Five new hires joined Equator's team of senior staff, the default servicing technology provider announced Tuesday.
Read More »Mortgage Rates in ‘Holding Pattern,’ Match Record Lows
Mortgage rates remained somewhat flat for the week ending June 28, according to Freddie Mac's Primary Mortgage Market Survey (PMMS). The 30-year fixed averaged 3.66 percent (0.7 point), staying level with the all-time low that was achieved the previous week. At this time in 2011, the 30-year fixed averaged 4.51 percent. The 15-year fixed averaged 2.94 percent (0.7 point), down slightly from 2.95 percent the previous week. This week's average matches the all-time low set in the first week of June 2012. At the same time last year, the 15-year fixed rate mortgage averaged 3.69 percent.
Read More »California Homeowners’ Rights Bills Pass Committee
The Foreclosure Reduction Act and the Due Process Rights Act were approved by the Joint Conference Committee in a 4-1 vote, sending them up to an expected vote in both the Assembly and Senate next week. The Foreclosure Reduction Act restricts the process of ""dual-tracked foreclosures,"" in which lenders work with homeowners on trial loan modifications while at the same time continuing the foreclosure process. The Due Process Rights Act guarantees a reliable contact for struggling homeowners to discuss their loans with and imposes civil penalties on robosigning.
Read More »First Mortgage Delinquencies on Decline
While still elevated compared to historic levels, severely delinquent balances among first mortgages are on the decline, according to Equifax's May National Consumer Credit Trends Report. The May 2012 total of delinquent balances represented $450 billion, a 37 percent decline from the peak of more than $700 billion in January 2010. The biggest drop was seen in severely delinquent (90-plus days) non-agency first mortgage loans, which fell 45 percent to $320 billion in May from its peak of $580 billion in January 2010.
Read More »Percentage of Current Mortgages Reaches 3-Year High: OCC
The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008. The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. Also, of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012's first quarter.
Read More »REO-to-Affordable Housing Bill Passes in New Jersey Senate
The New Jersey State Senate approved on Monday a bill allowing towns to buy foreclosed vacancies to resell or rent them out as housing units. The bill also establishes the New Jersey Foreclosure Relief Corp., which would have the ability to purchase, sell, or rent foreclosed homes.
Read More »Key Realty Broker Ranked First Among U.S. Realtors
Key Realty announced Friday that the Wall Street Journal ranked managing broker John Murray the No. 1 individual real estate professional in the country for transactional units in 2011.
Read More »eMortgage Logic Adds Photo Manager Feature to App
eMortgage Logic, LLC., (EML) announced Friday the addition of their Photo Manager feature and official downloadable EML application icon for the smartphone home screen.
Read More »InCharge Partners with NeighborhoodLIFT in Orlando
InCharge Debt Solutions announced Monday it is teaming up with Wells Fargo, the city of Orlando, and Neighborworks America in a program that will provide down payment assistance grants of up to $15,000 to qualified Orlando home buyers.
Read More »Trott & Trott Expands Ranks with Five New Attorneys
Trott & Trott, P.C. announced Monday that the firm gained five new attorneys: Caren Bales, Sarah Biedron, Christina Sayegh, Theresa Woodbridge, and Jonathan Zadoff.
Read More »