won’t or shouldn’t close. The first occurs when a reverse mortgage is the optimum solution to meet a senior’s housing or financial goals but they obviously won’t qualify for the reverse. Reasons may include a low appraisal, title issues, condition or type of property, occupancy status, or even a temporary protected status visa (a recent experience). I’ll never forget
The Federal Reserve Bank of New York began its latest effort to stimulate the economy and force borrowing rates even lower this week with $3.95 billion in mortgage-backed securities guaranteed by the government. The Federal Open Market Committee said on Sept. 21 that it would begin buying $400 billion in long-term Treasury bonds and reinvest principal payments on the agency MBS it bought previously in the crisis to purchase more.
The decision by the Chicago City Council requiring banks, mortgage servicers and institutional investors to maintain vacant properties before the homes complete the foreclosure process is no surprise.
Frustrated by an expanding number of such properties — 18,320 by some expert estimates, with two-thirds in the process of foreclosure for more than a year — city officials there are searching for some way to keep them intact and not feed further problems such as vandalism, deterioration and unhealthy conditions. Revenue generation is another motivation, but often secondary.
In the wake of large lenders exiting the business, many reverse mortgage companies are ramping up origination channels and are seeking new talent. If you are in the market for a new reverse mortgage opportunity in wholesale or retail, visit Reverse Mortgage Jobs Online. If you have experience in the reverse mortgage industry, or if you […]
Consumer Financial Protection Bureau director hopeful Richard Cordray came one step closer to becoming chief of the new bureau on Thursday, when the Senate Banking, Housing and Urban Affairs Committee voted in favor of his nomination. He now faces the tough challenge of a full Senate vote. The committee today voted 12-10 in favor of […]
The U.S. homeownership rate experienced its biggest drop in 70 years in 2010, declining to 65.1% from 66.2% in 2000, according to data from the Census Bureau. The decline came even as the nation added 15.8 million housing units, increasing the total housing inventory by 13.6%, the Census Bureau said Thursday. Eleven states suffered declines of at least two percentage points in their homeownership rates, led by South Carolina, with a decrease of 2.88 percentage points.
Protesters organized in downtown Dallas Thursday morning, marching toward the region’s Federal Reserve headquarters, demonstrating their frustrations with what they say is out-of-control greed on Wall Street and malaise in Washington. The intial crowd of an estimated 400 or so protesters is calling for economic change, but many could not suggest how this might best be possible.
President Barack Obama said Thursday the mortgage finance practices that led to the economic meltdown were “immoral, inappropriate and reckless,” but not necessarily illegal, making it difficult to punish key players, specifically in the subprime debacle. Obama made those statements after a reporter asked the president during a news conference why the administration never filed any lawsuits or enforcement actions against corporate leaders who led lending institutions prior to the 2008 crash.
Home prices in the U.S. in August decreased 0.4% on a month-over-month basis, the first monthly decline in four months, according to CoreLogic [stock CLGX][/stock]. The decline was mostly seasonal in nature, the data analytics firm said. Prices were down 4.4% over a year ago, according to the CoreLogic HPI, which includes distressed sales. Distressed sales include short sales and real estate owned transactions. This follows a revised decline of 4.8% in July 2011 compared to July 2010.