Tag Archives: Service Providers

A surge in homebuyer traffic and waxing inventory failed to prevent home prices from declining in March, according to one survey. Polling 2,500 agents for their monthly HousingPulse Tracking Survey, Campbell Surveys and Inside Mortgage Finance found Monday that home prices for non-distressed properties slid 5.7 percent year-over-year, alongside 2.5 percent for move-in ready REOs over the same time frame. Prices for short sales plummeted 14.3 percent.

Senior home equity went up by $30 billion in the fourth quarter last year, leaving senior homeowners to account for $3.22 trillion in equity, according to a recent report. The National Reverse Mortgage Lenders Association collaborated with Risk Span to release the Reverse Mortgage Market Index. The results? The reverse mortgage market is stabilizing, according to the index, which registered 153.48 in the fourth quarter, up 0.9 percent from the third quarter.

First-quarter results for Bank of America recently showed that the company continues to shed its role in the mortgage market, with the giant reporting year-over-year declines to $1.6 trillion for home loan portfolios for investors. The financial institution said that mortgage portfolios serviced for investors also fell to $1.3 trillion in the first quarter from $1.4 trillion last year. The balance for mortgage servicing rights climbed to $7.6 billion from $7.4 billion.

Lawmakers seated on the House Financial Services Committee recently unveiled a new online resource for members of the public to track burdens created by the Dodd-Frank Act. The so-called Dodd-Frank Burden Tracker includes a spreadsheet with rules by agency, page length, date of proposal, and more. The committee ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô comprised by conservative Republicans ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô billed the tracker as a means to transparency for some 185 of 400 rules, which currently take up more than 5,000 pages, according to information from a statement.

The mortgage industry is gaining a new technology tool targeting streamlined loan processing for originators and lenders. Launching the Quantum Mortgage Operation System, Genpact Limited is now offering a platform for real estate and banking professionals. Genpact, a technology company specializing in business processing and management solutions, will provide automation for major elements of the mortgage origination cycle through Quantum. In an official statement, Genpact noted that the platform's use of data eliminates the silos between origination, closing and secondary marketing, enabling lenders to work on each loan file simultaneously.

The House Financial Services Committee signed off on largely symbolic legislation Wednesday that would repeal bailout funds under the Dodd-Frank Act, eliminate force-placed insurance requirements, and rope the Consumer Financial Protection Bureau into future congressional appropriations processes. Clearing the legislation by a party-line vote, committee members billed it as a way to slash $35 billion from the national deficit. The bill also proposed doing away with bailout mechanisms under Dodd-Frank.

In Florida, ISGN Corporation has announced the appointment of a new director of corporate technology strategy. ISGN, an end-to-end technology solutions and services provider for the mortgage industry, recently hired Tim Anderson to the leadership role.

Existing-home sales fell to a seasonally adjusted annual rate of 4.48 million in March from a downwardly revised February rate of 4.60 million, the National Association of Realtors reported Wednesday. Economists had forecast the March sales pace would be 4.62 million. At the same time, the median price of a new home rose to $163,800, its highest level since last November's $164,000 and up 2.5 percent since March 2011, the first price increase since December 2010.

First time claims for unemployment insurance remained over 380,000 for the second straight week for the week ended April 14, the Labor Department reported Thursday, the highest levels of the year. According to the report there were 386,000 initial claims, down from the revised 388,000 one week earlier The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós report was adjusted upward by 8,000 Economists had expected initial claims would decrease (from the original report) to 365,000.

Home prices rose year-over-year on average for the second straight month, according to RE/MAX. Of 53 metro areas surveyed by the real estate company, RE/MAX found that median prices climbed 5.8 percent higher than in March last year. Home sales moved in the same direction by cresting 25.4 percent higher than in February, a shift upward year-over-year by 1.5 percent. The company chalked up the good news for prices and sales to improvements in weather, low interest rates, and better home prices.