Mortgage Information

Pending home sales rose in July for the sixth consecutive month, the longest streak of monthly increases since the National Association of Realtors (NAR) began tracking the data in 2001, one of several reports today offering positive economic news.

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[News] Pending Home Sales, Other Economic Indicators Gain

The Mortgage Insurance Companies of America reported that the number of mortgage insurance policies written in June declined by more than 20 percent from June. Compared to a year earlier, the number of policies was down by more than half. Meanwhile, new mortgage insurance applications were lower and defaults were higher.

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M.I. Business Deteriorates

DocMagic Inc. has filed a lawsuit claiming Ellie Mae Inc. has developed a monopoly. In the lawsuit, DocMagic said it was terminated by Ellie for participation in the ePASS transaction platform. “Ellie Mae took drastic steps to prevent hundreds of current DocMagic/Encompass users from accessing DocMagic products through unfair and anticompetitive behaviors, including sabotaging its clients by preventing access to DocMagic through alternative (non-ePASS) Web service calls,” the complaint states.

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Doc Prep Gets Litigious

Communities with walkable neighborhoods command higher home prices than similar properties where a car is required for getting around, according to a recent study of 15 major urban areas.

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[News] “Walkable” Communities Said to Have Higher Property Values

The launch of Potomac Mortgage Group LLC was announced on Aug. 17. The new firm is based in Reston, Va. Potomac is targeting $1 billion in loan originations during its first four years in business, the company’s president told MortgageDaily.com in a statement.

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New Firm Targets $1 Billion

The Office of Thrift Supervision reported that it seized Bradford Bank. The Federal Deposit Insurance Corp., which was appointed receiver, projected losses from Bradford’s failure at $97 million. Mainstreet Bank was shut down by the Minnesota Department of Commerce. FDIC losses on Mainstreet were estimated at $95 million. Losses from the failure of Affinity Bank, which was closed by the California Department of Financial Institutions, were expected to reach $254 million.

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3 Bank Failures to Cost FDIC $0.5 Billion

Linda Litt joined Southwest Funding LP to help expand the company’s branch network, according to an announcement. Source Mortgage and its president joined Mortgage Network Inc., a news release said. PrimeSource Mortgage Inc. reported last month that it expanded its Texas operations by two branches. A Texas branch was added earlier this year at Centurymark Home Loans, a press release indicated.

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Net Branches Grow

The U.S. Department of Housing and Urban Development reported a 20 percent decline in FHA endorsements from the second half of July to the first half of August. During that same period, applications fell 15 percent. Fiscal year-to-date volume, however, was 71 percent higher than during the same period in 2008.

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FHA Activity Off in August

Two subsdiaries of The PNC

SAINT-LEONARD, New Brunswick, August 28, 2009 — The Province of New Brunswick and the Government of Canada
officially opened a new 10-unit affordable housing project for
seniors in Saint-Léonard.

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Government of Canada and Province of New Brunswick Officially Open New Affordable Housing for Seniors in Saint-Léonard