Tag Archives: Service Providers

San Francisco, San Jose, and Las Vegas metro areas were named as the top markets for sellers, while Chicago, Milwaukee, and Cleveland were categorized as markets where buyers have more power, according to a report released from Zillow Tuesday. In the top seller├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós markets, price cuts are uncommon and homes often sell for at or near their asking price. Sellers' markets were not necessarily ones where home values are rising, but places sellers are more likely to sell their home for close to asking price and where listings spend less time on the market.

In Mexico City, an architectural masterpiece has hit the market. Equestrian estate Cuadra San Cristobal, which was made famous by its award-winning designer, Luis Barragan, was recently listed for $12.3 million.

National home prices saw both quarterly and yearly gains in June, and all four regions across the U.S. posted quarterly increases, according to the Home Data Index (HDI) released by Clear Capital Tuesday. Home prices rose by 1.7 percent in June from the previous quarter and a year ago, and growth is expected to continue into the second half of the year at a rate of 2.5 percent, Clear Capital reported. Out of all four regions, the West saw the greatest quarterly increase at 3.5 percent, followed by the Midwest (1.2 percent), the South (1.5 percent), and the Northeast (0.8 percent).

The CFPB has officially proposed mortgage disclosure forms designed to enhance understanding. The forms are a result of research, testing, writing, and review and are being created to help consumers comprehend the terms of their mortgage and the costs involved. The proposed forms are part of the agency's Know Before You Owe project and are to be provided after applying for a loan and before closing."When making what is likely the biggest purchase of their life, consumers should be looking at paperwork that clearly lays out the terms of the deal," said CFPB Director Richard Cordray.

Downturns in economic confidence hasn├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót shaken consumers├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó optimism in the housing market, Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós National Housing Survey for June showed. According to the survey, the average home price expectation rose to 2 percent in June, up 0.6 percent from May and the highest recorded value since the survey began two years ago. In addition, 35 percent of respondents expect that home prices will go up in the next year, the highest level recorded since the survey├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós inception. Thirty-seven percent of respondents said they think mortgage rates will go up in the next 12 months.

Aite Group is speaking out on contemporary issues in the commercial mortgage-backed securities (CMBS) marketplace. The company's senior analyst, John Jay, recently released his statements in response to a New York Times article evaluating the potential impact of pre-crisis commercial loans.

MountainSeed Appraisal Management, LLC, is targeting the commercial market with the launch of a new evaluation program. According to MountainSeed, the tool will make it easier for appraisers to extend commercial valuations to smaller lenders.

A Georgia bank closed Friday, with state authorities appointing the FDIC as receiver. The banker, accused of embezzling millions from the shuttered institution, remains missing after a two-week absence. Montgomery Bank & Trust, located in Alley, Georgia, closed its doors Friday, reopening as part of Ameris Bank. Ameris entered a purchase agreement with the FDIC to assume all of Montgomery Bank├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós deposits and about $12.4 million of its assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô mainly cash and cash equivalents, according to the FDIC.

Overall, mortgage originations declined in April. However, originations for loans with high loan-to-value ratios have been on the rise the past few months with April as no exception, according to the latest data from Lender Processing Services. The percentage of non-FHA originations has also been on the rise since for several months, and it did not drop off in April. In fact, non-FHA loan originations have risen steadily since November 2011 when they took up 20.2 percent of total loan originations to 33.8 percent in April.

The Gulf Coast Mortgage Bankers Association has a new president. Academy Mortgage Corporation announced Monday that sales manager Joe Adamaitis was inducted as president into the Gulf Coast chapter of the MBA.