M.I. Business Sinks & Headed Lower

Author:  //  Category: Mortgage

The Mortgage Insurance Companies of America reported that policies written by its members during January were 24 percent lower than during December.

The last time business was this slow was in February 2010.

New applications were down 31 percent last month.

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M.I. Business Sinks & Headed Lower

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Little Change Expected in Home Values

Author:  //  Category: Mortgage

Americans have grown increasingly confident that home prices have stabilized over the past year, but few expect them to start rising again anytime soon.

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Little Change Expected in Home Values

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Technology Targets Default Servicing

Author:  //  Category: Mortgage

A Web-based application solution has been developed for the LSAMS servicing system, ISGN announced.

An integration of GCC Servicing Systems with Five Brothers promises easy management of property inspections completely from the G/SERV mortgage servicing platform, a statement said.

Fiserv Inc. recently announced that it ranked first in North America and fourth overall in Chartis Research’s RiskTech100 2010.

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Technology Targets Default Servicing

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Quick Turnaround in Real Estate Market Possible

Author:  //  Category: Mortgage

The Standard & Poor’s/Case-Shiller Index showed that prices dropped 2.4 percent in December from the same month a year earlier.

A professor at Wellesley College said that a quick turnaround could occur, depending on how confident consumers were about a recovery.

“It is possible the mood could change, and the mood could change very quickly,” he said.

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Quick Turnaround in Real Estate Market Possible

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Fannie Issues NMLS Requirements

Author:  //  Category: Mortgage

Fannie Mae advised its sellers that loans delivered on or after July 29 will require identifiers as registered in the Nationwide Mortgage Licensing System.

Identifiers will be required for loan originators and loan origination companies.

Fannie said it is making the requirement in accordance with the Secure and Fair Enforcement for Mortgage Licensing Act.

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Fannie Issues NMLS Requirements

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Massive Modifications Proposed

Author:  //  Category: Mortgage

The Obama administration is reportedly floating a number of ideas to relieve pressure on distressed borrowers.

The move is part of a larger effort to reach a massive settlement with mortgage-service giants.

One proposal would call on large financial companies to effectively modify original mortgage agreements to reflect the falling values of homes, cutting the principal amount borrowers would have to pay back.

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Massive Modifications Proposed

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New Refis Marginally Higher

Author:  //  Category: Mortgage

A 4 percent increase in refinance inquiries supported an increase in the latest U.S. Mortgage Market Index.

The higher activity pushed the refinance share to 49 percent from the prior week’s 48 percent.

The most recent refinance share reflected a 34 percent rate-term share and a 15 percent cashout share.

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New Refis Marginally Higher

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FHA Program Great for REO Purchases

Author:  //  Category: Mortgage

The Federal Housing Administration’s 203(k) program allows buyers to finance the costs of the needed repairs into the rest of the loan.

The lender pays the contractor when work is completed.

The program helps buyers of foreclosed properties that are in bad shape.

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FHA Program Great for REO Purchases

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Pending Homes Sales Decline

Author:  //  Category: Mortgage

Pending home sales fell for a second straight month in January, dropping a seasonally adjusted 2.8 percent, according to new figures from the National Association of Realtors.

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Pending Homes Sales Decline

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2 Institutions Seized

Author:  //  Category: Mortgage

NYC OTB Federal Credit Union was shut down by the National Credit Union Administration.

The Illinois Department of Financial and Professional Regulation — Division of Banking stepped in to seize control of Valley Community Bank.

The failed institution was immediately handed over to the Federal Deposit Insurance Corp. as receiver.

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2 Institutions Seized

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