Tag Archives: Attorneys & Title Companies

The U.S. commercial real estate (CRE) market continued to look better in the first quarter of 2013, according to CBRE Group, Inc. The latest analysis from the CRE services and investment firm shows vacancy levels dropping or remaining level across all commercial sectors as demand continues to rise. Retail locations and warehouse buildings had their best quarter in terms of vacancy/availability declines in several years "as a result of a more confident consumer," CBRE Group reports.

In Oklahoma, AmeriBid LLC announced the promotion of chief marketing officer John Pellow to VP. Pellow joined the company in 2009, serving before then as director of marketing for a real estate auction and brokerage services firm, where he was responsible for the marketing and sales support of several divisions.

Arizona's Gold Canyon Bank became the fifth FDIC-insured bank to fail in 2013, the agency announced. The Arizona Department of Financial Institutions closed the bank Friday, appointing FDIC as receiver. To protect depositors, Gold Canyon Bank's estimated $44.2 million in deposits has been assumed by First Scottsdale Bank, National Association, which has also agreed to purchase essentially all of the failed bank's $45.2 million in total assets.

GMH Mortgage Services LLC, based in Newtown Square, Pennsylvania, continues to expand its reach with the addition of Ed Moloney as a new loan officer in its Boston, Massachusetts, branch.

Mortgage Daily's Mortgage Fraud Index fell to its lowest level in nearly five years in Q4 2012, but the drop may just be a temporary dip. The fraud index read 758 in the fourth quarter, down from 1,017 in Q3 and 1,141 in Q4 2011. According to Mortgage Daily, the fourth-quarter index reading was the lowest since first-quarter 2008. In terms of dollar amount of loans involved in fraud, California posted a decline from the third quarter, when it ranked No. 1. It was replaced by Florida, which reported about $246.9 billion involved in fraudulent activity.

Just as there is no Democratic or Republican way to collect garbage okay, there might be depending on how much government you want there should be no Democratic or Republican economic data. The numbers are what they are, not what your political lens tells you they are. That said, when data such as the March report are released--weak job growth, yet a drop in the unemployment rate--conspiracy theorists emerge from the woodwork.

QuestSoft's fifth annual compliance survey reveals at least 49 percent of lenders have ranked Dodd-Frank-related uncertainty as a high concern for the past three years.

While inventory shortage has created myriad problems for buyers, they're apparently undeterred from their home searches, according to data from Redfin. The brokerage's Real-Time Demand Pulse for April (which examines March data) shows strong monthly gains in the number of Redfin customers touring homes and in the number of signed offers being made, indicating potential pickups in April and May sales. Redfin analyst Tim Ellis noted the struggle to find new listings "only seems to be strengthening the resolve of today's buyers."

The Consumer Financial Protection Bureau(CFPB) announced enforcement actions against four mortgage insurers who allegedly gave kickbacks to lenders in exchange for business. CFPB proposed consent orders against Genworth U.S. Mortgage Insurance Corporation (USMI), Mortgage Guaranty Insurance Corporation (MGIC), Radian Guaranty Inc., and United Guaranty Corporation (UGC) for their alleged roles in kickback arrangements. The proposed orders require the companies to pay $15.4 million in penalties to the bureau.

Banks with higher concentrations of commercial real estate (CRE) lending have higher failure rates, according to a report from the OCC.