Tag Archives: Agents & Brokers

Private mortgage insurance companies backed home loans to the tune of $4.9 billion in January, a decline from $6.9 billion last year, as the industry continues to reel from sapped business and credit downgrades. Mortgage Insurance Companies of America found $399 billion in insurance-in-force for member companies Genworth Mortgage Guaranty Insurance Corp., Radian Mortgage Insurance Co., and Republic Mortgage Insurance Co. The trade group said that some 21,904 borrowers made a purchase or loan refinance.

A hearing held by House lawmakers Wednesday with Federal Reserve Chairman Ben Bernanke recast housing and the Dodd-Frank Act as issues critical to the economic recovery. The central banker said that 30 percent of home sales recently consisted of foreclosures and properties in distress, reflecting ongoing trouble for a market underpinned by high home vacancy rates and downward pressure for home prices. The underwriting process, down payments, and pending regulations also took center-stage during the discussion, with House members spotlighting recent servicer consent orders.

Overall economic activity continued to increase at a modest to moderate pace in January and early February, the Federal Reserve said Wednesday in the Beige Book. The report ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô an anecdotal review of conditions in each of the 12 Federal Reserve districts ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô showed economic improvement varying across the country. Residential real estate activity increased modestly in most parts of the country, while home prices declined or held steady in many areas. Reports on banking conditions were generally positive across the country. Demand for residential mortgage loans increased in New York and Richmond.

In Illinois, PrivateBancorp, Inc., has named a new president of personal client services. The financial institution recently appointed Brant Aherns to the leadership role, which marks the launch of a new line of business for PVTB.

The Debt Exchange recently released its commercial loan report for January, and the findings indicate that loan values are continuing to rise steadily, following the trend of the past 12 months. According to data from DebtX, values for commercial real estate loans stood at 79.

The refinance share of mortgage applications broke with several weeks of activity by falling below 80 percent last week, even while more borrowers took advantage of the expanded Home Affordable Refinance Program. The Mortgage Bankers Association said in a weekly survey that mortgage application volume contracted by 0.3 percent from the week before, while the index covering it dropped 9.4 percent on a seasonally unadjusted basis. The Refinance Index climbed down by 2.2 percent from the week before.

Real GDP ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the output of goods and services produced by labor and property located in the United States ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased at an annual rate of 3.0 percent in the fourth quarter of 2011, the Labor Department said Wednesday. In its initial report on fourth quarter GDP, the agency had said the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós economy grew at a 2.8 percent pace. Economists had forecast no change in the advance GDP estimate issued last month. Housing grew at an 11.5 percent annual pace in the fourth quarter, its fastest growth rate since the second quarter of 2010 when it grew at a 22.8 percent rate.

Accurate Document Service, Inc., has launched a new national platform. A long time corporate partner of ADS, eLynx announced that the document prep company will begin creation and delivery of closing documentation on a nationwide basis.

Community financial institution, Severn Savings Bank has named a new chief financial officer. The Maryland-based bank recently promoted Stephen W. Lilly to the leadership role.

The Justice Department has reached a deal with Flagstar Bancorp, Inc. The agency recently announced that the two entities have struck an agreement that pertains to underwriting practices related to loans insured by the Federal Housing Administration and HUD. FBC will revise its fourth quarter and full year financial results for 2011 as per the terms of the transaction. Additionally, FBC will reaffirm its forward looking statements for 2012, made by the company during its earnings call for fourth quarter findings in 2011.