Tag Archives: Agents & Brokers

The nation added 80,000 jobs in June, the Labor Department has reported; job growth in Q2 marks the weakest quarterly gain since the Q3 of 2010.

Mortgage applications decreased 6.7 percent over the week ending June 19, while interest rates also fell, finding new lows in some categories, according to the Mortgage Bankers Association. Refinances still make up a majority of applications ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 78 percent for the week, slightly lower than the 79 percent share recorded the previous week. The amount of refinance applications fell 8 percent over the week. HARP 2.0 refinance applications stood at 20 percent three weeks ago but have been at 24 percent for the past two weeks.

The California State Legislature has officially passed the Homeowner Bill of Rights. The proposal was originally put forth by the state's Attorney General Kamala Harris, and the legislation is now in the hands of Governor Jerry Brown, whose signature would finalize the law. According to a recent release from the California State Legislature, the law would "institute sensible reforms to bank's foreclosure practices and create a fairer foreclosure process for California's homeowners." The bill would also end current dual-tracking processes for foreclosures.

First-time claims for unemployment insurance fell a sharp 14,000 to 374,000 for the week ended June 30, the Labor Department said Thursday, finding the largest drop in nine weeks. The prior week's total was revised up to 388,000 from the originally reported 386,000. The drop in claims was the second week-over-week improvement and came on the weekend heading into the July 4 holiday, usually a slower period for layoffs, according to seasonal factors. An uncertain employment report will follow on Friday.

Allonhill is welcoming a new managing director of sales. The independent, third-party review firm recently announced that Shelly Schwieso will join Allonhill's roster of industry professionals.

The 30-year fixed-rate mortgage slumped back to a new, record-breaking low, as manufacturing fell behind and more investors turned to the safe haven of Treasury debt. Zillow found that interest rates for the loan fell to 3.43 percent, beating a previous low of 3.48 percent for the real estate Web site and setting a new record since it started reporting interest rates in 2008. Interest rates for the 15-year fixed-rate mortgage averaged 2.87 percent, while those for 5- and 1-year adjustable-rate mortgages hovered at 2.43 percent.

Costs are rising for mortgage originators, but they are still seeing a rise in profit, according to a recent study of independent mortgage banks and mortgage subsidiaries of chartered banks conducted by the Mortgage Banks Association. The net cost of originating a mortgage loan in the first quarter of this year was $3,413. When calculating net cost, MBA weighs production and operating expenses and commissions against fee income, excluding factors such as secondary marketing gains, and capitalized servicing.

A Michigan man pleaded guilty to defrauding SunTrust Mortgage Inc. on a $2 million mortgage. Robert Martin Tolentino, of Grand Rapids, Michigan, pleaded guilty in a federal court in Tallahassee, Florida. The plea was announced by Pamela C. Marsh, U.S. Attorney for the Northern District of Florida. Tolentino applied in October 2006 for refinancing of his residential property on St. George Island. In the application, he falsely represented that his monthly salary was $48,000 to $60,000 a month.

Lending Processing Services, Inc., announced today that it has acquired LendingSpace, a provider of mortgage loan origination software solutions. The LendingSpace technology platform is expected to boost LPS├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó origination technology solutions, including Empower and PCLender, programs used by mortgage lenders, credit unions, and community banks. The LendingSpace product suite features a lending platform that includes full web-enabled capabilities to enhance collaboration between retail originators and their lending partners.

Only one day after chairman Marcus Agius announced his resignation, Barclays announced that director and CEO Bob Diamond and COO Jerry del Missier are both stepping down. The resignations were announced Tuesday morning and are effective immediately. Agius will lead the search for a new CEO and will be supported by deputy chairman Michael Rake. Barclays has not yet commented on a successor for del Missier. The wave of resignations is brought on by a scandal last week, when it was revealed that Barclays had manipulated the London Interbank Offering Rate.